The global human augmentation market size is predicted to touch USD 3 billion at a 30% CAGR in the forecast period (2020- 2027), as per the latest Market Research Future’s (MRFR) human augmentation market forecast report.
Human Augmentation Market Drivers/Human Augmentation Market Trends
Increasing Adoption of Marketable Applications to Boost Market Growth
Increasing adoption and exploration of innovative and marketable applications for human augmentation technology by researchers, policy makers, engineers, and entrepreneurs across the globe may boost market growth over the forecast period.
Growing Need for Augmented Technologies to offer Robust Opportunities
Growing need for augmented technologies will offer robust opportunities for the market in the forecast period. It helps in augmented intelligence for performing different tasks sans replacing the human and improves the wearable augmentation products. Besides it is used for boosting the healthcare sector, advancing human genetic engineering, internet of things, 3D bio-printing, neurotechnology, and smart devices that is creating a positive effect on the human augmentation market share.
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Lack of Investments in R&D to act as Market Restraint
The lack of investments in the research and development may act as a market restraint over the forecast period.
Lack of Skilled IT Professionals to act as Market Challenge
The lack of skilled IT professionals coupled with high equipment cost may act as market challenge over the forecast period.
By end user, the healthcare segment will dominate the market over the forecast period.
By product, the wearable segment will lead the market over the forecast period.
The COVID-19 pandemic severely impacted the human augmentation industry forcing the different device production plants for reducing the output and shutting down for some time. The outbreak prompted various key component suppliers and technology providers in cutting back expenses and production in some areas. Technical and economic trends presented new challenges to construction. Industry players resultantly intensively started working on countermeasures and alternatives for minimizing the impact. The market is returning to normal, and revenues too are picking up gradually.
North America to Dominate Human Augmentation Market
North America will dominate this market in the forecast period. Rapid developments in AI technology, investments in gene-editing technology, the presence of several major players, growing demand in the US, improved economy, increasing need for augmentation products, technological advances in medical wearable products, increasing innovative apps of augmentation products, rising awareness about therapeutic applications of the medical wearable augmentation products, awareness about its different advantages such as portability, efficiency, and convenience, the ability of enhancing workplace productivity and effectiveness, early and growing adoption of human augmentation devices by different end-users across the region, rising increasing investments in AI technologies, growing need for wearable augmentation devices from the healthcare industry, and increasing technological advances in virtual reality are adding to the global human augmentation market growth in the region.
Eminent players profiled in the global human augmentation market report include BrainGate Company, B-Temia, Ekso Bionics Holdings, Raytheon Company, Samsung Electronics Co Ltd, Cyberdyne, Bionik Laboratories Corporation, Panasonic Corporation, Toyota Motor Corporation, and Parker Hannifin, among others.
The global human augmentation market is fragmented and competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and suffice the burgeoning demand of the customers, including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, & more.
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