Human augmentation Market is a technology that is used to boost human ability and efficiency through the artificial method. It is the integration of biotechnology, electronics and machines that are used to enhance the required or existing skills in humans by the use of natural or artificial methods. Human augmentation has shown a chief improvement towards its application mostly in healthcare, military, defense and manufacturing organizations are also financing in arranging human augmentation technology which is in the form of exoskeletons. The growing demand for human augmentation in different sectors is uplifting the developers to make more advancements in human augmentation technology which in turn drives the market growth.
Human Augmentation Market Dynamics
The rapid development in the healthcare sector is the primary factor driving the growth of the human enhancement market. Further, there is an increasing demand for wearable augmentation products also technological advancements in sensor technology market has further propelled the market growth of the human augmentation market. High-cost equipment and lack of IT professionals are the major disadvantages of the global human augmentation market. In addition, imposition of strict regulations for the approval of augmentation devices along with social and legal concerns inhibits the market growth. Rapid product launches and merger and acquisitions between different healthcare IT companies are the major trends which is observed in the global human augmentation market.
COVID-19 Impact on Human Augmentation Market
During the pandemic of Covid-19 human augmentation market has shown significant growth due to various benefits across various industries. For instance, in March 2020 Fitbit merged with The Scripps Research Institute and Stanford Medicine over the research which basically aimed at using Fitbit data to help track, detect and contain infectious diseases like Covid-19.
Human Augmentation Market Segmental Overview
The report analyses the Human Augmentation Market based on technology, functionality, and geography.
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Human Augmentation Market by Technology
The human augmentation market can be segmented by technology into the following categories:
- Wearable Technology: This technology involves the use of devices that can be worn by an individual to enhance their physical capabilities or cognitive abilities. Examples of wearable technology include smartwatches, fitness trackers, augmented reality glasses, and exoskeletons.
- Biotechnology: This technology involves the use of biological processes and organisms to enhance human capabilities. Examples of biotechnology include genetic engineering, stem cell therapy, and tissue engineering.
- Brain-Computer Interface (BCI): This technology involves the direct communication between the brain and an external device, such as a computer or a robotic limb. BCIs can be used to restore lost motor function or enhance cognitive abilities.
- 3D Printing: This technology involves the creation of three-dimensional objects from digital files. In the context of human augmentation, 3D printing can be used to create prosthetics or customized implants.
- Virtual Reality (VR) and Augmented Reality (AR): These technologies involve the use of digital simulations to enhance or augment human experiences. VR and AR can be used for training, simulation, and entertainment.
- Nanotechnology: This technology involves the use of materials and devices on a nanoscale to enhance human capabilities. Examples of nanotechnology include nanobots, which can be used to deliver drugs or repair tissues.
- Robotics: This technology involves the use of machines and robots to augment human capabilities. Robotics can be used for tasks such as manufacturing, assembly, and surgery.
The human augmentation market is expected to grow significantly in the coming years as these technologies become more advanced and accessible.
Human Augmentation Market by Functionality
The global human augmentation market by functionality is classified into body worn, non-body worn. Both the segments body worn and non-body worn plays an equally important role. Casio Company realizes the potential for smartwatches in the wearable technology market. Therefore, it basically is focusing on offering and developing new products launched in the market to its consumers frequently.
Human Augmentation Market Key Players
Some of the major players operating in this market include Google Inc. (US), Samsung Electronics Co. Ltd. (South Korea), Ekso Bionics Holdings Inc. (US), Vuzix Corporation (US), Garmin (US), Fossil Group Inc. (US), B-Temia Inc. (Canada), Casio (Japan), Magic Leap Inc. (US), Rewalk Robotics Inc. (Israel), Polar Electro (Finland).
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