According to a research report "Human Augmentation Market with COVID-19 Impact Analysis by Product Type (Wearable Devices, Virtual Reality Devices, Augmented Reality Devices, Exoskeletons, Intelligent Virtual Assistants), Functionality, Application, & Geography - Global Forecast to 2026" published by MarketsandMarkets, the global human augmentation market is expected to reach USD 341.2 billion by 2026 from USD 131.7 billion in 2021, at a CAGR of 21.0% during the 2021-2026 period.
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COVID-19 Impact on the Global Human Augmentation Market
COVID-19 has led to severe health crisis globally and several casualties. Supply chain disruptions were created due to lockdowns being imposed in several regions. Key manufacturers of human augmentation products were severely affected during the first two quarters of 2020 due to the outbreak of the pandemic. Due to lockdowns being imposed in many regions, an imbalance in the demand and supply was witnessed, leading to companies not manufacturing at their fullest capacity. The supply chain disruptions caused by the pandemic have adversely impacted the shipments of exoskeletons, AR and VR devices such as head-mounted displays, projectors & display walls and gesture-tracking devices. The market had witnessed a decline in shipments for the first three quarters of 2020. However, the market is expected to gain some momentum in the last quarter of 2020 owing to the increasing demand from emerging applications, especially in the healthcare, aerospace & defense and industrial sectors.
However, the market for wearable devices was not affected adversely by COVID-19, regardless of its effect on the global economy. Though various market players downsized their production, the demand for wearables continued to grow steadily. From the second half of 2020, many market players began developing new and advanced products to meet the increasing demand and new requirements. The growing need to track health conditions due to the pandemic and the increasing adoption of such devices by health-conscious people have significantly contributed to the market growth. The growing demand for smart wearables capable of monitoring heart rate and SpO2 levels has further propelled the market growth.
Non-body-worn human augmentation products to register the highest growth during the period from 2021 to 2026
Non-body-worn human augmentation products such as intelligent virtual assistants, VR projectors and display walls, and AR and VR software are expected to register the highest growth during the forecast period. The growing demand for immersive content for AR and VR devices for gaming and entertainment applications is expected to drive the market growth for AR and VR software, thereby driving the market growth for non-body-worn products.
Asia Pacific to register the highest growth in the human augmentation market during the forecast period
The market in Asia Pacific is expected to witness a higher growth compared to the other regions. The presence of technologically advanced manufacturing industries in countries such as Japan and China presents significant growth opportunities for human augmentation technologies. A massive mobile user base and a huge population in this region are the major factors driving the market growth in Asia Pacific. The surging demand for smart devices, increasing disposable income, along with easy availability of inexpensive labor, are the key driving factors for the accelerated growth of the human augmentation market in many developing countries in this region, such as India.
The report profiles key players such as Samsung Electronics Co., Ltd. (South Korea), Google LLC (US), Ekso Bionics (US), Vuzix Corporation (US), Garmin Ltd. (US), Fossil Group, Inc. (US), B-Temia Inc. (Canada), Casio (Japan), Magic Leap (US), ReWalk Robotics (US), and CYBERDYNE INC. (Japan).
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