Human Augmentation Market Estimated to Reach a Value of USD 34.21 Billion by 2030 with a CAGR of 8.12% - Report by Market Research Future (MRFR)
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New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Human Augmentation Market” information by End-User, by Product and Region – Forecast to 2030” market size to reach USD 34.21 billion, growing at a compound annual growth rate of 8.12% by 2030.
The human augmentation market outlook appears promising, demonstrating tremendous opportunities. Rapid advancements in technology and the adoption of human augmentation in IT, healthcare, manufacturing, and defense have created significant market opportunities. In the future, human augmentation will be used in performance enhancement, like brain implants, increased intelligence through implants, and physical augmentation of cyborgs.
With the growing implementation of AI-enabled applications to provide more convenient devices, the market is poised to witness significant gains in the next few years.
Human augmentation refers to human capabilities enhancing techniques, combining biotechnology, electronics, and mechanics and using natural or artificial methods. Human augmentation has witnessed significant advancements in its applications, mostly in healthcare, military & defense, and manufacturing industries. Increasing efforts to maximize the core advantages of human augmentation technologies increase market shares.
Also, the IT and construction industries are making substantial investments in deploying human augmentation technology to develop exoskeletons. Human augmentation devices are either wearable devices or bodysuits, such as exoskeletons, prosthetics, walking assistance devices, and in-built devices such as Nanochip implantable inside the body, brain-controlled robots, and many others.
Dominant Key Players on Human Augmentation Market Covered are:
- BrainGate Company
- Ekso Bionics Holdings
- Raytheon Company
- Samsung Electronics Co Ltd
- Bionik Laboratories Corporation
- Panasonic Corporation
- Toyota Motor Corporation
- Parker Hannifin
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Market USP Exclusively Encompassed:
Extensive research activities are being conducted in various institutes in biotechnology, robotics, and medical devices. Also, major technology players such as Panasonic, Samsung, and Fujitsu are increasingly participating in these research activities.
Additionally, facilitations brought in medical science and medical devices, by the increased use of robotics fuel the human augmentation market growth. Moreover, technological advances, developments in augmentation reality technologies, and improved electronic devices increase the human augmentation market size.
Furthermore, increasing uses of human augmentation technologies in burgeoning end-use industries such as IT, healthcare, manufacturing, and defense, positively impact the market growth. Recent achievements in electronics have provided promising technology for prosthetic systems.
The development of a bionic tactile-perception system exhibiting integrated stimuli sensing and neuron-like information-processing functionalities in a low-pressure offer tremendous human augmentation market opportunities. Furthermore, seminal efforts and substantial investments made by key market players to develop skeletons and prosthetics are expected to escalate the human augmentation market size.
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Another trending technology that is supposed to change the way humans communicate is real-time language translation. Advancements in machine learning are supporting the improvement of machine-level translation. The research conducted to increase precision and perfection in real-time translation and advances in artificial intelligence and machine learning would foster the growth of the market.
Despite significant prospective, the human augmentation market witnesses major setbacks. Complexities involved in human augmentation manufacturing are projected to restrain the market growth. Also, continuous innovation in the device manufacturing processes poses strong challenges.
Segmentation of Market Covered in the Research:
The global human augmentation market is segmented into product, end-user, and region. The product segment is sub-segmented into wearable augmentation and in-built augmentation. The wearable augmentation segment accounts for the largest market share and is projected to retain its dominance throughout the forecast period.
The end-user segment is sub-segmented into healthcare, defense, IT, manufacturing, and others. Among these, the healthcare segment accounts for the largest market share and is projected to retain its dominance throughout the forecast period. The region segment is sub-segmented into the Middle East, Asia Pacific, Americas, Europe, and the Rest-of-the-World.
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North America leads the global human augmentation market. Factors such as the rapid developments in AI technology and investments in gene-editing technology drive the regional market growth. Additionally, the presence of many major players, such as BrainGate Company, B-Temia, Inc., and Ekso Bionics Holdings, Inc., influence the human augmentation market size. The US is the leading market for human augmentation technologies and is expected to expand at a high growth rate in the years to come.
Europe holds the second-leading share in the global human augmentation market. Factors such as the technical advancement and growing demand for application performance management platforms throughout different industry verticals in this region fosters the human augmentation market.
The UK and Germany control the bulk of the human augmentation market share in terms of revenues as well as the implementation of advanced solutions. Furthermore, the availability of advanced technologies and the strong presence of leading vendors in the region push the human augmentation market growth. High spending on personal & wearable devices and the growing technology environment in the region are major tailwinds for the regional market's growth.
The Asia Pacific derives a sizable share in the global human augmentation market. The growth is driven by increasing investment in research & development and increasing awareness and development of exoskeleton technology.
Moreover, the vast productions and widening adoption of human augmentation technology in the IT, healthcare, manufacturing, and defense sectors support the regional market growth. Additionally, the high demand for human augmentation technology for medical and wearable devices boosts the region's market share.
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The human augmentation market appears highly competitive, with the presence of many prominent companies having an international and regional presence. These companies aggressively target increased participation through partnerships and collaborations to expand their operations and offerings to potential clientele.
For instance, on July 28, 2020, Hilti Inc. unveiled the EXO-01 wearable exoskeleton, a human augmentation device designed to help contractors handle health and safety issues associated with repetitive stress and labor shortage challenges on the job sites. The EXO-O1 wearable exoskeleton would help reduce strain and fatigue for experienced and novice users, making the most of the available workforce at a time when the industry is struggling to fill open construction positions.
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