June 13, 2024
ICT

Human Augmentation Market Size To Rise USD 31.4 Billion By 2030

The global human augmentation market size is expected to be worth around US$ 1,117.53 billion by 2032 and is poised to record a yearly growth rate of 14.50% from 2023 to 2032.

Key Takeaways

  • North America contributed more than 46% of the market share in 2022.
  • Asia-Pacific is estimated to witness the fastest CAGR between 2023 and 2032.
  • By type, the wearable segment has held the largest market share of 61% in 2022.
  • By type, the In-built segment is anticipated to grow at a remarkable CAGR of 15.1% between 2023 and 2032.
  • By product, the body worn segment generated over 58% of market share in 2022.
  • By product, the non-body worn segment is expected to expand at the fastest CAGR over the projected period.
  • By technology, the wearable segment generated over 46% of market share in 2022.
  • By technology, the virtual reality segment is expected to expand at the fastest CAGR over the projected period.
  • By end-user, the consumer segment had the largest market share of 32% in 2022.
  • By end-user, the medical segment is expected to expand at the fastest CAGR over the projected period.

The Human Augmentation market is a dynamic and rapidly evolving sector that involves integrating technology into the human body to enhance or extend its capabilities. This market encompasses a broad spectrum of applications, ranging from medical enhancements to performance improvements in various industries. The convergence of advanced technologies such as biotechnology, robotics, artificial intelligence, and wearable devices has propelled the human augmentation market into the forefront of innovation, opening up new possibilities for human potential.

Human Augmentation Market Size 2023 To 2032

Region Snapshot 

The Human Augmentation market exhibits a global presence, with key regions driving innovation and adoption. North America and Europe stand out as major hubs for research and development, given their robust technological infrastructure and significant investments in healthcare and technology sectors. Asia-Pacific is also emerging as a prominent region, fueled by growing economies, increasing healthcare awareness, and a rising demand for augmented solutions across diverse industries.

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Growth Factors:

The market’s growth is underpinned by several factors, including the increasing acceptance of wearable devices, advancements in prosthetics and exoskeletons, and a growing focus on healthcare applications such as smart implants and bioelectronic medicine. Moreover, the rising demand for enhancing human performance in sectors like manufacturing, defense, and sports is contributing to the overall expansion of the human augmentation market.

Human Augmentation Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 14.50%
Market Size in 2023 USD 330.38 Billion
Market Size by 2032 USD 1,117.53 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Type, By Product, By Technology, and By End User
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Drivers:

Key drivers propelling the Human Augmentation market include a surge in research and development activities, the integration of AI and machine learning algorithms for personalized enhancements, and a rising aging population, driving the demand for assistive technologies. Additionally, a growing awareness of the potential benefits of human augmentation in improving quality of life and addressing disabilities is boosting market adoption.

Opportunities:

The Human Augmentation market presents various opportunities for stakeholders. These include exploring untapped markets in developing regions, leveraging partnerships for collaborative research and development, and capitalizing on the increasing demand for non-invasive augmentation technologies. Furthermore, the convergence of technologies offers prospects for creating integrated solutions that cater to diverse needs and applications.

Challenges:

Despite its promising outlook, the Human Augmentation market faces challenges, such as ethical concerns surrounding privacy and security, regulatory hurdles, and potential societal resistance to the integration of advanced technologies into the human body. Addressing these challenges will be crucial for the sustainable growth and acceptance of human augmentation technologies.

Competition Landscape:

The market is characterized by intense competition, with key players focusing on research and development to gain a competitive edge. Major companies are investing in strategic partnerships, mergers, and acquisitions to expand their product portfolios and enhance their technological capabilities. Notable players in the Human Augmentation market include companies specializing in robotics, biotechnology, healthcare, and technology, each contributing to the market’s vibrant and competitive landscape.

Read Also: Genitourinary Drugs Market Size to Touch US$ 32.27 Bn By 2032

Recent Developments

  • In 2022, Paris-based Wandercraft secured USD 45 million in funding to advance the commercialization of its self-balancing exoskeleton. Utilizing algorithms to maintain equilibrium during movement, the new model, priced at €150k to €200k, is deployed in hospitals. Currently, 14 European institutions have adopted this innovative technology.
  • In 2022, DASA (Defense and Security Accelerator) introduced an Innovation Focus Area (IFA) named Human Augmentation (HA) to explore Generation-After-Next technologies for security and defense. Seeking proposals for GAN solutions, DASA aims to address UK security challenges by enhancing human performance to maximize operational impact in defense applications.
  • In 2022, Japanese researchers have created a wearable robotic “sixth finger” for human augmentation, exploring how the brain adapts to additional body parts. Positioned beside the pinky, the device uses four sensors on the lower arm to analyze electrical signals from muscles, exemplifying advancements in wearable robotics for enhanced human capabilities.

Human Augmentation Market Players

  • Ekso Bionics Holdings, Inc.
  • ReWalk Robotics Ltd.
  • Cyberdyne Inc.
  • Touch Bionics Inc. (Össur)
  • B-Temia Inc.
  • Wandercraft
  • Rex Bionics Ltd.
  • Wearable Robotics SRL
  • Hocoma AG (DIH Technologies)
  • Huawei Technologies Co., Ltd.
  • Samsung Electronics Co., Ltd.
  • Google LLC (Alphabet Inc.)
  • Facebook Reality Labs (Meta Platforms, Inc.)
  • Sony Corporation
  • Microsoft Corporation

Segments Covered in the Report

By Type

  • In-Built
  • Wearable

By Product

  • Body Worn
  • Non-body Worn

By Technology

  • Wearable
  • Virtual Reality
  • Augmented Reality
  • Exoskeleton
  • Intelligent Virtual Assistants

By End User

  • Consumer
  • Commercial
  • Medical
  • Defense
  • Industrial
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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