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Global Human Enhancement Market to Grow at a CAGR of 19.97% During 2021-2026, Aided by the Ongoing Research and Development Activities

According to a new report by EMR titled, ‘Global Human Enhancement Market Report and Forecast 2021-2026’, the market attained a volume of about 217.2 million units in 2020. The industry is further expected to grow at a CAGR of 19.97% in the forecast period of 2021-2026 to reach a volume of approximately 647.6 million units by 2026.

The market for human enhancement is being aided by several factors, including innovations in materials, information systems, and human studies, that are opening the way for significant enhancements in human capabilities, thus pushing the boundaries of physiological, cognitive, and social performance. Moreover, research and development in these fields enable the invention of technologies and solutions that can actively improve human capacities, consequently boosting the market growth. Furthermore, the defence industry accounts for a substantial percentage of R&D investment due to the sheer number of applications, and subsidised options for prosthetics and exoskeletons are fuelling the market growth of human enhancement. Over the forecast period, human enhancements that allow individuals to perform and operate at higher levels than normal are anticipated to acquire traction in industrial settings. Several technological breakthroughs are being made in this domain, which is predicted to further the industry growth.

Recently, some key industrial developments have shown the potential to drive the market over the forecast period. For instance, ReWalk Robotics (NASDAQ: RWLK) announced in April 2020 that the DGUV (Deutsche Gesetzliche Unfallversicherung / German Social Accident Insurance) had accepted the contractual offer to deliver the ReWalk 6.0 robotic exoskeleton device to qualifying spinal cord injury (SCI) patients. The provision of ReWalk Exoskeletons to all insured individuals of the 36 various DGUV members/insurances is covered by this contractual offer. Such developments by the industry players are anticipated to augment the market growth.

Market Analysis by Product and Region:

  • The market based on product can be divided into smartwatch, head-mounted display, smart clothing, ear-worn, fitness tracker, body-worn camera, exoskeleton, and medical devices.
  • The regional markets for human enhancement include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Advancements in materials, information systems, and human research are expected to drive the market over the forecast period.
  • The creation of devices and solutions that may actively increase human capacities is likely to propel the growth of the market. 
  • The number of applications is anticipated to have a positive impact on the progress of the industry.
  • Subsidised options for prosthetics and exoskeletons are expected to provide the industry with immense growth opportunities.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for human enhancement for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products and regions of human enhancement.
  • 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 human enhancement market are Vuzix Corporation, Ekso Bionics Holdings Inc., Second Sight Medical Products Inc., and Raytheon Company, 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.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive 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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