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PRESS RELEASE
Published May 3, 2023
The global human augmentation market is expected to reach USD 207 billion by 2026, growing at a CAGR of 31% from 2021 to 2026. The human augmentation market is expected to grow at a significant rate in the coming years due to the increasing demand for advanced medical devices and the growing need for improved physical and cognitive capabilities. Human augmentation refers to the use of technology to improve or enhance human capabilities, such as physical or cognitive abilities. The human augmentation market includes a wide range of technologies, such as wearables, implants, and prosthetics, which can be used to augment human performance in various fields, including healthcare, military, and manufacturing.
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Key Players Of The Market
- Ekso Bionics Holdings,
- , Vuzix Corporation,
- Magic Leap, Inc.,
- Google Inc.,
- Samsung Electronics Co. Ltd.,
- B-Temia Inc.,
- Rewalk Robotics Ltd.,
- Raytheon Company,
- Lockheed Martin Corporation,
- Second Sight Medical Products, Inc.
Market Trends
- Increasing adoption of wearable devices
- Growing use of augmented reality (AR) and virtual reality (VR)
- Rise of brain-computer interfaces (BCIs)
- Focus on safety and ethical considerations
- Increased investment in research and development
Key Drivers Of The Market
- Growing demand for exoskeletons in manufacturing and construction industries to enhance worker safety and productivity.
- Increasing adoption of wearable devices for medical and healthcare applications, such as remote monitoring and tracking of patient health.
- Advancements in artificial intelligence and machine learning technologies that are facilitating the development of more sophisticated and intelligent human augmentation systems.
- Rising demand for assistive technologies for elderly and disabled individuals to improve their mobility and quality of life.
- Growing investments in research and development activities by government and private organizations to develop innovative human augmentation solutions.
Recent Developments Of The Market
The Human Augmentation market is the increasing adoption of exoskeletons in manufacturing and healthcare industries. For instance, in May 2021, Toyota announced its plan to use exoskeletons to help workers lift heavy objects in its factories. Similarly, in April 2021, Samsung partnered with startup Roam Robotics to develop a wearable exoskeleton that can assist workers in physically demanding tasks. Another development is the increasing use of augmented reality (AR) and virtual reality (VR) technologies in the healthcare sector to improve medical training and patient care. In January 2021, Philips introduced an AR surgical navigation technology called “Azurion IVC” for vascular procedures. Such developments are expected to drive the growth of the Human Augmentation market in the coming years.
Opportunities
- Increasing investment in R&D
- Rising demand for wearable augmentation devices
- Advancements in robotics and AI
- Increasing demand from healthcare industry
- Growing adoption of AR and VR
Covid-19 Impact
- The pandemic has led to a surge in demand for contactless and remote healthcare solutions, leading to increased adoption of human augmentation technologies in healthcare.
- The manufacturing and construction industries, which are major end-users of human augmentation technologies, have been impacted negatively by the pandemic, leading to a decline in the market growth.
- The pandemic has also led to disruptions in the supply chain and logistics of the human augmentation market, which has further impacted the market growth.
- With the shift towards remote work and virtual collaborations, the demand for human augmentation technologies that enhance virtual communication and collaboration is expected to grow.
- The pandemic has led to an increased focus on personal health and safety, leading to the adoption of wearable human augmentation devices that monitor and track vital signs and health metrics.
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Market Segmentation
- Technology
- Application
- End-User
- Region
Geographical Segmentation
- North America:
United States
Canada - Europe:
United Kingdom
Germany
France
Italy
Spain
Rest of Europe - Asia Pacific:
China
Japan
India
South Korea
Australia
Rest of Asia Pacific - Middle East & Africa:
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East & Africa - Latin America:
Brazil
Mexico
Rest of Latin America
Regions Of The Market
- North America
- Europe
- Asia Pacific
- Rest of the World
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TOC Of The Market
- Executive Summary
- Market Overview
- Human Augmentation Market, By Product Type
- Human Augmentation Market, By Technology Type
- Human Augmentation Market, By End User
- Human Augmentation Market, By Region
- Competitive Landscape
- Conclusion and Future Outlook
FAQs Of The Market
- What is the CAGR and Forecast of Human Augmentation Market?
The global human augmentation market is expected to reach USD 207 billion by 2026, growing at a CAGR of 31% from 2021 to 2026.
- What is human augmentation technology?
Human augmentation technology is a field of research focused on enhancing or augmenting human abilities through the integration of technology. - What are the key drivers of the human augmentation market?
The key drivers of the human augmentation market include the increasing demand for healthcare and medical applications, growing investments in research and development, and the rise of wearable technology. - What are the major challenges facing the human augmentation market?
The major challenges facing the human augmentation market include ethical concerns, data security and privacy issues, and regulatory hurdles. - Which technologies are driving the growth of the human augmentation market? The technologies driving the growth of the human augmentation market include AR/VR, IoT, AI and machine learning, and robotics.
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