Human augmentation is defined as a combination of biotechnology, electronics, and mechanics that are useful for enhancing the existing or lacking capabilities in a human, via natural or artificial methods. Market Research Future (MRFR) has published a research report about the global human augmentation market that surmises success for this market at 30% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 3 bn by the end of the forecast period.
The vital factor helping the human augmentation market growth is its growing application in healthcare as well as military & defense sector. Other factors responsible for the market growth include advancement in human body modification, growing used of exoskeletons in military applications, increasing demand for wearable augmentation products, and lastly, investment by manufacturing with regards to human augmentation technology deployment in the form of exoskeletons. However, factors that can impede the market growth include the high cost of medical implants, lack of skilled professionals, and social & ethical issues about non-medical augmentation.
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The global human augmentation market has been segmented on the basis of end-user, product, and lastly, region. Based on end-user, this market has been segmented into the defense, healthcare, information technology (IT), manufacturing, and others. During the forecast period, healthcare is expected to be the fastest growing segment. Whereas, the market in the defense sector has been projected to increase by 29% CAGR.
The product-based segmentation segments this market into wearable augmentation and in-built augmentation. As the name suggests, wearable products are worn on the body. In-built augmentation is about enhancements made inside the human body. During the forecast period, wearable augmentation segment is expected to witness higher growth. However, in-built augmentation is expected to grow by 28% CAGR.
The regional segmentation of the global human augmentation market segments the market into the regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW). North America is the top-notch regional market due to technological advancement, development of artificial intelligence (AI) technology, and the presence of many key market players. During the forecast period, among all country-specific markets, the USA is expected to have the highest growth rate, followed by Canada and Mexico.
The key players in the global Human Augmentation Market include B-Temia (Canada), Bionik Laboratories Corporation (Canada), BrainGate Company (USA), Cyberdyne (Japan), Ekso Bionics Holdings (USA), Panasonic Corporation (Japan), Parker Hannifin (USA), Raytheon Company (USA), Samsung Electronics Co Ltd. (South Korea), and Toyota Motor Corporation (Japan).
- Global Human Augmentation Market has generated USD 588 million in 2017 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 2017 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 2017 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.
Europe is an important regional market due to technological advancement that is second only to North America. Some key market players are based in Europe too. However, no European country spends as much on the military as the USA does. Therefore, Europe is a smaller market compared to North America. The paramount country-specific markets in this region are France, Germany, Italy, Spain, and the UK, followed by the rest of Europe.
During the forecast period, the Asia Pacific market is expected to be the fastest growing regional market due to increasing investment in research & development (R&D) as well as increasing awareness & development in exoskeleton technology. In this region, the critical country-specific markets are China, India, and Japan, followed by remaining countries of the Asia Pacific region.
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Latest Industry News
Nuance has launched an ambient computing system called Ambient Clinical Intelligence (ACI) solution that can ease the electronic health record (EHR) documentation burden off from providers – and their patients. It melds ambient detection tools with the popularity of its Dragon Medical virtual assistant to create a unique patient-provider experience. 5 MAR 2019
Boost VC founder Adam Draper has announced plans to invest in Exoskeleton technology. 29 JAN 2019
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- IT Service Providers
- Original Equipment Manufacturers
- Healthcare Institution
LIST OF TABLES
TABLE 1 GLOBAL HUMAN AUGMENTATION MARKET, BY PRODUCT, 2017-2023 (USD MIL-LION) 29
TABLE 2 GLOBAL HUMAN AUGMENTATION MARKET, BY END USER, 2017-2023 (USD MILLION) 32
TABLE 3 GLOBAL HUMAN AUGMENTATION MARKET, BY REGION, 2017-2023 (USD MIL-LION) 36
TABLE 4 NORTH AMERICA HUMAN AUGMENTATION MARKET, BY COUNTRY, 2017-2023 (USD MILLION) 39
TABLE 5 NORTH AMERICA HUMAN AUGMENTATION MARKET, BY PRODUCT, 2017-2023 (USD MILLION) 40
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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, 2017-2023 (USD MIL-LION) 29
FIGURE 5 GLOBAL HUMAN AUGMENTATION MARKET, BY END USER, 2017-2023 (USD MILLION) 32
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