Newark, Sept. 27, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global human augmentation market is expected to grow from USD 140.22 billion in 2021 to USD 591.77 billion by 2030, at a CAGR of 17.35% during the forecast period 2022-2030.
A growing number of people suffer from acute stress, depression, and other mental health disorders due to a work-life imbalance and a lack of proper sleep. The increasing senior population has increased the percentage of people suffering from neurological disorders and neurodegenerative conditions such as Alzheimer's, Parkinson's, and other dementias. There is also a rising demand for prosthetics, cochlear implants, bionic eyes, and hearing to achieve bodily integrity. Human augmentation helps achieve bodily integrity, and it restores/enhances/adds cognitive, physical, and mental capabilities for an individual.
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Therefore, the rising number of neurological disorders, the increasing adoption of human augmentation, and wider acceptability among industry professionals will drive the global human augmentation market. New technological advancements that improve the data collection & transmission and, visualization and functionality with enhanced accuracy are anticipated to provide lucrative opportunities. The increasing scope of application across commercial, defense, entertainment, and aerospace industries will also facilitate market expansion. However, the high cost of human augmentation can hamper the market's growth. The sensitive nature of data collected and transmitted by human augmentation combined with poor data privacy & security regulations in the healthcare sector will challenge the market's growth. The need to constantly modify the human augmentation technology will also challenge the market's growth.
Competitive Strategy
To enhance their market position in the global human augmentation market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Google LLC paid USD 2.1 billion for Fitbit Inc. (US), a wearable technology company, in an all-cash acquisition in January 2021 to enter the wearable payment device industry. The acquisition would help Google strengthen its position in the wearable device sector.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 17.35% |
| 2030 Value Projection | USD 591.77 billion |
| Base Year | 2021 |
| Human Augmentation Market Size in 2021 | USD 140.22 billion |
| Historical Data | 2017-2020 |
| No. of Pages | 230 |
| Segments Covered | Product Type, Functionality, Application, Regions |
| Human Augmentation Market Growth Drivers | Growing demand for human augmentation in the healthcare sector |
Market Growth & Trends
Increasing incidence of neurological diseases, neurodegenerative conditions, and a growing geriatric population will increase the demand for human augmentation to improve the individual's physical, cognitive, and mental capabilities. Product innovations, increased government spending on healthcare infrastructure, and increased public awareness about the availability of human augmentation technology are driving the market. Improving treatment services and device quality for clients is likely to provide an impetus for innovative human augmentation technology and its diverse applications in other life defense and aerospace sectors. Human augmentation also finds applications in the entertainment industry, where it is used in video games, augmented reality, and other recreational activities. The commercial sector is utilizing human augmentation in its customer services to provide a customer-centric experience to its consumers with the help of chatbots and virtual assistants.
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Key Findings
• In 2021, the wearable devices segment dominated the market with the largest market share of 35% and market revenue of 49.07 billion.
The product type segment is divided into exoskeletons, wearable devices, intelligent virtual assistants, virtual reality devices, & augmented reality devices. In 2021, the wearable devices segment dominated the market with the largest market share of 35% and market revenue of 49.07 billion.
• The non-body worn segment is expected to grow at the fastest CAGR of 21.50% over the forecast period.
The functionality segment is divided into body-worn and non-body worn. Over the forecast period, the non-body worn segment is expected to grow at the fastest CAGR of 21.50%.
• In 2021, the consumer segment accounted for the largest share of the market, with 45% and a market revenue of 63.09 billion.
The application is divided into commercial, medical, consumer, industrial, aerospace, defense, & others. In 2021, the consumer segment accounted for the largest share of the market, with 45% and a market revenue of 63.09 billion.
Regional Segment Analysis of the Human Augmentation Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global human augmentation market, with a market share of around 36% and 50.47 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The human augmentation market in the Asia Pacific has been expanding rapidly. China dominates the human augmentation market in the Asia Pacific. According to the United Nations' 2019 world aging population estimate, 703 billion individuals aged 60 and above. By 2050, this number is expected to reach 1.5 billion. In addition, 50 billion people have epilepsy, and 24 billion have Alzheimer's disease. Every year, around 6.8 billion individuals die due to one or more neurological illnesses. Neurological disorders degrade the quality of life as they impact the cognitive & motor functions of the patient. The geriatric population holds a significant share of the patients suffering from neurological diseases. Human augmentation can help early diagnose the condition and pre-emptive treatment to reduce the adverse health impacts. At-home care settings for the elderly can become more effective with the help of human augmentation as it allows real-time monitoring, surveillance, and diagnostics of the patient by the physician.
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Key players operating in the global human augmentation market are:
• Samsung Electronics Co. Ltd.
• Google LLC
• Ekso Bionics Holdings Inc.
• Garmin Ltd.
• Cyberdyne Inc.
• Magic Leap
• Casio Computer Co. Ltd.
• Vuzix Corporation
• Raytheon Company
• Fossil Group Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global human augmentation market based on the below-mentioned segments:
Global Human Augmentation Market by Product Type:
• Exoskeletons
• Wearable Devices
• Intelligent Virtual Assistants
• Virtual Reality Devices
• Augmented Reality Devices
Global Human Augmentation Market by Functionality:
• Body Worn
• Non-Body Worn
Global Human Augmentation Market by Application:
• Commercial
• Medical
• Consumer
• Industrial
• Aerospace
• Defense
• Others
About the report:
The global human augmentation market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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