Human Enhancement Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 19.98 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Human Enhancement Market Analysis
The shipment volume of the global human enhancement market is expected to register a CAGR of 19.98% over the forecast period. Advances in materials, information systems, and human science are setting the stage to significantly enhance human capabilities, pushing the physiological, cognitive, and social human performance frontiers. Research and development in these areas enable the development of devices and solutions that can enhance human capabilities.
- Human augmentation uses advanced artificial intelligence (AI) and other technologies to enable new experiences and skills by complementing and improving human abilities. The systems are meant to enhance human perception, cognition, and motor skills and improve human presence and interaction.
- The defense sector drives a prominent share of the research and development investment due to the sheer number of applications, and subsidized offerings for prosthetics and exoskeletons are fueling the growth. Technological innovation enhancing the capabilities of prosthetics and allowing natural movement further increases the demand.
- As the battlefield becomes more complex and more advanced technologies become available, the operational demands and technical challenges on defense and security personnel will increase. It is essential to explore the potential of human enhancement for improving the level of operator and system performance and security capabilities. For instance, in May last year, DASA announced the launch of Moreover, the players in the market are constantly launching innovative products to enhance human abilities.
- Apart from prosthetics, human enhancements that enable humans to work and operate at higher than the optimal levels of normal humans are expected to gain traction over the coming years in industrial situations and the defense sector; various technological innovations are underway.
- With the COVID-19 outbreak, the demand for human enhancement products has experienced significant disruptions pertaining to supply chain issues in markets, such as smartwatches, hearables, fitness trackers, and other electronics.
Human Enhancement Market Trends
This section covers the major market trends shaping the Human Enhancement Market according to our research experts:
Smartwatch to Drive the Market Growth
- A smartwatch is a wearable computing device that mostly resembles a wristwatch and has a touchscreen display that allows users to perform actions by tapping or swiping on the screen. Modern smartwatches have several applications similar to that of smartphones and tablets. These apps offer additional functionality, such as displaying weather information, counting calories burnt through exercises, and displaying maps and directions. Currently, smartwatches can also be used to make phone calls and send and receive text messages.
- The smartwatch's internal hardware varies depending on the device's configuration; it has an electronic visual display of either a backlit LCD or OLED. Some of the devices use a transflective liquid crystal display or electronic paper to consume less power. They are usually powered by a lithium-ion battery (rechargeable). However, some technology companies are trying to utilize body heat as a power source.
- In November last year, Huawei launched Watch GT Cyber, the first detachable smart movement smartwatch that comes in two designs and six color options. The dial of this watch has an independent mechanism, including a touch screen, built-in processors, chips, sensors, and rechargeable batteries, and it supports intelligent sports health monitoring functions.
- Some of the market vendors are partnering with healthcare institutes to research various sensors that can be embedded within the device, to detect various health-related diseases or problems and provide a competitive advantage to their brand of smartwatches. For instance
Asia-Pacific to Witness Highest Growth
- Asia-Pacific (APAC) is projected to witness the most rapid human enhancement market growth due to the burgeoning sales of connected wearable devices due to a reduction in their prices and a rise in the number of people with Internet access. Key companies in the human enhancement market have unveiled a slew of products in recent years to augment their revenue.
- The advent of smart devices is the key to the vision of a Digital India. The Indian government plans to transform the country and create opportunities for all citizens by utilizing digital technologies to empower every native with access to knowledge, digital services, and information. This factor is expected to drive the human enhancement market.
- Moreover, the players in the market are constantly launching innovative products to enhance human abilities. For instance, In November last year, Kyocera Corporation announced the development of three new solution prototypes in Japan for human augmentation, which include a Walk Sensing and Coaching System, a Physical Avatar, and an Auditory Augmentation Device. Such developments are boosting the demand for human enhancement solutions in the region.
- Moreover, According to Microsoft IoT signals report 2021, Organizations in the Asia-Pacific region report high levels of IoT adoption (96% in Australia), importance (99% of companies in China say IoT is critical to business success), and general satisfaction by thinking through and taking time in advance to determine the key business objectives for success. The early adoption of IoT would allow the countries in the region to adopt more and more human enhancement devices like smartwatches, among others.
