Human Augmentation Market Size is Predicted to Reach USD 500.61 Billion by 2028 and SWOT Analysis by Key Players - BrainGate, Ekso Bionics, Temia, Google

LONDON, Sept. 27, 2022 /PRNewswire/ -- The Human Augmentation Market Size, Share & Trends Analysis Report by Type (Wearable Augmentation, In-Built Augmentation) By Functionality (Body Worn, Non-Body Worn) By Application (Industrial, Medical, Defense), Based On Region, And Segment Forecasts, 2022 – 2028.

According to the report published by Brandessence Market Research, the Human Augmentation Market generated $132.90 Billion in 2021, and is projected to reach $500.61 Billion by 2028, growing at a CAGR of 20.86% from 2021 to 2028.

Increasing Demand for Wearable Augmentation Devices in Healthcare Industry and Various Benefits Offered by Human Augmentation Technology are Some of the Major Factors Driving the Market Growth 

Human Augmentation Market Scope

The global human augmentation market is going to see a considerable amount of growth in the coming years. This is due to the advent of the AI-powered wearable devices and the advancements in technology like the availability of the fast processing chipsets and sensors being miniaturized, usage of brain-computer as interfaces and nanotechnology evolution are among a few factors which contribute to the growth of the market.

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Human Augmentation Market: Competitive Analysis 

Some of the major human augmentation companies are Samsung Electronics Co., Ltd., Google LLC, Ekso Bionics, Vuzix Corporation and Garmin Ltd. The global human augmentation key players will have to explain to their customers what is human augmentation and that will be the key to their success.

This Report is Also Covering Key Players:

• BrainGate
• Temia
• Raytheon
• Magic Leap
• Rewalk Robotics
• Second Sight Medical

Human Augmentation Market: Key Drivers

Human augmentation statistics suggest that it has helped many individuals overcome the physical stress and restoration of their physical or psychological abilities. The technological upgrades in the field of engineering, neuroscience, computing and biotechnology have initiated the cognitive and physical improvements in the human health and quality of life. The human anticipation for the advanced technologies has greatly increased and therefore, the healthcare sector is progressing rapidly. The innovative and advanced technologies are adopted at a fast rate in the fitness and health sectors. The prosthetic arms and limbs are provided for the disabled people which is going to assist the users to perform daily tasks. In a similar way, the different varieties of the exoskeletons find usage in helping the aged population or the individuals who have the limb/joint disabilities in the gait training and rehabilitation.

There is an increase in the need for highly productive individuals and there is an increase in the emphasis which is paid on the safety of workers which has created a growth in the adoption of the human augmentation technologies like exoskeletons. The VR and AR devices in the industries too are growing because of this reason. The Exoskeletons are used in many industries like heavy machinery, shipbuilding as well as construction as they might be customized for the lifting of heavy objects which ensure the workforce safety and improving the production efficiency and worker effectiveness when it comes to the industrial environment. Similarly, there is an increase in the adoption of the AR devices by the technicians for the improvement in the industries.

The industry of consumer electronics is evolving rapidly. Though the market players constantly reduce the prices as the products which are based on the old technology lose the importance when the newer technologies are developed. The technology advances at a high speed, the technology has already seen incredible development before the prototype has come into being. The new technologies have been developed rapidly and are being integrated with the different products available as a function added to it. The consumers also prefer the products which have more features and are advanced technologically

The consumer electronics industry is a rapidly evolving marketplace. However, market players constantly reduce prices as products based on old technology lose their importance when new technologies are developed. Technology advances at an incredible speed, and keeping up with these advancements is challenging as, in some instances, the technology has already changed before the development of the prototype. New technologies are being developed rapidly and are being integrated with various products as an additional function. Consumers also prefer products that have more features and are technologically advanced.

Human Augmentation Market: Key Trends

The coronavirus pandemic did not affect the market for the wearable devices too much regardless of the effect it had on the global economy. Although, many market players had to downsize the production, the demand for the wearables continued to show a steady amount of growth. There were many players who began developing many new and more advanced products to meet with the demand of the people. The growth in the need to track the health conditions because of the pandemic and the adoption of such devices by the health conscious people increased and it also contributed to the growth of this market. The growth in the demand for the smart wearables which are capable of the heart rate monitoring and the SPO2 levels has also grown the market considerably.   

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Human Augmentation Market: Segmentation Analysis

The market for the human augmentation for the consumer applications is going to account for the biggest share in the market in the coming years. There is a growth in the adoption of the wearable devices for the tracking of fitness and monitoring of health and the growth in the demand for the VR and AR HMDs for the purpose of gaming and applications of entertainment. These are some of the main factors which are driving the growth of the market for the consumer applications. In the recent past, there is also an increase in the demand for the smart speakers due to the convenience which is provided by them. the devices may be linked to the smartphones through their mobile applications and be used for controlling the appliances and devices such as the air conditioners, refrigerators and lights. Fitness, entertainment and gaming sectors have been the ones which have been adapting the product early. This is providing many growth opportunities to the different market players all over the value chain.

The wearable devices is a segment which is going to account for the largest chain in the market. There is a growth in the use of the wearable devices for monitoring the health and fitness parameters is one of the biggest contributing factors to the growth of the market. the development of the miniaturized multifunctional ICs and the advanced sensor technology has facilitated the development of the cost-effective wearable devices which have all the applications required by the consumer.

By Type:

• Wearable Augmentation
• In-Built Augmentation
• By Functionality:
• Body Worn
• Non-body Worn

By Application:

• Industrial
• Medical
• Defense
• Others

Human Augmentation Market: Regional Analysis

North America is going to be the region which is going to dominate the human augmentation market 2021. The growth of the region is going to because there is a greater adoption of the human augmentation technology here. There is also growth with in the Asia Pacific market which is expected with the growth of the urbanization.

On Special Requirement Human Augmentation Market Report is also available for below region:

North America

• U.S., Canada

Europe

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

·  Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Recent Developments

Japanese Scientists Developed Robotic 'sixth finger' for Human Augmentation

On June 9th, 2022; Japanese researchers developed robotic 'sixth finger' for human augmentation. A robotic "sixth finger" that can be worn on the hand close to the pinky has been made by specialists concentrating on how brains respond to new and free body parts. Electrical signs from muscles are first estimated by four sensors appended to the lower arm. The signs are then moved to an engine to control the robotic finger.

DASA Launched a New Innovation Focus Area: Human Augmentation (HA)

On May 9th, 2022; DASA launched a new innovation focus area to explore Generation-After-Next (GAN) human augmentation technologies for use in defense and security. Defense and Security Accelerator (DASA) is pleased to launch an innovation Focus Area (IFA) called Human Augmentation (HA). It is looking for an IFA proposal that introduces GAN solutions to operational challenges for UK defense and security, where human performance is the limiting factor for providing operational impact.

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