Pune, India -- (SBWIRE) -- 01/17/2019 -- Industry Overview of Human Augmentation Market :
Human augmentation, also known as Human 2.0, is a combination of biotechnology, electronics, and mechanics that are used for bringing physical improvement in the integral parts of the human body, by using natural or artificial methods. Technological advancements in IT have led to the launch of a wide range of implants and technologies, which are generally used for human augmentation. Additionally, genetic engineered human technologies play significant role in the treatment of various diseases and disabilities.
The global human augmentation market is expected to reach approximately USD 2.84 billion by 2023, growing at a CAGR of 30.07% between 2017 and 2023.
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The devices used in human augmentation include wearable devices or body suits such as prosthetics, walking assistance devices, exoskeletons, as well as built-in devices such as brain-controlled robots, nano chip implants inside the body, etc.
Extensive research and development activities are being conducted at various institutes in the field of biotechnology, robotics, and medical devices, witnessing considerable participation from major technology players such as Panasonic, Samsung, and Fujitsu. The market is primarily fuelled by facilitations brought in medical science and medical devices, by the increased use of robotics.
Based on the product, the segment wearable augmentation led the market by generating the highest revenue of USD 576.46 million in 2017 and is expected to grow with 30.10% CAGR in the forecast period. Whereas, in-built augmentation is expected to be the leading market segment in the future, growing at 28.78% CAGR. The major components of in-built augmentation includes brain-computer interface (BCI), neurotechnology, and gene editing technology. In the end-user segment, healthcare is expected to witness high market growth in the coming years at a CAGR of 30.54%, which is estimated to generate a market value of USD 2.37 billion by 2023. The defense segment is following and is projected to grow at 28.92% CAGR. Defense industry is expected to register high growth in the coming years due to investment by government authorities to support the development of advanced exoskeletons and prosthetic arms.
Key Players The key players of human augmentation market include:
B-Temia, Inc., BrainGate Company, Ekso Bionics Holdings, Inc., Cyber dyne, Inc., Raytheon Company, Samsung Electronics Co Ltd, Bionik Laboratories Corp., Toyota Motor Corporation, Panasonic Corporation, and Parker Hannifin among others.
Growing Inclination Towards Health to Accelerate the Growth of the Market
People want to lead a healthy life and advancements in technology, such as sensors, and biomedical and medical devices have supported their cause. The urge to stay at the peak of health, enhance features, and overcome limitations are motivating people to invest in healthcare devices.
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The aging population faces many limitations regarding mobility, eyesight, hearing, etc., and is one of the key consumer segments demanding enhancement devices. Devices, such as special hearing aids with noise cancellation, muscle enhancing, and supporting systems for spinal support and shoes providing navigational support and foot strength, allow people to overcome many limitations caused due to aging.
Another set of people that invest heavily in human enhancement devices is people suffering from injuries and illnesses. Hi-tech prosthetic limbs now enable disabled people to run, swim, and climb mountains; Klippa is a prosthetic leg specially designed for amputee rock climbers and Activankle allows amputee swimmers to swim.
People are buying more and more fitness devices to be physically fit. Moreover, countries that lay importance on healthcare are spending about 8% to 17% of their GDP, and this is expected to increase even more in the coming years.
North America Accounted for the Most Dominant Region; Asia-Pacific to be the Fastest Growing Region
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North America is dominating the Human Augmentation Market due to high investment by government in developing the exoskeleton and artificial limbs technology. The U.S. is the prominent market as it possesses the high technical expertise and is investing in "Gene editing technology" which is further boosting its dominance over the market.
The Asia Pacific is projected to be the fastest growing market for human augmentation due to high development ratio in countries such as China, South Korea, and Australia. China, being the foremost leading economy in the market, is constantly investing in innovating wearable augmentation and has received full government support for "Gene editing" technology which is one of the major driving force for its dominance over the Asia Pacific market.