Human Augmentation Market: Global Industry Overview and Forecast (2024-2030)

Human Augmentation Market Overview:

The Human Augmentation Market was valued at USD 233.31 billion in 2023, and is predicted to grow at a CAGR of 21 percent to USD 886.02 billion by 2030. 

 

The Human Augmentation Market is studied by segments like Product Type (Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeletons, Intelligent Virtual Assistants), Functionality (Body-worn, Non-body-worn), Application (Consumer, Commercial, Medical, Aerospace & Defense, Industrial, Others) and Region (North America, Europe, Asia-Pacific, and Rest of the World). The report consists of the Trend, Forecast, Competitive Analysis, and Growth Opportunities of the market.

 

For the forecast period of 2024 to 2030, the report provides a complete analysis that reflects today's Human Augmentation Market realities and future market prospects. To provide a comprehensive perspective of the market, the research segments and analyses it in great detail. The key data and observations offered in the study can help market participants and investors identify low-hanging fruit in the market and build growth strategies.

 

 

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Covid-19 Impact on Human Augmentation Market:

Globally, COVID-19 has caused a serious health catastrophe and multiple fatalities. Lockdowns were implemented in various places, which caused supply chain delays. During the first two quarters of 2021, major producers of items for human augmentation were negatively impacted by the pandemic. Lockdowns were imposed in many areas, which caused an imbalance between supply and demand, which prevented businesses from operating at full capacity. Exoskeleton shipments, as well as those of AR and VR equipment like head-mounted displays, projectors and display walls, and gesture-tracking devices, have all been negatively impacted by the pandemic's disruptions to the supply chain. Shipments were decreased during the first three quarters of 2021, according to the market. Due to rising demand from developing applications, particularly in the healthcare, aerospace & defense, and industrial sectors, the market is anticipated to pick up some steam in the final quarter of 2021.

 

Despite its impact on the world economy, COVID-19 did not have a negative impact on the market for wearable technology. The demand for wearables increased consistently even as some market participants reduced their manufacturing. In order to address the growing demand and the new requirements, numerous industry participants started to develop new and cutting-edge products in the second half of 2021.  Due to the pandemic, there is an increased need to monitor health issues, and more and more health-conscious people are adopting such gadgets, which has greatly accelerated market growth. The need for smart wearables that can track heart rate and SpO2 levels is on the rise, which has further fueled market expansion.

 

Human Augmentation Market Dynamics:

High demand in healthcare sector

Many people have benefited from human enhancement in terms of overcoming physical stress and regaining their physical or psychological abilities. Cognitive & physical improvements in human health & quality of life have been sparked by technological advances in the fields of neuroscience, engineering, biotechnology, and computers. The healthcare industry is developing quickly as a result of the significant growth in human anticipation for improved technologies. The health and fitness industries are adopting cutting-edge and innovative technologies more quickly. For instance, prosthetic limbs and arms are given to the crippled to help them carry out daily chores. Similar to this, a number of exoskeletons are utilized to aid in gait training and rehabilitation for the elderly or people with joint/limb problems. The center of the gastrointestinal/digestive system can also be visually inspected using a capsule camera, a swallowing device. With the help of this device, patients may keep an eye on their health while going about their regular lives at home and avoiding needless hospitalization.

 

Health concerns due to AR and VR technologies

Lack of mobility while wearing some AR/VR headsets is the main issue with immersive user experiences. Many wired headsets require cables and other add-ons to be plugged into the PC while they are in use, which keeps the user seated for an extended period of time. This leads to back, neck and joint pain owing to the lack of movement. The low resolution of VR-capable devices is another drawback. Low resolution makes viewing challenging and might make virtual sickness symptoms like irritability and nausea worse. The processing unit and graphics processing unit may be put under more stress as a result of fixing the resolution, which will have an impact on how well the device performs. Gamers' health problems are on the rise as AR-based gaming gadgets gain popularity and are used more frequently. AR games are very engaging and keep the player absorbed for extended periods of time, which can lead to issues like anxiety, eye strain, and obesity. One of the main factors hindering the market's growth is the rise in health-related worries brought on by the adoption of AR and VR technology.

 

Growing implementation of the human augmentation technology in industrial applications

The adoption of human augmentation technology like exoskeletons, AR, and VR gadgets has increased as a result of the requirement for high productivity and the emphasis on worker safety. Exoskeletons are utilized in a variety of industries, including shipbuilding, manufacturing large machinery, and construction, since they may be tailored for lifting large things, assuring the safety of the crew, and enhancing output and worker efficiency in an industrial setting. Similar to this, technicians are increasingly using AR tools to boost productivity in several industries. As they give workers real-time data, head-up displays & smart helmets can be utilized to comprehend designs and instructions.

