Press release
Human Augmentation Market 2023 Product Scope - Samsung Electronics Co.Ltd., Google LLC, Ekso Bionics Holdings Inc.
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The global human augmentation market is expected to grow from 140.22 billion in 2021 to USD 591.77 billion by 2030, at a CAGR of 17.35% during the forecast period 2022-2030. Increasing incidence of neurological diseases, neurodegenerative conditions, and a growing geriatric population will increase the demand for human augmentation to improve the individual's physical, cognitive, and mental capabilities. Product innovations, increased government spending on healthcare infrastructure, and increased public awareness about the availability of human augmentation technology are driving the market. The requirement to improve treatment services and device quality for clients is likely to provide an impetus for innovative human augmentation technology and its diverse applications in other life defense and aerospace sectors. Human augmentation also finds applications in the entertainment industry, where it is used in video games, augmented reality, and other recreational activities. The commercial sector is utilizing human augmentation in its customer services to provide a customer-centric experience to its consumers with the help of chatbots and virtual assistants.
The wearable devices segment dominated the market with a market value of around 49.07 billion in 2021.
The product type segment is divided into exoskeletons, wearable devices, intelligent virtual assistants, virtual reality devices, & augmented reality devices. The wearable devices segment dominated the market with a market value of around 49.07 billion in 2021.
The non-body worn segment is expected to grow at the fastest CAGR of 21.50% over the forecast period.
The functionality segment is divided into body-worn and non-body worn. Over the forecast period, the non-body worn segment is expected to grow at the fastest CAGR of 21.50%.
The consumer segment dominated the market, accounting for around 63.09 billion in global revenue in 2021.
The application is divided into commercial, medical, consumer, industrial, aerospace, defense, & others. The consumer segment dominated the market, accounting for around 63.09 billion in global revenue in 2021.
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Regional Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market during the forecast period. The human augmentation market in the Asia Pacific has been expanding rapidly. China dominates the human augmentation market in the Asia Pacific. According to the United Nations' 2019 world aging population estimate, 703 billion individuals aged 60 and above. By 2050, this number is expected to reach 1.5 billion. In addition, 50 billion people have epilepsy, and 24 billion have Alzheimer's disease. Every year, around 6.8 billion individuals die due to one or more neurological illnesses. Neurological disorders degrade the quality of life as they impact the cognitive & motor functions of the patient. The geriatric population holds a significant share of the patients suffering from neurological diseases. Human augmentation can help early diagnose the condition and pre-emptive treatment to reduce the adverse health impacts. At-home care settings for the elderly can become more effective with the help of human augmentation as it allows real-time monitoring, surveillance, and diagnostics of the patient by the physician.
Competitive Analysis:
The major players in the market include Samsung Electronics Co. Ltd., Google LLC, Ekso Bionics Holdings Inc., Garmin Ltd., Cyberdyne Inc., Magic Leap, Casio Computer Co. Ltd., Vuzix Corporation, Raytheon Company, and Fossil Group Inc., among others.
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