Human Augmentation Market to Witness and Astounding 30% CAGR by 2023

MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Human Augmentation Market.

Human Augmentation Market Overview:

The human augmentation market will witness a healthy growth from 2018 to 2023, a research report suggests. Growing at a CAGR of 30%, the market is projected to reach US$3 billion by 2023. Rising research initiatives are expected to support the market growth along with extensive research activities. As predicted by analysts, the lack of technical expertise will negatively affect the market’s performance from 2018 to 2023. During the forecast period, the market will be supported by facilitations brought in medical science and technological advances. Complexities in human augmentation developments on the other hand will challenge human enhancement sector based organizations functioning in the global human augmentation market.

Analysts have split the market into product and end-users segments based on products and services. Human enhancement based companies have been profiled. The lack of investments in R&D is set to affect the global market during the forecast period 2018 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of human enhancement segment based organizations to help new entrants and established businesses. The human enhancement sector itself is supported by investments in robotics prosthetics as well as the availability of many untapped opportunities. During the forecast period 2018 to 2023, the human augmentation market is set to witness a health growth across product and end-users segments as well as regional markets.

Market Segmentation

The human enhancement sector has seen growth across product and end-users segments owing to the increasing preference of consumers and the surging usage across different industries. To study the market, analysts have further segmented product and end-users into wearable augmentation and in-built augmentation on the basis of product. The market is further segmented into end-users sub segment which is split into defense, IT, manufacturing, healthcare, and others. The segmental analysis presented in the report provides human enhancement field based organizations insights into key growth factors such as technological developments as well as challenges such as the lack of demand from certain regional markets the market will face from 2018 to 2023. Recent achievements in the field of electronics and a rise in disposable income are some of the key factors having an influence on human enhancement industry based companies, suggest analysts as per the human augmentation market report. But the report also identifies demand and supply gaps and the lack of skilled human resource as major threats companies in human enhancement will face till 2023.  


Regional Overview 

Human enhancement market based companies in the human augmentation market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The development of a bionic tactile-perception system will be a key growth driver for regional markets. However, the lack of developed infrastructure will turn out to be a threat. For the forecast period 2018 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and human enhancement vertical based companies are spread across the United States, Canada, and Mexico. Growing concerns regarding high cost will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the presence of effective communication as well as the rapidly growing population, suggests the report. Similarly, the human enhancement sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the human augmentation market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023. 

Competitive Landscape 

The global human augmentation market research report brings a comprehensive study of product and end-users market segments, regional analysis, and human enhancement vertical based company details of key players. As the forecast period 2018 to 2023 will bring new opportunities for the market owing to favorable government policies and consumers aiming for more convenience, the market is set to grow at a compound annual growth rate of 30% and is predicted to reach a value of US$3 billion by 2023. With SWOT analysis of human enhancement sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of awareness and the lack of effective communication, companies in the human enhancement sector can change the way business is done. 

Industry News 

Dr. Joel Mozer, chief scientist of the US Space Force, said last week at an event at the Air Force Research Laboratory that the West should accept human augmentation to keep up with the competition. Human augmentation would gradually evolve into applications like augmented and virtual reality, with “nerve stimulation” to improve the illusion of physical experiences, according to the chief scientist. In areas like artificial intelligence, which will enable the military to craft tactics and techniques that no person could, Mozer added that exponential advances are on the way.