The new report by Expert Market Research titled, ‘Global Human Enhancement Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global human enhancement market, assessing the market based on its segments like product, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 19.97%
The smartwatch segment is predicted to increase rapidly throughout the forecast period, depending on the model. Smartwatches now have a number of apps that are comparable to those found on smartphones and tablets.
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Weather forecasting, calorie counting, and map and direction display are just a few of the functions available in these apps. Smartwatches may now send and receive text messages as well as make and receive phone calls. These various smartwatch applications are boosting the segment’s growth, which in turn is propelling the market forward.
The Asia Pacific is predicted to have the fastest growth in the human enhancement business due to increasing sales of connected wearable devices due to decreased cost and an increase in the number of individuals with internet access. Furthermore, in order to increase their profits, key participants in the human enhancement sector have developed a flood of new goods in recent years.
China, which is home to some of the industry’s most well-known vendors, has made significant contributions to process control and product development. In addition, the Indian government plans to leverage digital technology to empower every Indian citizen with access to knowledge, digital services, and information in order to build the country and provide opportunities for all citizens.
Human Enhancement Industry Definition and Major Segments
A human enhancement is a natural, artificial, or technological modification to the human body that improves physical or mental capabilities (HE).
There are three sorts of human augmentation currently available: reproductive, physical, and mental. Various forms of human enhancement technologies are in the works or are currently being researched and tested.
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By product, the market is divided into:
- Head-Mounted Display
- Smart Clothing
- Fitness Tracker
- Body-Worn Camera
- Medical Devices
The regional markets for the product include:
- North America
- the Asia Pacific
- Latin America
- the Middle East and Africa
Human Enhancement Market Trends
Advances in materials, information systems, and human studies are paving the way for significant enhancements in human capabilities, pushing the boundaries of physiological, cognitive, and social performance. Furthermore, research and development in these fields enables the invention of gadgets and solutions that can actively boost human capacities.
Furthermore, the defence industry accounts for a considerable amount of R&D spending due to the sheer quantity of applications. Furthermore, government-subsidized prosthetics and exoskeletons are boosting the industry’s growth.
Over the predicted period, human improvements that allow people to perform and operate at higher levels than normal are likely to acquire traction in industrial settings. In the future years, numerous technical developments are expected to fuel market growth.
Key Market Players
The major players in the market are Vuzix Corporation, Ekso Bionics Holdings Inc., Second Sight Medical Products Inc., and Raytheon Company.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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