Market Analysis
The global human
augmentation market size is predicted to touch USD 3 billion at a 30% CAGR in
the forecast period (2020- 2027), as per the latest Market Research Future’s
(MRFR) human augmentation market forecast report.
Human Augmentation
Market Drivers/Human Augmentation Market Trends
Increasing Adoption of
Marketable Applications to Boost Market Growth
Increasing adoption
and exploration of innovative and marketable applications for human
augmentation technology by researchers, policy makers, engineers, and
entrepreneurs across the globe may boost market growth over the forecast
period.
Opportunities
Growing Need for
Augmented Technologies to offer Robust Opportunities
Growing need for
augmented technologies will offer robust opportunities for the market in the
forecast period. It helps in augmented intelligence for performing different
tasks sans replacing the human and improves the wearable augmentation products.
Besides it is used for boosting the healthcare sector, advancing human genetic
engineering, internet of things, 3D bio-printing, neurotechnology, and smart
devices that is creating a positive effect on the human
augmentation market share.
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Restraints
Lack of Investments in
R&D to act as Market Restraint
The lack of
investments in the research and development may act as a market restraint over
the forecast period.
Challenges
Lack of Skilled IT
Professionals to act as Market Challenge
The lack of skilled IT
professionals coupled with high equipment cost may act as market challenge over
the forecast period.
Market
Segmentation
By end user, the
healthcare segment will dominate the market over the forecast period.
COVID-19
Analysis
The COVID-19 pandemic
severely impacted the human augmentation industry forcing the different device
production plants for reducing the output and shutting down for some time. The
outbreak prompted various key component suppliers and technology providers in
cutting back expenses and production in some areas. Technical and economic
trends presented new challenges to construction. Industry players resultantly
intensively started working on countermeasures and alternatives for minimizing
the impact. The market is returning to normal, and revenues too are picking up
gradually.
Regional Analysis
North America to
Dominate Human Augmentation Market
North America will
dominate this market in the forecast period. Rapid developments in AI
technology, investments in gene-editing technology, the presence of several
major players, growing demand in the US, improved economy, increasing need for
augmentation products, technological advances in medical wearable products,
increasing innovative apps of augmentation products, rising awareness about
therapeutic applications of the medical wearable augmentation products,
awareness about its different advantages such as portability, efficiency, and
convenience, the ability of enhancing workplace productivity and effectiveness,
early and growing adoption of human augmentation devices by different end-users
across the region, rising increasing investments in AI technologies, growing
need for wearable augmentation devices from the healthcare industry, and
increasing technological advances in virtual reality are adding to the global
human augmentation market growth in the region.
Key Players
Eminent players
profiled in the global human augmentation market report include BrainGate
Company, B-Temia, Ekso Bionics Holdings, Raytheon Company, Samsung Electronics
Co Ltd, Cyberdyne, Bionik Laboratories Corporation, Panasonic Corporation,
Toyota Motor Corporation, and Parker Hannifin, among others.
The global human
augmentation market is fragmented and competitive for the presence of different
international & domestic key players. These players have incorporated
innovative strategies to remain at the vanguard and suffice the burgeoning
demand of the customers, including collaborations, contracts, partnerships,
joint ventures, geographic expansions, & new product launches, & more.
Browse
Complete Report @ https://www.marketresearchfuture.com/reports/human-augmentation-market-5043
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