The global human augmentation market size is expected to reach USD 725.25 billion by 2030, according to a new study by Polaris Market Research. The report “Human Augmentation Market Share, Size, Trends, Industry Analysis Report, By Product Type (Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeletons, Intelligent Virtual Assistants, and Others); By Functionality; By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing adoption of wearable augmentation products and increased understanding of the therapeutic benefits of medical wearable products are major factors driving growth. For instance, in March 2021, Astrek Innovations, a healthcare business specializing in rehabilitation and assistive robots, announced that user trials had begun in the second quarter of 2021.
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The Unik Exosuit range from Astrek is a motorized wearable robot that could help people with lower-limb difficulties complete exercises and gait mentoring. The product includes a cutting-edge gesture recognition system that transmits data about the user to a physician or caregiver.
Also, in March 2021, Ekso Bionics Holdings, Inc. announced an agreement with the United States Physiatry (USP) to teach physicians the therapeutic significance of the EksoNR exoskeleton. USP is one of the largest inpatient physicians ‘ practices in the United States devoted solely to medical discipline.
The collaboration will increase physicians’ and other rehabilitation practitioners’ consciousness of Ekso Bionics’ technology and provide training on integrating robots into a rehabilitation program. As a result, the introduction of exoskeleton technology for medical, defense, and industrial applications is propelling industry growth throughout the forecast period.
Furthermore, the increased use of exoskeletons in the defense industry contributes to market expansion. Exoskeletons can help soldiers carry heavy weapons while moving faster and covering a larger area on the battlefield; as a result, many governments are considering using exoskeletons in defense applications to improve national security. Exoskeletons for military applications are being improved by using cutting-edge technologies, which are expected to drive industry growth in the coming years.
Additionally, the growing use of robots has aided in the development of medical technology and research, which has spurred the growth of the industry. The increasing use of human augmentation techniques in developing end-use industries including information technology, healthcare, production, and the military, is another driver boosting the market’s growth. To maximize the core advantages of this technology, a rising number of countries are employing artificial intelligence-enabled apps to offer more approachable technology.
Human Augmentation Market Report Highlights
- Non-Body Worn segment is anticipated to grow at a significant CAGR rate over the forecast period. It is anticipated that the industry for non-body-worn goods would expand as a result of the rising demand for immersive content for AR and VR devices used in gaming and entertainment applications.
- The defense sector accounted for a significant share of the global market due to its numerous applications and discounted prosthetic and exoskeleton devices. Demand is continuing to rise as a result of technological advancements that enhance prosthetic capabilities and enable natural movement. R&D in the defense sector thereby fuels demand for human enhancement.
- Asia-Pacific is expected to grow at a lucrative CAGR rate over the projected period. In several emerging nations in this region, including India, the industry for human augmentation is expanding at an accelerated rate due to the soaring demand for smart devices, rising disposable income, and the easy accessibility of cheap labor.
- The industry is highly competitive owing to the presence of large industry players with a global existence including Atheer, Inc., Fossil Group Inc., Goqii Incorporation, Garmin Incorporation, Google Inc., Jawbone Corporation, Life Sense Group B.V, Mobvoi, Polar Electro, Samsung Electronics Co. Ltd., and Vuzix Corporation.
Polaris Market Research has segmented the human augmentation market report based on product type, functionality, application, and region:
Human Augmentation, Product Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Wearable Devices
- Virtual Reality Devices
- Augmented Reality Devices
- Intelligent Virtual Assistants
Human Augmentation, Functionality Outlook (Revenue – USD Billion, 2018 – 2030)
Human Augmentation, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Aerospace & Defense
Human Augmentation, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa