Human Augmentation Market is Expected To Boom Due To The Number Of Research Undertaking
Human augmentation, also known as Human 2.0, refers to technologies that are used for bringing physical improvement in the integral parts of the human body. Technological advancements in IT have led to the introduction of a greater variety of implants and other technologies, which are used for human augmentation. In addition, genetic engineered human technologies also play an important role in the treatment of various diseases and disabilities.
The global human augmentation market is categorized based on various types of products and applications. Based on products, the report covers wearable augmentation products and in-built augmentation products. The wearable augmentation product segment accounts for the largest market share in the global human augmentation market. The wearable augmentation product segment is further sub-segmented into eye-wear, wrist-wear, neck-wear, foot-wear, body-wear, and others. Major eye-wear products include smart contact lenses, Helmet-Mounted Display (HMD), Head-Up Display (HUD), and Google glass. The wrist-wear sub-segment is further sub-divided into wrist bands and watches. Major neck-wear products include ties and collars and ornaments and precious metals. The body-wear sub-segment is further sub-segmented into arm and leg wear and clothing and innerwear. Other category includes smart headsets, smart socks, and smart rings. Eye-wear and wrist-wear sub-segments hold the largest market share in the global human augmentation market. Based on applications, the report covers health care, industrial, and defense industries.
In terms of geography, North America dominates the global human augmentation market. This is due to the improved economy and increasing demand for augmentation products in the region. In addition, technological advancements in medical wearable products have also propelled the growth of the market in North America. The U.S. represents the largest market for human augmentation in North America, followed by Canada. In Europe, Germany, France, and the U.K. account for major shares of the human augmentation market. The human augmentation market in Asia is also expected to witness high growth rates in the next five years. This is due to the increasing innovative applications of augmentation products and rising awareness about therapeutic applications of the medical wearable augmentation products in the region. Rising demographics and economies in developing countries, such as India and China, are expected to lead to the growth in the human augmentation market in Asia. Moreover, India, China, and Japan, are expected to be the fastest growing markets for human augmentation products in the region.
Increasing demand for wearable augmentation products and rising awareness about therapeutic applications of medical wearable products are some of the major driving factors of the global human augmentation market. Also, technological advancements witnessed in sensor technologies have further propelled the growth of the global human augmentation market.
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Lack of skilled IT professionals and high cost of equipment are the major restraints for the global human augmentation market. In addition, imposition of stringent regulations for the approval of augmentation devices as well as the related legal and social concerns inhibits the growth of the market. Rapid product launches and increasing number of mergers and acquisitions between various health care IT companies are some of the major trends observed in the global human augmentation market.
The major companies operating in this market are Second Sight Medical Products, Inc., B-Temia Inc., Vuzix Corporation, Braingate Company, Samsung Electronics Co. Ltd., Ekso Bionics Holdings, Inc., Rewalk Robotics Ltd., Google Inc., Raytheon Company, and Magic Leap, Inc.