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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.
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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.
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