Google Inc. (U.S.), BrainGate Company (U.S.), Raytheon Company (U.S.), Ekso Bionics Holdings, Inc. (U.S.), B-Temia Inc. (U.S.), Samsung Electronics Co. Ltd (South Korea) and Vuzix Corporation (U.S.) are few of the important contenders in the human augmentation market globally.
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Human augmentation has improved the quality of prosthetics and bionics considerably in the recent years. Market Research Future which researches and publishes report linked to the information and communication technology sector along with published reports on other sectors, recently issued a report with findings of this particular industry. The human augmentation industry globally is anticipated to develop at a CAGR of 44 percent approximately during the forecast period.
The potential for the development and growth of the human augmentation is extremely optimistic with the increase in the demand as well as technology that can improve the product offerings of the industry. Rising adoption rates for human augmentation has created a good level of demand. The market can however find its growth hindered due to factors such as lack of skilled professionals and high expenses related to the equipment.
The human augmentation industry is segmented on the basis of end-users and products. The end-user segment of the human augmentation market is segmented into IT & telecommunication, healthcare, industrial and defense others. Finally, the product segment of the industry is segmented into two types, wearable augmentation and in-built augmentation. The wearable augmentation type segment has been segmented additionally into neck wear, body wear, wrist wear, eye wear, foot wear and others.
- Global Human Augmentation Market has generated USD 588 million in 2017 and is expected to reach a market value of USD 3 billion by 2023 growing with 30% CAGR.
- By Product, wearable augmentation segment is dominating the market in 2017 and is projected to grow with highest CAGR. Whereas, in-built augmentation is expected to grow by 28% CAGR
- By End-User, healthcare is dominating the market in 2017 and is expected to be the fastest growing market for human augmentation. Whereas, the market in the defense sector is projected to increase by 29% CAGR.
- Geographically, North America region has been projected to hold the largest market share in the market whereas, Asia Pacific is expected to be the fastest growing market for Human Augmentation.
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The corporate strategy of the competitors in the market is focused currently on capitalizing the dynamic pace of technological innovations which have led to plenty of changes both in terms of product development and handling competition. This particular trend has enabled portfolio improvement along with the affinity for diversification in the sector, which has indirectly enabled the players to use the valuable state of dealings available in this industry. The use of these prospects by contenders, who are trying to cultivate their industry stake by intensive expansion can stimulate the expansion of this industry. The companies are also moreover trying to create and capture financial in a suitable manner. This has elevated the potential for the forthcoming growth period significantly. The strategic decision-making process has increased the productivity of companies so that they maintain their company’s liquidity and sustain feasible to take effective choices in terms of strategy designing and implementation.
The Human Augmentation Market covers regions such as North America, Asia Pacific, Europe, and Rest of the World. The North American region is the major portion of the human augmentation industry as per the observations. The primary reason that can be attributed to this growth is the developed economy and growing need for augmentation products in the region. In addition, the technological advancements of the medical wearable products sector have also improved the expansion of the industry in the North American region. The U.S. denotes the principal market for human augmentation in the North American region, followed by Canada. In the European region, France, Germany, and the U.K. are responsible for a majority of shares in the human augmentation industry, while, the human augmentation market in the Asian region is also estimated to observe high growth rates in the upcoming years.
Sep 2017 A Canada based biorobotic tech firm and also a leader in the human augmentation industry, B-TEMIA, Inc with its proprietary Dermoskeleton technology to aid mobility and Wistron Corporation, which is one of the world’s biggest original design and manufacturers with revenues exceeding 25.5 billion Canadian Dollars, have signed an investment contract according to which Wistron will become a major shareholder in B-TEMIA. The board of directors at B-TEMIA will include Wistron and will be involved in the development, manufacturing and commercialization of B-TEMIA’s future and current products. Wistron is expected to play a major role in the production process of B-TEMIA’s products for the consequent commercialization phases which will ensure assured market supply globally of top quality life-changing technology such as Keeogo.
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- IT Service Providers
- Original Equipment Manufacturers
- Healthcare Institution
LIST OF TABLES
TABLE 1 GLOBAL HUMAN AUGMENTATION MARKET, BY PRODUCT, 2017-2023 (USD MIL-LION) 29
TABLE 2 GLOBAL HUMAN AUGMENTATION MARKET, BY END USER, 2017-2023 (USD MILLION) 32
TABLE 3 GLOBAL HUMAN AUGMENTATION MARKET, BY REGION, 2017-2023 (USD MIL-LION) 36
TABLE 4 NORTH AMERICA HUMAN AUGMENTATION MARKET, BY COUNTRY, 2017-2023 (USD MILLION) 39
TABLE 5 NORTH AMERICA HUMAN AUGMENTATION MARKET, BY PRODUCT, 2017-2023 (USD MILLION) 40
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LIST OF FIGURES
FIGURE 1 TOP DOWN & BOTTOMUP APPROACH 17
FIGURE 2 FORECAST MODEL 17
FIGURE 3 PORTER’S FIVE FORCES ANALYSIS OF GLOBAL HUMAN AUGMENTATION MAR-KET 26
FIGURE 4 GLOBAL HUMAN AUGMENTATION MARKET, BY PRODUCT, 2017-2023 (USD MIL-LION) 29
FIGURE 5 GLOBAL HUMAN AUGMENTATION MARKET, BY END USER, 2017-2023 (USD MILLION) 32
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