Press release
23+% CAGR, Human Augmentation Market to Surge with USD 498.70 Billion, Worldwide by 2028
The Insight Partners
Human Augmentation Market Share & Size Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type (Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeleton, and Intelligent Virtual Assistants), Functionality (Body Worn and Non-body Worn), Application (Consumer, Commercial, Healthcare, Aerospace and Defense, Energy and Utility, and Others), and Geography
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The development in the healthcare sector is the primary factor driving the growth of the human augmentation market. However, the high cost of medical apparatus and lack of skilled employees are hampering the growth of the market. Moreover, the growing requirement for wearable augmentation products and the increasing use of exoskeletons in military applications is also anticipated to provide growth opportunities for the human augmentation market. Further, increased product launches and developments are expected to contribute to the market growth during the forecast period. For instance, in August 2022, Samsung Electronics launched Exynos W920, a new wearable processor. A few of the important features of the processor are:
- It combines an LTE modem
- Developed with an improved 5-nanometer (nm) extreme ultra-violet (EUV) process node
- Provides powerful and efficient performance, as required by technologically advanced wearable devices.
One of the key trends in the human augmentation market is the development of technologies that can be used to enhance the functions of the human body without the need for any implants or surgery. For instance, the development of exoskeletons improves the strength and endurance of the body and enhances the function of the brain, such as brain-computer interfaces. A few of the associations associated to the human augmentation market are VR/AR Association (VRARA), Association of the Exoskeleton Industry (VDEI), Australian Orthotic Prosthetic Association Ltd. (AOPA), International Virtual Assistants Association (IVAA), Canadian Association of Virtual Assistants (CAVA), International Association of Professional Virtual Assistants (IAPO), etc.
Google Inc.; Samsung Electronics Co. Ltd.; Ekso Bionics Holdings, Inc.; Vuzix Corporation; Garmin; Fossil Group, Inc.; B-Temia Inc.; Casio, Magic Leap Inc.; and Rewalk Robotics Ltd. are a few of the key human augmentation market players profiled in the report. Several other major companies, such as Panasonic Corporation, Toyota Motor Corporation, Parker Hannifin, and Cyberdyne, were also studied and analyzed during this research study to get a holistic view of the human augmentation market and its ecosystem. Many market players in the human augmentation market are following organic and inorganic growth strategies, such as product launches, product developments, market expansion, partnerships, collaborations, and mergers and acquisitions, to remain competitive in the market. A few of the examples are mentioned below:
- In September 2021, Fossil launched its Gen 6 touchscreen smartwatch line in a virtual press conference. A few of its features include:
- Offers quick customers application load times
- Responsive user experiences
- Efficient power consumption
- It is powered by the Qualcomm Snapdragon Wear 4100+ Platform
- In May 2021, Ekso Bionics extended its partnership with Kindred Healthcare, a post-acute healthcare services company, to bring EksoNR (clinically used robotic exoskeleton) to four of Kindred's Long-Term Acute Care Hospitals in the US.
- In June 2021, Magic Leap partnered with AMD, an American multinational semiconductor company, to utilize Nvidia graphics acceleration technology for its first AR/XR headset.
- In January 2021, Google LLC acquired Fitbit Inc. for US$ 2.1 billion for entering the wearable payment device market.
- In September 2020, Vuzix Corporation launched Blade, a glass featuring Vuzix's new waveguide technology. Waveguides merge instructions that are sent digitally into real tasks and help in the removal of visual distractions and occlusion. The smart glasses also feature autoscan cameras and noise cancellation.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.
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