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Global Human Augmentation Market to Grow at a CAGR of 23% During 2021-2026, Aided by the Rising R&D activities

According to a new report by EMR titled, ‘Global Human Augmentation Market Report and Forecast 2021-2026’, the market attained a value of about USD 84 billion in 2020. The industry is further expected to grow at a CAGR of 23% in the forecast period of 2021-2026 to reach a value  of USD 298 billion by 2026.

North America is expected to dominate the global human augmentation industry in the forecast period. The Asia Pacific region is projected to emerge as one of the fastest-growing regions for human augmentation. This can be attributed to the strong technological manufacturing base in Japan. India and China are also expected to contribute to the regional market, owing to the large population, internet penetration, and improving economic conditions. Further, manufacturers are focussing on rapid product launches to prosper in the highly competitive market. The human augmentation industry has witnessed an increasing number of mergers and acquisitions between various health care IT companies.

In 2020, Vuzix Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced that the Company’s M400 Smart Glasses are being employed by the University of Rochester Medical Centre surgeons for training and the education of patients. In 2020, Samsung Electronics Co Ltd. (KRX: 005930) announced that the company obtained ISO 13482 (Robots and robotic devices — Safety requirements for personal care robots) certification for its assistive personal care robot GEMS (Gait Enhancing and Motivating System) Hip. In 2019, Google (NASDAQ: GOOGL) launched the Glass Enterprise Edition 2 targeted towards enterprise & industrial applications. These smart glasses are based on Android; hence they are easier and faster to deploy.  Such developments in the industry are expected to boost the market growth over the forecast period.

Market Analysis by Technology, Device, Application, and Region:

  • The market based on technology can be divided into wearable, virtual reality, augmented reality, exoskeleton, and intelligent virtual assistant, among others.
  • Based on device type, the industry can be divided into bod worn, and non-body worn.
  • The applications for human augmentation include consumers, medical and healthcare, industrial, aerospace and defence, education, and energy and utility, among others.
  • The regional markets for human augmentation include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global human augmentation industry is being aided by the rising demand for wearable devices across the world.
  • Increasing awareness regarding the therapeutic applications of medical wearable products is adding to the market growth.
  • Rising R&D activities in the human augmentation industry are complementing the market growth.
  • Furthermore, the recent technological advancements in the sensor industry are providing positive prospects for market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global human augmentation market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the technology, device, application, and regions of human augmentation.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for human augmentation are Vuzix Corporation, Google Inc., Samsung Electronics Co Ltd., Microsoft Corporation, and B-Temia Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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