Human Augmentation Market - Industry Size and Forecast 2026

Posted October 20, 2022 by avinashgogawale14

The Human Augmentation Market is projected to have a value of USD 131.7 billion in 2021 and to increase at a CAGR of 21.0% to reach USD 341.2 billion by 2026.
According to projections, the Human Augmentation Market would be valued USD 131.7 billion in 2021 and USD 341.2 billion by 2026, growing at a CAGR of 21.0%. Growing demand for wearable human enhancement devices in the healthcare industry, the recent appearance of wearable devices powered by AI, and quick technological advancements like the availability of fast processing chipsets, the miniaturisation of sensors, the use of brain-computer interfaces, and the development of nanotechnology are some of the key factors propelling the market growth.

Samsung Electronics Co., Ltd. (South Korea), Google LLC (US), Ekso Bionics (US), Vuzix Corporation (US), and Garmin Ltd. are the market's major players with a substantial global presence (US). To strengthen their positions in the market for human augmentation, the market participants have employed a variety of strategies, including the creation of cutting-edge goods, partnerships, collaborations, agreements, joint ventures, and acquisitions. The market participants have been able to expand globally with the use of innovative and specialised product offerings thanks to organic and inorganic tactics.

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Through its Information Technology & Mobile Communication (IM) division, Samsung Electronics Co., Ltd. (South Korea) provides a range of human enhancement goods. The business makes major investments in R&D projects including cutting-edge technologies like cloud, AR/VR (augmented/virtual reality), and IoT. (Internet of Things). With 241 subsidiaries worldwide, the corporation not only has a great array of human augmentation products but also a strong geographic presence. To improve its market position, the corporation mostly uses organic techniques such product launches and developments. For instance, the business introduced the Galaxy 4 and Galaxy 4 Classic smartwatches in August 2021, which can assess several aspects of body composition, like as water content and fat percentage, in real-time. In addition, Samsung has collaborated with numerous research and educational institutions, like Deakin University in Australia, to create reasonably priced medical and diagnostic solutions for people's wellbeing.

A pioneer in worldwide technology, Google LLC (US) provides cloud computing, advertising, artificial intelligence, augmented reality, and virtual reality services and products. Some of the company's most popular items related to human augmentation include a Google Wear OS wearable that syncs with Android smartphones. The business also provides ARcore, a software development kit that improves the experience of augmented reality. To find and comprehend the position of things in the actual world, ARcore employs environmental understanding, motion tracking, and light emission API. The business puts a lot of effort into creating cutting-edge products to improve its position in the market for human augmentation. For instance, in May 2019, the company introduced the Glass Enterprise Edition 2, a wearable gadget that gives individuals access to information and tools they need for their jobs while also assisting businesses in improving the quality of their output. Due to its cosy and lightweight design, this device gives workers voice support and may be worn all day. The business also invests heavily in R&D projects to promote product innovation. For example, it invested 15.1% of its revenue in R&D activities in 2020.

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The US company Ekso Bionics is at the forefront of exoskeleton development worldwide. The company has a wide range of exoskeleton-related items available. Its products are widely used in both industrial and medicinal applications. Products from Ekso Bionics are sold to more than 170 rehabilitation facilities worldwide, primarily in the US and Europe. The business uses patented exoskeleton technology to create and commercialise products that help patients with lower limb disabilities recover more quickly and effectively than with traditional methods. For the purpose of bolstering its position in the market for human augmentation, the corporation places a lot of emphasis on inorganic growth techniques. For instance, in order to grow its company in China and other Asian countries, Ekso Bionics and Zhejiang Youchuang Venture Capital Investment Co., Ltd. (ZYVC) (China) entered into a joint venture agreement in January 2019.

The US-based Vuzix Corporation is a market pioneer in the creation of smart glasses and other devices utilising AR/VR technologies. The company's solutions are primarily appropriate for consumer, enterprise, and security applications. Wearable computing devices with a personal AR/VR display that provides a high-quality viewing experience are among the various human augmentation-related goods supplied by the business. The North American, Asia Pacific, and European markets are where Vuzix Corporation principally conducts business. To increase its position in the industry, the company mainly focuses on inorganic growth tactics including partnerships. As an illustration, the business partnered with Rods & Cones (Netherlands), a supplier of end-to-end surgery proximity platforms, in February 2021 to offer its M-Series Smart Glasses as an extra video-capturing device that enables optimal remote interactions between surgeons and experts.

For use in automotive/mobile, outdoor, fitness, maritime, and general aviation applications, Garmin Ltd. (US) provides a variety of GPS-integrated navigation, communication, and information solutions. In addition to having a wide range of smartwatches designed just for consumer use, the company is well-represented geographically in areas including North America, Europe, and Asia Pacific. To expand its position in the market, Garmin Ltd. heavily emphasises organic growth techniques including product launches and developments. For instance, the company had introduced the tactical version of their instinct smartwatches in September 2020. These watches were specifically created to improve outdoor experiences and make them informative and data-rich. In order to promote product innovation, the corporation also employs inorganic expansion techniques like acquisitions. For instance, the company was able to expand its line-up of cutting-edge smartwatches thanks to the June 2020 acquisition of Firstbeat (Finland).

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Tags human augmentation market
Last Updated October 20, 2022