NEW YORK, April 08, Apr 08, 2020 (GLOBE NEWSWIRE via COMTEX) --
NEW YORK, April 08, 2020 (GLOBE NEWSWIRE) -- With the increase in the geriatric population and younger people suffering from bone-related issues, the footfall at orthopedic rehabilitation centers is surging. Here, exoskeletons are widely utilized to offer such people mobility support and help them regain their strength and motor functions. With time, the adoption of robotic exoskeletons has risen at such places, as they use sensors to track patients' movement and offer better support.
Thus, with the rising usage of exoskeletons, the human enhancement market share is projected to grow from $64.8 billion in 2019 to over $271.6 billion by 2030, at a CAGR of 14.7% between 2020 and 2030 (forecast period). Seeing this, companies in the market are launching new and improved exoskeleton systems, which not only help those with bone issues, but also with brain and spine issues.
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Implants to be Largest Technology throughout Forecast Period
Till 2030, implants are expected to keep holding the largest human enhancement market share, in terms of revenue. With the rise in the population of the elderly, the usage of implants and prosthetics is surging. Further, the increase in the prevalence of neurological disorders and chronic diseases has resulted in a high demand for active sensor-based implants. Similarly, the requirement for passive prosthetics and implants is surging, as more and more young people are suffering from orthopedic injuries.
Healthcare was the dominating category in the human enhancement market in 2019, as the spending on healthcare is radically growing in various countries. According to the Healthcare at a Glance report published by the Organisation for Economic Co-operation and Development (OECD) in 2019, around 10.2% of the global gross domestic product (GDP) is expected to be spent on healthcare in 2030, compared to 8.8% in 2018. Further, more people are buying connected wearable devices, which advise them on various aspects of their overall health and fitness.
Browse report overview with 123 tables and 82 figures spread through 194 pages and detailed TOC on "Human Enhancement Market Research Report: Industry Size, Share, and Growth Analysis Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/human-enhancement-market
In 2019, North America was the largest human enhancement market, as a result of its huge sales of medical devices, gesture control devices, wrist worn computers, head-mounted displays (HMDs), connected clothes and garments, and other such consumer electronics, 44.4 million units of which were shipped to users in the continent in 2018. During the forecast period, the highest CAGR, of 16.9%, would be experienced in Asia-Pacific (APAC), owing to the mushrooming uptake of connected wearable devices. This is itself a result of the widening reach of the internet and slump in the price of these devices.
Human Enhancement Market Players Focusing on Partnerships for Business Growth
In the past few years, several players in the human enhancement market have engaged in partnership, to leverage the opportunities created by:
Utilizing their partners' technology to make their devices better
Expanding their offerings portfolio
Combining their technologies to provide higher patient comfort
Widening their reach in new regions
Targeting customers in more industries than before
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The major players in the human enhancement market are Google LLC, Magic Leap Inc., Vuzix Corporation, BrainGate Company, Ekso Bionics Holdings Inc., B-Temia Inc., Second Sight Medical Products Inc., Samsung Electronics Co. Ltd., ReWalk Robotics Ltd., Naked Prosthetics, Bionik Laboratories Corp., Raytheon Company, eSight Corp., Waverly Labs Inc., Solar Ear, Apple Inc., Microsoft Corporation, Cochlear Ltd., Parker Hannifin Corporation, TRS Inc., Steeper Group, Boston Scientific Corporation, Advanced Arm Dynamics Inc., Access Prosthetics, Johnson & Johnson, Garmin Ltd., Ortho Europe Limited, Cyberdyne Inc., Sony Corporation, Xiaomi Corporation, Sarcos Corp., Fitbit Inc., Stryker Corporation, Omron Corporation, Ekso Bionics Holdings Inc., Medtronic plc., and Zimmer Biomet Holdings Inc.
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