Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "Human Augmentation Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The human augmentation market is projected to grow at a CAGR of 20.44% to reach US$675.767 billion by 2029 from US$266.621 billion in 2024
Human augmentation technology focuses on creating analytic and physical improvements. It's a technology-driven process that aims to increase human productivity and capability.
The human augmentation market is driven majorly by improving healthcare systems across the globe and growing awareness among people for a healthy lifestyle. The growth in GDP and disposable income is also a contributing factor as people can spend on their health-related issues. Also, the efforts of integrated care have been widely used and accepted in North American and European countries. There is rapid progress taking place across the globe to improve the coordination among the various healthcare settings and stakeholders.
The healthcare infrastructure is improving continuously across the growth. Many countries are increasingly spending on medical research. The United States remains the leading country in this section. With the improving health indices and better healthcare infrastructure, the human augmentation market is expected to witness growth.
The number of smartphone users across the globe is increasing rapidly. North America has the highest penetration of smartphones. This region is investing heavily in network infrastructure and the adoption of broadband.
The population growth is mainly driven by the increasing number of people surviving to the reproductive age, significant changes in the fertility rates, and better healthcare facilities available. Asia constitutes three-fifths of the world's population alone. The continent consists of the two most populated countries- China and India, which together constitute two-fifths of the world's population. Furthermore, in 2022 it was reported that in the last 8 years, the number of smartphone users in India went from 150 million to 750 million.
MARKET DRIVERS:
Growth in technological advancements globally is predicted to propel the market:
The rapid advancements in fields such as artificial intelligence or AI, biotechnology, nanotechnology, robotics, and materials science are enabling the development of more sophisticated and effective augmentation solutions. The advancements in healthcare technology are also a significant part of market growth.
For instance, technologies like prosthetics, implants, and medical devices are part of these advancements and as healthcare needs evolve, there is a growing demand for advanced solutions to improve patient outcomes, enhance mobility, and restore lost functionalities. Therefore, the human augmentation market is anticipated to grow over the forecast period.
The growing aging population and demand for enhanced performance are projected to drive the human augmentation market.
There is a significant increase in the global population which also includes the aging people who have several medical conditions due to old age. This is leading to a higher prevalence of age-related disabilities and health conditions and solutions to address age-related challenges, such as mobility impairments, sensory deficits, and cognitive decline, thereby improving the quality of life for the elderly population can be offered by human augmentation technology.
Also, technologies such as exoskeletons, wearable devices, and cognitive enhancers are increasingly used to improve physical strength, endurance, cognitive abilities, and situational awareness to meet the growing demand for technologies that can enhance human performance in various sectors, including sports, defense, and industry.
MARKET RESTRAINT:
Human augmentation with its benefits also provides some challenges to the companies that manufacture them such as risks associated with invasive procedures, implantable devices, and the use of pharmaceuticals or biotechnologies for enhancement purposes and ensuring the safety and efficacy of human augmentation technologies is paramount which can be challenging for them.
Also, there are some concerns about the potential for exacerbating social inequalities, creating divides between augmented and non-augmented individuals which can raise complex ethical and social questions regarding issues such as consent, privacy, equity, and fairness, and the cost barriers could limit adoption and exacerbate disparities in access to augmentation benefits as human augmentation technologies are expensive and may not be accessible to all individuals. Therefore, these factors might hinder the market growth over the forecast period.
Growth is projected to be prominent in the North American region.
In terms of geography, North America is expected to dominate the market. The region is facing an increasing demand for augmentation products. Moreover, the region is continuously innovating technologically driven medical wearable products. The US represents the largest market for human augmentation in North America. Also, North America constitutes the highest penetration of smartphones which is anticipated to boost the market.
The presence of key players like Google in the USA which is in the North American region is contributing positively to the market growth in the region. Therefore, the awareness among people for health awareness coupled with improving healthcare facilities and increasing smartphone users are anticipated to fuel the North American region human augmentation market significantly over the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 114 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $266.62 Billion |
| Forecasted Market Value (USD) by 2029 | $675.77 Billion |
| Compound Annual Growth Rate | 20.4% |
| Regions Covered | Global |
Competitive Environment And Analysis
- Major Players and Strategy Analysis
- Market Share Analysis
- Mergers, Acquisitions, Agreements, and Collaborations
- Competitive Dashboard
Company Profiles
- B-temia
- Ekaso Bionics
- Magic Leap Inc.
- Lifeward
- Vuzix Corporations
- Samsung Electronics
- Raytheon Technologies Corporation
- Google Inc.
- BrainGate Inc.
Segmentation:
By Product
- Eye-wear
- Neck-wear
- Wrist-wear
- Foot-wear
- Body-wear
- Others
By End-Users
- Healthcare
- Manufacturing
- Aerospace and Defense
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Taiwan
- Others
For more information about this report visit https://www.researchandmarkets.com/r/mv72ob
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