Global Human Enhancement Market - Segmented by Product (In-Built Enhancement, Wearable Enhancement), by End User Application (Defense, Healthcare), and Geography - Growth, Trends and Forecast (2018 - 2023)
The global human enhancement market is expected to witness a CAGR of 38.59%, during the forecast period of 2018 - 2023. Human enhancement is the application of technology to overcome mental or physical limitations of the body and resulting in temporary or permanent augmentation of the person’s abilities. Modern technology advancements in human enhancement are not only limited to treating illness and disabilities, but also are employed in enhancing human characteristics and capabilities.
The human enhancement market will be driven by the inclination of people towards health, increase in disposable income, luxurious lifestyle, and developments in smart sensors.
Growing Inclination Towards Health - A Major Growth Driver
People want to lead a healthy life and advancements in technology, such as sensors, biomedical and medical devices have supported their cause. The urge to stay at the peak of health, enhance features and overcome limitations is motivating people to invest in healthcare devices.
The aging population faces many limitations regarding mobility, eyesight, hearing, etc., and is one of the key consumer segments demanding enhancement devices. Devices, such as special hearing aids with noise cancellation, muscle enhancing, and supporting systems for spinal support, and shoes providing navigational support, and foot strength allow people to overcome many limitations caused due to aging.
Another set of people that invest heavily in human enhancement devices is people suffering from injuries and illnesses. Hi-tech prosthetic limbs now enable disabled people to run, swim, and climb mountains; Klippa is a prosthetic leg specially designed for amputee rock climbers and Activankle allows amputee swimmers to swim.
People are buying more and more fitness devices to be physically fit. Moreover, countries that lay importance on healthcare are spending about 8% to 17% of their GDP, and this is expected to increase even more in the coming years.
The global wearable market offers variety of opportunities to the players to grow. Various types of wearable devices, such as body-wear, eyewear, footwear, wrist-wear, and many more are available in the market.
The main reason for increasing popularity of such devices is the low cost. As technology is getting, more and more advanced, the cost of such devices is getting lower and lower. Even the development of smart sensors has aided the cause of wearable. At present, the potential socio-economic benefits of wearable are large for multiple sectors. For instance, fitness wearable devices can drive the users to exercise, thus the user save crucial money, which he might have spent on healthcare.
Key Developments in the Market