PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1359838
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1359838
Global human augmentation market size was valued at USD 147.62 billion in 2022, which is expected to reach USD 581.77 billion in 2030, with a prominent CAGR of 18.7% for the forecast period between 2023 and 2030.
Human augmentation provides significant advantages, such as improved physical and cognitive abilities, enhanced health, and heightened productivity. The growth of human augmentation is propelled by technological advancements, particularly in biotechnology and AI, which enable innovative enhancements along with a larger adoption rate and rise in investments. Furthermore, societal acceptance and the desire for self-improvement play a vital role in the increasing interest in human augmentation, offering individuals the prospect of optimizing their potential for overall well-being.
Cochlear implants are one of the most widely adopted human augmentation technologies, and their use is expected to grow in the coming years. Cochlear implants restore hearing amongst the deaf and the severely hearing-impaired, improving recipients' communication, speech development, and overall quality of life. According to the American Institute of Physics, Cochlear implants are the most effective neural prosthesis. Scientists have utilized the source-filter model and speech vocoder to create contemporary multi-channel implants, enabling users to attain an average of 70%-80% accurate sentence recognition in quiet conditions.
Psychological augmentation holds crucial significance in the human augmentation market. It encompasses enhancing cognitive abilities, emotional well-being, and mental resilience. Society increasingly values mental health and cognitive performance, so psychological augmentation solutions become integral. These technologies aid in addressing issues like stress, anxiety, and cognitive decline, ultimately improving individuals' overall quality of life. With the growing demand for mental well-being and cognitive enhancement, psychological augmentation is poised to play a pivotal role in shaping the future of human augmentation.
For example, Sensory Augmentation is a psychological augmentation that has been practiced widely worldwide for a long time. It is an extension of the body's capacity to feel the components of the environment that the body cannot perceive in its normal condition. Moreover, this technology can augment an existing sense, such as providing hyperspectral vision or ultrasonic hearing, thereby driving market growth.
The prolonged prevalence of augmented reality (AR) and virtual reality (VR) technologies has significantly contributed to the growth of the human augmentation market. AR and VR have fostered innovation in medical training, education, and entertainment, making augmentation technologies more accessible and accepted by users. Their presence has attracted investment and talent, driving the development of more sophisticated augmentation solutions. This sustained technological backdrop has paved the way for human augmentation technologies' broader adoption and evolution over time.
As per Zippia, Inc., currently, there are around 171 million users of VR across the globe and (25 to 34) years aged people account for almost 23% of the AR/VR devices. Moreover, around 69% of the AR or VR device buyers are male while the rest 31% are female.
The manufacturing of robotic exoskeletons is enhancing the human augmentation market by providing wearable devices that can augment human capabilities. These exoskeletons can be used to improve strength, endurance, and mobility, and in varied industry verticals, such as manufacturing, healthcare, and military. Furthermore, the development of more sophisticated and affordable exoskeletons is expected to provide ample growth opportunities for the market over the upcoming years.
In April 2023, TS2 Space stated that the organizations are using robotic exoskeletons and augmented reality (AR) to enhance workers' physical capabilities, such as lifting heavier objects or enhancing accuracy level and speed in repetitive tasks to provide them with real-time instructions and feedback, which, in turn, can help them improve their productivity.