- In-built augmentation segment is projected to grow by 28% CAGR.
- Social & ethical issues, the high cost of medical implants and lack of skilled professionals are some of the factors challenging market growth.
- Global Human Augmentation Market Share, by region, is led by North America.
Human Augmentation is technologically enhancing a person’s abilities. The Human Augmentation Market is expected to generate $3 billion market revenue by 2023 growing with 30% CAGR during the forecast period.
Some of the drivers supporting the growth of the global Human Augmentation Market include advancement in human body modifications, increasing usage of exoskeletons in military applications, and high demand for wearable products such as prosthetic limbs, especially in healthcare. However, social & ethical issues, the high cost of medical implants and lack of skilled professionals are some of the factors challenging market growth.
The Human Augmentation Market is segmented into product and end-user. By product, the market is segmented into wearable augmentation and in-built augmentation. Wearable augmentation is dominating the market in 2017 and is projected to grow with fastest growing CAGR. Whereas, in-built augmentation is projected to grow by 28% CAGR.
The higher use of exoskeletons is one of the widely accepted trends leading to its applications in military, medical and industrial sectors. Exoskeletons are the robotic suits made of metal, worn over the human body. At present, the full body exoskeletons are used in military applications, particularly for combat. It enhances the existing strength and endurance of an individual, enabling the soldier/individual to carry more weights, supplies, ammunition, and simultaneously increasing the chances of survival in tactical war situations.
Based on end-user, the market is categorized into healthcare, defense, IT, manufacturing and others. The healthcare sector is one of the prominent end-users of this technology which is projected to have the fastest growing CAGR during the forecast period.
Recent developments in Human Augmentation Market Share have led many specially disabled patients to enhance their missing capabilities. Recent developments involve controlling a robotic arm to perform a hands-like operation which is controlled by the brain, or a walking assist robot that senses the brain’s signals and helps in walking with the help of hydraulics.
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All these capabilities require medical implants that fill up the missing space of an organ, bone, muscle, or limb. However, the transformation is spectacular and requires a skilled professional to accomplish the task.
Market Research Future (MRFR) recognizes the following companies as the key players in the Human Augmentation Market Share: 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 Share in four different regions namely, North America, Europe, Asia Pacific, and the Rest of the World.
Global Human Augmentation Market Share, by region, is led by North America in 2017. 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.