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Smart Devices Technology to Witness Fastest Growth in Human Enhancement Market
Valuing $64.8 billion in 2019, the global human enhancement market is expected to display a CAGR of 14.7% during the forecast period (2020–2030), to reach $271.6 billion by 2030. The increasing prevalence of neurological diseases and rising adoption of exoskeletons at rehabilitation centers are the key growth drivers for the industry.
Human Enhancement Market Segmentation Analysis
During the forecast period, smart devices, under the technology segment, are expected to experience the fastest human enhancement market growth. This is attributed to the rising popularity of such consumer electronics across the world, with 116.8 million units of them being shipped around the world in 2018. Additionally, the demand for connected wearables is also buoyed by the increasing smartphone penetration, miniaturization of hardware, enhancements in technology, and rising usage of cloud computing.
The healthcare category, based on application, held the largest share in the human enhancement market in 2019, owing to the surging popularity of wearable medical devices. Additionally, the expenditure on healthcare is increasing in numerous countries; Organisation for Economic Co-operation and Development (OECD), in its 2019 Healthcare at a Glance report, says that 8.8% of the worldwide gross domestic product (GDP) was spent on the sector in 2018, and by 2030, this percentage would rise to 10.2%.
During the historical period (2014–2019), North America dominated the human enhancement market, on account of being the largest procurer of connected wearable devices, including medical devices, head-mounted displays (HMDs), gesture control devices, wrist-worn computers, and connected clothes and garments.
Wearable Devices Finding Widespread Adoption for maintaining Healthy Lifestyle
A major trend in the human enhancement market is the increasing usage of wearable devices for maintaining a healthy lifestyle. Balanced diet, regular exercise, 7−8 hours of sleep, and avoiding habits such as smoking and alcohol intake are key to a healthy life. The mobile health (mHealth) apps now available inform users about their food intake, give them access to their electronic health records (EHR), and alert them on their overall fitness levels. Additionally, smart wearables map users’ blood pressure, monitor sleeping pattern, recommend changes in their routine, and count the number of calories burned.
Rapid Usage of Exoskeletons at Rehabilitation Centers Driving Market
The human enhancement market is being driven by the increasing utilization of exoskeletons at rehabilitation centers. For instance, in gait therapy, robotic exoskeleton systems are providing physically disabled people with the ability to walk, sit, stand, and perform other motor functions. These systems monitor the patients’ movements via sensors and help them in gaining their physical strength, which is why they are rapidly being procured by rehabilitation centers. For instance, University Hospitals (UH) in the U.S. uses exoskeletons provided by Ekso Bionics Holdings Inc. to help people with Parkinson’s disease, multiple sclerosis (MS), and other brain and spine injuries.
Adoption of Bionic Lenses Offering Market Growth Opportunities
A key area of opportunity in the human enhancement market is the surging adoption of bionic lenses by the visually impaired and the blind, as these instruments can improve the vision by up to three times. Considering the potential of such prosthetics, several companies have started developing them. For example, Ocumetics Technology Corp., a Canadian manufacturer of ophthalmic aids, has launched a bionic lens which restores the vision at all distances. By modifying the curvature of the natural eye lens in connection with the muscle, the bionic counterpart auto-regulates within the eye, thus helping the wearer focus on objects at the very near, near, and intermediate distances.
|Market Size by Segments||Technology, Application|
|Market Size of Geographies||U.S., Canada, U.K., Germany, France, Russia, Switzerland, China, Japan, India, South Korea, Australia, Singapore, New Zealand, Brazil, Saudi Arabia, South Africa, U.A.E., Mexico|
|Market Players||ReWalk Robotics Ltd., Medtronic plc, OMRON Corporation, Cochlear Ltd., Ekso Bionics Holdings Inc., Vuzix Corporation, Garmin Ltd., Fitbit Inc., Google LLC, Stryker Corporation, Zimmer Biomet Holdings Inc., Johnson & Johnson, Boston Scientific Corporation, Xiaomi Corporation, Apple Inc.|
Partnerships being Formed by Market Players for Mutual Prosperity
In recent times, major companies operating in the human enhancement market have formed numerous partnerships to grow mutually, by using each other’s technologies and product offerings. For instance, in December 2019, SignGlasses, a U.S.-based provider of hearing technology, began a partnership with Vuzix Corporation. Under the agreement, the latter is utilizing the sign language interpretation and captioning technology developed by SignGlasses, in its Vuzix Blade smart glasses, designed for hard-of-hearing and deaf patients.
In the same vein, in October 2019, Intelliware Development Inc. and Bionik Laboratories Corp. began working together to offer technology-based healthcare services and meet hospitals’ data requirements. As part of the partnership, Intelliware Development Inc. personalizes and deploys the InMotion robotic devices made by Bionik Laboratories.
The prominent global human enhancement market players include Google LLC, Vuzix Corporation, B-Temia Inc., Magic Leap Inc., Ekso Bionics Holdings Inc., BrainGate Company, Second Sight Medical Products Inc., ReWalk Robotics Ltd., Raytheon Company, Samsung Electronics Co. Ltd., Bionik Laboratories Corp., Naked Prosthetics, eSight Corp., Solar Ear, Cochlear Ltd., Waverly Labs Inc., Microsoft Corporation, Apple Inc., Parker Hannifin Corporation, Steeper Group, Access Prosthetics, TRS Inc., Advanced Arm Dynamics Inc., Boston Scientific Corporation, Johnson & Johnson, Ortho Europe Limited, Xiaomi Corporation, Garmin Ltd., Sony Corporation, Cyberdyne Inc., Sarcos Corp., Stryker Corporation, Zimmer Biomet Holdings Inc., Fitbit Inc., Ekso Bionics Holdings Inc., Omron Corporation, and Medtronic plc.
Market Size Breakdown by Segment
The human enhancement market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Technology
Based on Application