New York, US, June 25, 2021 (GLOBE NEWSWIRE) -- Biohacking Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Biohacking Market Information by Type, Product, Application, End-user, and Region - Forecast till 2028”, the market size is estimated to reach 63 Billion by 2028, at 19% CAGR.
Market Drivers:
Awareness of biohacking, prevalence of chronic diseases, and demand for smart devices and drugs are factors likely to drive the market growth over the forecast period (2021-2028).
Together with the penetration of the internet of things (IoT) in fitness, healthcare, and consumer electronics, and the growing use of radiofrequency identification (RFID) technology in medical devices, is anticipated to push the market demand for biohacking. This can be accredited to the necessity for quality healthcare requirements among the public. From as serious as cancer to common as diabetes, the pervasiveness of chronic diseases is one key driving influence activating the biohacking market growth. The innovation in products incorporating technologies such as radio frequency identification and the internet of things (IoT) has gained impetus in recent times, thus further fueling development. Their use of various gadgets has captivated a specific section of the population, which is boosting the biohacking market ahead in an extraordinary way.
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Market Restraints:
Lack of cyber security practices can deter the market growth.
Key Players:
The notable contributors in the biohacking market are:
- Synbiota (Canada)
- Apple (U.S.)
- Thync Global Inc. (U.S.)
- THE ODIN (U.S.)
- HVMN, Inc. (U.S.)
- MoodMetric (U.S.)
- Fitbit, Inc. (U.S.)
The spirit to achieve the unattainable is predicted to guide the future developments in the biohacking market in terms of innovations. Recently, a touchless, self-administered wellness experience that employs evidence-based modes to augment spirit and attitudes and advance body and mind functioning called Biohacking Orb has been launched.
Market Segmentation:
By Type, the global biohacking market is segmented into outside and inside biohacking.
By Product, the market is segmented into strains, sensors, smart drugs, and others.
By Applications the market is segmented into synthetic biology, forensic science, genetic engineering, diagnosis & treatment, drug testing, and others.
End-users in the market include pharmaceutical & biotechnology companies, forensic laboratories, and others.
Browse In-depth Market Research Report (157 Pages) on Biohacking: https://www.marketresearchfuture.com/reports/biohacking-market-5155
Regional Analysis:
The segments covered in the biohacking market report are analyzed with respect to four major regions – Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA), with respective country-level market sizing. The report discusses in detail the various players residing in these regions and their respective strategies to climb up the market ladder.
A huge number of biotechnology and synthetic biology businesses in the North American region boost the region's position in the global biohacking market. In addition, the younger population from the region is more conscious of biohacking's exaggerated impacts, which is serving as a driver for the regional market.
The APAC region's biohacking market is not far behind due to the region having a huge patient consortium undergoing chronic diseases, which will impact the regional biohacking market in an influential way. Emerging economies such as that India and China are also making amazing efforts in overhauling their medical organization, which can subsequently lift the biohacking market's progress.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.