Human Enhancement Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by Product (Smartwatch, Head-mounted Display, Smart Clothing, Fitness Tracker, Exoskeleton) and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The human enhancement market was valued at USD 261.33 million in 2019 and is expected to reach USD 1925.2 million by 2025, at a CAGR of 38% over the forecast period 2020 - 2025. The human enhancement will bestow human beings with the ability to transcend to greater heights, ranging from improving their health and bodily capabilities as well as making them overall more versatile, functional, and productive.
People want to lead a healthy life and advancements in technology, such as sensors and medical devices have supported their cause. The urge to stay at the peak of health, enhance features, and overcome limitations are motivating people to invest in healthcare devices. Wearable technology is a trend that integrates electronics to the daily activities and fits into the changing lifestyles and can be worn on any part of the body. Wearables which can assist people with mental illnesses are crucial for society.
The United States is struggling with one of its worst-ever drug crises. Around 50 million people in the country experience chronic pain daily and people are turning to opioid to relieve pain. This, in turn, leads to addiction, which is killing more people every week from opioid-related overdoses. Thus, many companies are taking initiatives to create alternative methods of pain relief and prevent opioid addiction. Such trends are expected to influence the human augmentation market over the forecast period.
Scope of the Report
Human enhancement refers to technologies that are used for bringing cognitive or physical improvement in the human body. A basic instance that can be cited is the usage of the active control systems to create limb prosthetics to exceed human performance. Modern technology advancements in human enhancement are not only limited to treating illness and disabilities but are also employed in enhancing human characteristics and capabilities.
Rest of the World
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Key Market Trends
Exoskeleton is Expected to Witness Rapid Growth
Exoskeletons are designed to augment human strength and other abilities for military, medical, and industrial purposes. In the medical sector, a growing number of patients with body movement disorders, such as multiple sclerosis, Parkinson’s disease, and strokes are prime factors accelerating the exoskeleton demand.
These diseases limit voluntary body movements and create problems in daily routine activities. Around one million people are diagnosed with Parkinson’s disease in the United States alone every year. The rising population with movement disorders will accelerate the exoskeleton market share over the forecast timeline.
Recently, ReWalk Robotics Ltd entered into a strategic investment agreement with Timwell Corporation Limited to establish its presence in the Chinese market. This joint venture will initially focus on development, production, and marketing of its Restore soft-suit exoskeleton for stroke patients in rehabilitation, followed by the commercialization of its spinal cord injury products for rehabilitation use.
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North America is Expected to Hold the Major Share
The growth in the disposable income and the rapid adoption and popularity of enhanced gadgets are some of the primary drivers for the market in this geographical region. According to the Consumer Technology Association, in 2018, around 46.1 million wearable devices were forecasted to be shipped in the United States. On the other hand, improving lifestyles and growing health-conscious youths are boosting the demand for wearables, which in turn, is expected to impact the human enhancement market in the region.
Smart clothing has also become a critical component in the creation of new military uniforms, to improve the health of soldiers while providing added battlefield insight. The military has entered into a partnership with various industry leaders, government agencies, and academia to support and advance the development of smart clothing solutions that would be beneficial to the US military, by giving them a technological and tactical advantage over its opponent.
The Lawrence Livermore National Laboratory in California is looking forward to develop smart uniforms for the soldiers that are breathable and are also designed to shield them from hazards, such as viruses and chemical weapons.
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The human enhancement market is highly competitive and consists of several players. Many companies are increasing their market presence by introducing new products or by securing new contracts or by entering into strategic mergers and acquisitions.
January 2019 - The University Hospitals (UH) Rehabilitation Hospital in Avon, UH has been using the exoskeleton made by Ekso Bionics for the last eight months. According to Dr. Christopher Parnell D.O. UH, Rehab Hospital, Medical Director, assistive technology helps them to be more efficient and accomplish the patient's rehab goals faster. About 60% of patients at the Avon Rehab hospital are there for neurological problems.