Human Enhancement Industry Overview
The human enhancement market is competitive and consists of several existing and emerging players. Many companies are increasing their market presence by securing new contracts, launching new products, and entering into strategic partnerships and acquisitions. Some key players in the market are Vuzix Corporation, Ekso Bionics Holdings Inc., Google LLC, B-Temia Inc., and Samsung Electronics Co. Ltd. In November 2022, Air Locker Training, an Australia-based fitness franchise that simulates altitude training in its studios, announced that it had signed an MoU with OxiWear, an ear-worn pulse oximeter, to distribute the device to all its members.
Human Enhancement Market Leaders
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Vuzix Corporation
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Ekso Bionics Holdings Inc.
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Google LLC
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B-Temia Inc.
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Samsung Electronics Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Human Enhancement Market News
- January 2023: CITIZEN, a watchmaking company, announced the launch of the new version of CZ Smart, the Smarter Smartwatch, at CES (Consumer Electronics Show) 2023. It provides a built-in self-care advisor through the proprietary CZ Smart YouQ application, developed using research pioneered by NASA's Ames Research Center and AI built through CITIZEN partnerships utilizing the environment and tools within IBM Watson® Studio on IBM Cloud.
- April 2022: After a recent firmware update, Samsung announced the Blood Pressure Monitor and ECG (Electrocardiography) features on the Galaxy Watch 4 series in Canada.
Human Enhancement Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter Five Forces
4.2.1 Bargaining Power of Supplier
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitute Products
4.3 COVID-19 Impact on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Incremental Technological Advancements in Wearables Aiding the Market Growth
5.2 Market Restraints
5.2.1 High Costs and Data Security Concerns
6. MARKET SEGMENTATION
6.1 Product
6.1.1 Smartwatch
6.1.2 Head-mounted Display
6.1.3 Smart Clothing
6.1.4 Ear-worn
6.1.5 Fitness Tracker
6.1.6 Body-worn Camera
6.1.7 Exoskeleton
6.1.8 Medical Devices
6.2 Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia Pacific
6.2.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Vuzix Corporation
7.1.2 Samsung Electronics Co. Ltd
7.1.3 Second Sight Medical Products Inc.
7.1.4 Rewalk Robotics Ltd
7.1.5 Raytheon Company
7.1.6 Magic Leap Inc.
7.1.7 Google LLC
7.1.8 Ekso Bionics Holdings Inc.
7.1.9 Braingate Company
7.1.10 B-Temia Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Human Enhancement Industry Segmentation
Human enhancement refers to technologies used to bring cognitive or physical improvement to the human body. A basic instance that can be cited is the usage of active control systems to create limb prosthetics to exceed human performance. Human enhancement will bestow human beings with the ability to transcend to greater heights, ranging from improving their health and bodily capabilities to making them overall more versatile, functional, and productive.
The market is segmented by Product (Smartwatch, Head-mounted Display, Smart Clothing, Ear-worn, Fitness Tracker, Body-worn Camera, Exoskeleton, Medical Devices) and Geography (North America, Europe, and Asia-Pacific).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
Human Enhancement Market Research FAQs
What is the current Human Enhancement Market size?
The Human Enhancement Market is projected to register a CAGR of 19.98% during the forecast period (2024-2029)
Who are the key players in Human Enhancement Market?
Vuzix Corporation, Ekso Bionics Holdings Inc., Google LLC, B-Temia Inc. and Samsung Electronics Co. Ltd are the major companies operating in the Human Enhancement Market.
Which is the fastest growing region in Human Enhancement Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Human Enhancement Market?
In 2024, the Asia Pacific accounts for the largest market share in Human Enhancement Market.
What years does this Human Enhancement Market cover?
The report covers the Human Enhancement Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Human Enhancement Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Human Enhancement Industry Report
Statistics for the 2024 Human Enhancement market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Human Enhancement analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
