Global Human Augmentation Market Research Report, by End-User (IT, Healthcare, Manufacturing, Defense), Product (Wearable, In-Built) – Forecast till 2023
Human augmentation is a combination of biotechnology, electronics, and mechanics that are used to enhance the existing or lacking capabilities in a human, by using natural or artificial methods. Human augmentation has seen a significant advancement towards its application mostly in healthcare, and now tactical military & defense, and manufacturing industry are also investing in deploying human augmentation technology in the form of exoskeletons.
The devices used in human augmentation are either wearable devices or body suits such as exoskeletons, prosthetics, walking assistance devices, and in-built devices such as Nano chip implants inside the body, brain-controlled robots, and many others. Extensive research and development activities are being conducted at various institutes in the field of biotechnology, robotics, and medical devices, witnessing considerable participation from major technology players such as Panasonic, Samsung, and Fujitsu. The market is primarily fuelled by facilitations brought in medical science and medical devices, by the increased use of robotics.
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Another trending technology that is supposed to change the way humans communicate with each other is real-time language translation. The applications of real-time language translation at present is facing the issue of compatibility and perfection. However, developments are done to enhance the human capability of hearing and translating in real time with the help of a hearing aid. The advancements in machine learning are one of the many factors supporting the improvement of machine level translation. Google is also continuously improving its translation services and aims to incorporate artificial intelligence into it. The research conducted by Google has resulted in increased precision and perfection in real-time translation. Artificial intelligence and machine learning are enabling the trend of real-time language translation.
The global human augmentation market is expected to grow significantly over the forecast period. Some of the prominent drivers supporting the growth of global human augmentation are identified as, advancement in human body modification, growing used of exoskeletons in military applications, and increasing demand for wearable augmentation products. However, social and ethical issues about non-medical augmentation, the high cost of medical implants, and lack of skilled professionals are some factors hampering the market growth.
The Human Augmentation Market is segmented into the product, and end-user.
Based on the product, the human augmentation market is sub-segmented into wearable augmentation and in-built augmentation. The end-user segment is subdivided into healthcare, defense, IT, manufacturing, and others.
- Global Human Augmentation Market has generated USD 588 million in 2019 and is expected to reach a market value of USD 3 billion by 2023 growing with 30% CAGR.
- By Product, wearable augmentation segment is dominating the market in 2019 and is projected to grow with highest CAGR. Whereas, in-built augmentation is expected to grow by 28% CAGR
- By End-User, healthcare is dominating the market in 2019 and is expected to be the fastest growing market for human augmentation. Whereas, the market in the defense sector is projected to increase by 29% CAGR.
- Geographically, North America region has been projected to hold the largest market share in the market whereas, Asia Pacific is expected to be the fastest growing market for Human Augmentation.
The Global Human Augmentation Market consists of a large number of players including – B-Temia, BrainGate Company, Ekso Bionics Holdings, Cyberdyne, Raytheon Company, Samsung Electronics Co Ltd, Bionik Laboratories Corporation, Toyota Motor Corporation, Panasonic Corporation, and Parker Hannifin.
Market Research Future has segmented the global Human Augmentation market in four different regions namely, North America, Europe, Asia Pacific, and the Rest of the World.
Global Human Augmentation market, by region, is led by North America in 2019. Developing AI technology, investment in gene editing technology and presence of major players such as B-Temia, Inc., BrainGate Company, and Ekso Bionics Holdings, Inc. are some of the major reasons for the dominance of North America in the market. The U.S. is leading the market and is expected to witness high growth rate in the coming future. Asia Pacific is considered to be the fastest growing region due to increasing investment in research & development and increasing awareness and development in exoskeleton technology.
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- IT Service Providers
- Original Equipment Manufacturers
- Healthcare Institution
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LIST OF TABLES
TABLE 1 GLOBAL HUMAN AUGMENTATION MARKET, BY PRODUCT, 2019-2023 (USD MIL-LION) 29
TABLE 2 GLOBAL HUMAN AUGMENTATION MARKET, BY END USER, 2019-2023 (USD MILLION) 32
TABLE 3 GLOBAL HUMAN AUGMENTATION MARKET, BY REGION, 2019-2023 (USD MIL-LION) 36
TABLE 4 NORTH AMERICA HUMAN AUGMENTATION MARKET, BY COUNTRY, 2019-2023 (USD MILLION) 39
TABLE 5 NORTH AMERICA HUMAN AUGMENTATION MARKET, BY PRODUCT, 2019-2023 (USD MILLION) 40
LIST OF FIGURES
FIGURE 1 TOP DOWN & BOTTOMUP APPROACH 17
FIGURE 2 FORECAST MODEL 17
FIGURE 3 PORTER’S FIVE FORCES ANALYSIS OF GLOBAL HUMAN AUGMENTATION MAR-KET 26
FIGURE 4 GLOBAL HUMAN AUGMENTATION MARKET, BY PRODUCT, 2019-2023 (USD MIL-LION) 29
FIGURE 5 GLOBAL HUMAN AUGMENTATION MARKET, BY END USER, 2019-2023 (USD MILLION) 32
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