Overview
The global focus on improving the lives of disabled citizens is estimated to reinforce the growth of the human augmentation market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. The market worth of USD 3 billion is forecasted for the market with a 30% CAGR by 2023.
The need to address the prevailing or deficient capabilities in a human is the critical objective of driving the human augmentation market share. Moreover, improved investment inflow in the human augmentation market is estimated to improve product quality in the future. The developments in machine learning are estimated to guide the real-time language translation area in the human augmentation market, thus creating new opportunities for growth in the forecast period.
Segmental Analysis
The segmentation of the Human Enhancement Technology Market is conducted on the basis of the product, region, and end-user. Based on the products, the human augmentation market is segmented into in-built augmentation and wearable augmentation. The end-user based segmentation of the human augmentation market is segmented into IT, healthcare, defense, manufacturing, and others. Based on the regions, the human augmentation market is segmented into North America, Europe, Asia Pacific, and the rest of the regions around the world.
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Detailed Regional Analysis
The regional review of the Human Enhancement Technology Market includes regions such as North America, Europe, Asia Pacific, and the rest of the regions around the world. The North American region is anticipated to be responsible for the primary share of the human augmentation market. In contrast, the Asia Pacific regional market is anticipated to develop at the best rate for the duration of the forecast period. The North American regional market is observing speedy growth owing to the technical advancement and growing demand for application performance management platforms throughout different industry verticals in this region. The U.S. controls the bulk of the human augmentation market share both in regards to revenue as well as the implementation of advanced solutions.
Competitive Analysis
The support provided by regulations is estimated to stave off the effects of the downturn considerably in the coming period. The recalibration of the supply chain is estimated to be another area for market expansion in the upcoming period. The currency inflow is estimated to be restricted in the upcoming period, which may create further problems for the overall market growth. Current disequilibrium in the market forces has led to the market players adopting a more cautious approach to growth and development strategies. The planning and forecasting for human capital in the market is estimated to be a crucial area for focus in the years ahead. Advances in production style and technologies are estimated to gain precedence in the coming years as areas of innovation. The expansion of the market has currently come close to a standstill with government agencies and trade bodies, introducing a stimulus to pick up the pace of development in the global market.
The central companies in the human augmentation market consist of Ekso Bionics Holdings, Panasonic Corporation, Cyberdyne, B-Temia, BrainGate Company, Raytheon Company, Bionik Laboratories Corporation, Toyota Motor Corporation, Samsung Electronics Co Ltd, and Parker Hannifin to name a few.
Industry Updates:
Apr 2020 Alliance Design & Development Group (ADDG), a company specializing in assistive human augmentation technology and well known for creating SelectFlex® adjustable arch orthotics, has agreed to donate 10% of sales to Global Giving. The company is an ergonomic vendor for Roche subsidiary Genentech, a principal player in advancing COVID-19 treatment. Owing to reciprocally aligned philosophies, Genentech is giving millions to help those in distress by COVID-19, while ADDG is donating 10% of all SelectFlex sales to the Global Giving Coronavirus Relieve Fund for the similar purpose.
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Human Enhancement Technology Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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