The human augmentation market is expected to grow from US$ 116.88 Billion in 2021; it is expected to register at a compound annual growth rate (CAGR) of 23.0% from 2022 to 2028.
Human augmentation is the technology that integrates electronics, biotechnology, and machines; it is used for boosting human efficiency and ability through various artificial methods. The increasing use of human augmentation devices in various sectors, including the use of exoskeletons in the healthcare and military sectors, is encouraging developers to launch technologically advanced human augmentation devices, which is boosting the growth of the human augmentation market during the forecast period.
MARKET DYNAMICS
The development in the healthcare sector is the primary factor driving the growth of the human augmentation market. However, the high cost of medical apparatus and lack of skilled employees are hampering the growth of the market. Moreover, the growing requirement for wearable augmentation products and the increasing use of exoskeletons in military applications is also anticipated to provide growth opportunities for the human augmentation market. Further, increased product launches and developments are expected to contribute to the market growth during the forecast period. For instance, in August 2022, Samsung Electronics launched Exynos W920, a new wearable processor. A few of the important features of the processor are:
- It combines an LTE modem
- Developed with an improved 5-nanometer (nm) extreme ultra-violet (EUV) process node
- Provides powerful and efficient performance, as required by technologically advanced wearable devices.
Strategic Insights
MARKET SCOPE
The "Global Human Augmentation Market Analysis to 2028" is a specialized and in-depth study of the human augmentation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the human augmentation industry with detailed market segmentation based on product type, functionality, and application. It provides key market statistics of the leading players. It also offers key trends and opportunities in the human augmentation market.
MARKET SEGMENTATION
The global human augmentation market is segmented into product type, functionality, and application. Based on product type, the market is segmented into wearable devices, virtual reality devices, augmented reality devices, exoskeleton, and intelligent virtual assistants. Based on functionality, the market is bifurcated into body worn and non-body worn. Further, based on application, the market is segmented into consumer, commercial, healthcare, aerospace and defense, energy and utility, and others.
REGIONAL FRAMEWORK
The global human augmentation market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
North America led the human augmentation market in 2020, with the highest revenue share. A few major factors driving the growth of the North America human augmentation market are the rising demand for technologically advanced products, the region's improving economy, and technical improvements in medical wearable products. Further, Asia Pacific is expected to grow at the highest CAGR during the forecast period. The rising population, huge mobile user base, increasing disposable income, surging demand for smart devices, and availability of inexpensive labor are the major factors contributing to the growth of the market in developing APAC countries.
The below figure showcases the revenue growth trend in the North America human augmentation market:
Source: The Insight Partners Analysis
The report analyzes factors affecting factors, such as drivers, restraints, opportunities, and future trends. It also provides exhaustive PEST analysis of the factors affecting the human augmentation market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic led to disruptions in the supply chain, which adversely impacted the shipments of exoskeletons; AR and VR devices, including projectors and display walls, head-mounted displays, and gesture-tracking devices; and reflected a decrease in demand for human augmentation devices for the first two quarters of 2020 globally. Hence, the human augmentation device manufacturers witnessed a significantly lower volume of orders. A demand-supply imbalance of the human augmentation devices led to the manufacturing of inefficient products. Further, from the second half of 2020, many market players started developing technologically advanced products to meet the increasing demand from end users. Moreover, the growing use of health tracking devices by health-conscious people, including the rising demand for smart wearables capable of monitoring SpO2 levels and heart rate, has significantly contributed to the human augmentation market growth.
MARKET PLAYERS
The reports cover key developments in the human augmentation market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players operating in the human augmentation market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for human augmentation. The list of a few companies engaged in the human augmentation market is mentioned below:
- Google Inc.
- Samsung Electronics Co. Ltd.
- Ekso Bionics Holdings, Inc.
- Vuzix Corporation
- Garmin
- Fossil Group, Inc.
- B-Temia Inc.
- Casio
- Magic Leap Inc.
- Rewalk Robotics Ltd.
The report also includes the profiles of key human augmentation companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.