 

Requirement of constant modifications in devices

The market for consumer electronics is changing quickly. However, as new technologies are discovered, market players are forced to continually lower costs as products based on outdated technology become less valuable. Technology develops at an astounding rate, and it can be difficult to stay up because, in some cases, the technology has already changed before the prototype was developed. Rapid technological advancements are combined with numerous product functions to create new technologies. Additionally, consumers favor products with greater features and cutting-edge technology.

 

Human Augmentation Market Segment Analysis:

Based on type, the Human Augmentation Market is classified into Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeletons, Intelligent Virtual Assistants. During the projected period, wearable technology is anticipated to dominate the market for human enhancement. One of the main drivers of market expansion is the increasing adoption of wearable technology to track fitness and health metrics. Additionally, cost-effective wearable gadgets for a range of consumer applications have been made possible by the development of tiny multifunctional ICs and improved sensor technologies. For continuous health monitoring, several tiny sensor types can be included into wearable gadgets like clothing, hats, bracelets, socks, shoes, glasses, and wristwatches.

 

 

Based on Functionality, the Human Augmentation Market is classified into Body-worn, Non-body-worn. Non-body-worn human augmentation goods are predicted to exhibit the highest increase during the projection period. The growing need for immersive content for AR/VR devices for gaming & entertainment applications is likely to drive the market growth for AR/VR software, consequently driving the market growth for non-body-worn goods.

 

Intelligent virtual assistants, like chatbots, have become more widely used in recent years to improve customer support services that increase customer retention, loyalty, conversion rates, and shopping cart abandonment. Chatbots give self-service alternatives, send outbound email notifications, provide accurate and tailored information, and gather client insight. With automated customer care, chatbot adoption not only boosts revenue but also lowers operating costs.

 

Based on Application Consumer, Commercial, Medical, Aerospace & Defense, Industrial, Others. The market for consumer applications of human augmentation is anticipated to hold the biggest market share over the forecast period. Some of the main drivers propelling the market expansion for consumer applications are the rising acceptance of wearable devices for fitness tracking & health monitoring and the rising demand for AR and VR HMDs for gaming & entertainment applications. Due to the convenience they offer, smart speakers have seen an increase in demand in recent years. Through mobile applications, these gadgets can be connected to smartphones and used to operate other connected home appliances and gadgets, such as air conditioners, refrigerators, and lights. Early adopters of numerous human augmentation technologies, the entertainment, fitness, and gaming industries have been presenting growth prospects to different market participants along the value chain.

 

Human Augmentation Market Regional Insights:

In terms of significance, North America has the largest market share, followed by Europe and the Asia-Pacific region. The largest player in the global market for human improvement is from North America. The rapid growth of the human enhancement industry is being fueled by both the advancements in gene-editing technology and artificial intelligence technologies. In addition, the market size for human augmentation technology is impacted by the presence of numerous important businesses including BrainGate Company, B-Temia Inc., & Ekso Bionics Holdings, Inc. The largest market for the human augmentation technology is now the United States, and it is predicted that this industry will continue to grow quickly in the years to come.

 

After the United States, Europe is the second-largest market worldwide for human improvement. The region is anticipated to experience the fastest growth in the world during the anticipated time frame. The development of the human augmentation market need is supported by technological developments and the rising demand for program performance measurement platforms across numerous business verticals in this domain.

 

 

To understand the Human Augmentation industry and study the market trends. Focusing on the Food Human Augmentation, knowing the drivers and challenges of the same. Understanding the market segment geographically to gauge the growth potential.

 

The report includes analytical models like the Porter’s Five Forces, which helps in understanding the operating environment of the competition in the Human Augmentation Market and thereby study the stakeholders to derive an efficient strategy; and PESTLE Analysis to gain a macro perspective of the Human Augmentation Industry in terms of political aspects like Government stability, policies, trade regulation and economic aspects like market trends, taxes and inflation. It also provides the effect of environmental factors and influence of social and legal aspects on the Human Augmentation Market.

 

Human Augmentation Market Scope:

Human Augmentation Market
Market Size in 2023	USD 282.30 Bn.
Market Size in 2030	USD 1072.05 Bn.
CAGR (2024-2030)	21%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Product Type Wearable Devices Virtual Reality Devices Augmented Reality Devices Exoskeletons Intelligent Virtual Assistants
	By Functionality Body-worn Non-body-worn
	By Application Consumer Commercial Medical Aerospace & Defense Industrial Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Human Augmentation Market Key Players:

• Samsung Electronics Co., Ltd. (South Korea)
• Google LLC (US)
• Ekso Bionics (US)
• Vuzix Corporation (US)
• Garmin Ltd. (US)
• Fossil Group, Inc. (US)
• B-Temia Inc. (Canada)
• Casio (Japan)
• Magic Leap (US)
• ReWalk Robotics (US)
• CYBERDYNE INC. (Japan)
• Bionik Laboratories Corporation (US)
• Panasonic Corporation (Japan)
• Toyota Motor Corporation (Japan)
• Parker Hannifin (US)