Human Augmentation Market - Forecasts from 2024 to 2029

Human Augmentation Market - Forecasts from 2024 to 2029

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. If done in the right manner, augmentation has the potential to improve one's overall quality of life. It can be divided into three types: replicating human ability which can restore human ability like a hearing aid for the deaf, there is supplementing human ability which can improve the ability to perform the work, for instance, artificial methods used to increase strength, and at last exceeding human ability that helps to do things that can't be done alone like the ability to fly.

This includes technologies like artificial limbs and exoskeletons that can enhance physical strength, implants such as pacemakers, cochlear implants, and insulin pumps that enhance bodily functions or replace damaged organs, Brain-Computer Interfaces or BCIs that allow direct communication between the brain and external devices, and genetic engineering that allows to modifying genes to enhance desired traits or mitigate genetic diseases.

INTRODUCTION:

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.

Products Offered by Key Companies:

B-Temia: The company offers Keeogo which is a smart powered Knee Orthosis that can help people living with neurological conditions to walk safely and freely.

Ekso Bionics: The robotic exoskeleton is a device that can support patients living or recovering from spinal cord injuries and allow them to work on regaining strength back.

Key Developments:

In September 2023, Neuralink announced they are open for recruitment for the human trials for PRIME or Precise Robotically Implanted Brain-Computer Interface.

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