Biohacking Market Size Worth USD 126.48 Billion in 2032 | Emergen Research

Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global biohacking market size was USD 21.5 Billion in 2022 and is expected to register a revenue CAGR of 19.3% during the forecast period. Steady market revenue growth can be attributed to increasing prevalence of chronic diseases among geriatric population, growing awareness about biohacking, rising adoption of smart devices and drugs by consumers.

Also, technological advancements for innovative medical devices and sensors, high demand for personalized medicines and healthcare technology, rising governmental and private funding for biohacking, and increasing initiative in Research and Development (R&D) activities by market players are other key factors driving industry demand over forecast period.

Alarming Statistics on Cardiovascular Diseases (CVDs) and Cancer Deaths

CVDs are one of the leading causes of death followed by cancer. According to the data published by the U.S. Centers for Disease Control and Prevention (CDC), about 695,000 people in the United States died from heart disease in 2021. Meanwhile, in 2023, about 1,958,310 new cancer cases and 609,820 cancer deaths are expected to occur in the United States, according to the data published by American Cancer Society (ACS).

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The biohacking market is registering significantly fast revenue growth owing to increasing cases of chronic diseases globally, which is leading to revenue growth of this market. Biohacking plays a crucial role in diagnosis, monitoring and treatment of Cardiovascular Diseases (CVDs), cancer, neurological disease and genetic disorders, which are some of the most commonly occurring chronic diseases.

One of the significant challenges hindering revenue growth of the global biohacking market is high cost of the biosensors and gene editing tools. Cost plays an important role in adoption of biohacking systems. High price of product limits its growth in the market.

Segment Insights

Product Type Insights:

On the basis of product type, the global biohacking market is segmented into sensors (wearables, implants/chips, mobile apps), smart drugs, gene modification kits (DIY biology kits, biohacking accessories, gene editing tools), strains, others. Sensors segment accounted for largest market share in 2022. Sensor’s technology has become crucial in the healthcare industry. Wearable devices are beneficial for both patients and doctors and a number of companies are developing such products for enabling easy monitoring of patients.

For instance, on 20 July 2023, Biostrap USA introduced the new wearable Biostrap Kairos device, a wrist-worn device for stress resilience measurement and insights into heart Rate Variability (HRV) by visualization of data of autoimmune nervous system accompanied by the innovative Vital Science app.

Application Insights:

On the basis of application, the global biohacking market is segmented into medical diagnostics and monitoring, genetic editing and gene therapy, cognitive enhancement of mental performance and drug testing, forensic sciences and research. Medical diagnostics and monitoring segment accounted for largest market share in 2022. Revenue growth of the segment is attributed to increasing application of implanted sensors. New generation of patients are demanding the medical interventions for easy management of medical conditions as well as to improve their quality-of-life. For this reason, healthcare institutions are putting a lot of effort into adopting reliable apps and connected technology.

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Regional Insights:

North America accounted for a relatively larger market share than other regional markets in the global biohacking market in 2022. The biohacking market is growing in this region, owing to high technological adaptation, advancement, and technological innovation in biosensor systems. A major share of leading biohacking service providers and manufacturers are present in North America, which in turn results in the higher flux of new product launches in this region, and is, therefore, a major driver for the growth of biohacking market.

Europe accounted for significantly large market share in the global market in 2022. Rising government regulations, emergence of major start-up companies developing biohacking product and major key strategic initiatives as well as rising research and development activities are driving revenue growth of the market in this region.

In addition, the market in Europe is projected to grow due to presence of robust presence of key developers with innovative technologies in this region. For instance, on 16 November 2023, Vertex Pharmaceuticals Incorporated and CRISPR Therapeutics announced the authorization for CASGEVY (exagamglogene autotemcel [exa-cel]), a CRISPR/Cas9 gene-edited therapy by the United Kingdom (U.K.) Medicines and Healthcare products Regulatory Agency (MHRA), for the treatment of sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT).

Scope of Research

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Major Companies and Competitive Landscape

The global Biohacking market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Biohacking solutions. Some major players included in the global Biohacking market report are:

• Apple Inc.
• Fitbit
• The ODIN
• MOODMETRIC
• Thync Global, Inc.
• Thriveport, LLC
• Muse
• Synbiota
• TrackMyStack
• Grindhouse Wetware
• Synthego
• Pavlok
• Biohacker Center Store
• Nuanic
• Health Via Modern Nutrition (HVMN)
• OsteoStrong
• Intelligent Implants
• Hexoskin
• Ōura Health Oy.
• Empatica Inc.

Strategic Development

• On 6 July 2023, VivoSense announced partnership with Cambridge Cognition, a leading technology company enhancing the assessment of cognition for healthier brain health to capture measures of cognitive and physical function using digital health tools designed to study and validate real-world monitoring of physical function in patients with Alzheimer’s disease captured passively via wearable sensors.
• On 3 July 2023, CENTR, a brand specializing in premium functional beverages containing CBD announced the expansion of its portfolio with CENTR Enhanced sparkling water that contain nootropics and other natural ingredients to enhance cognitive function and boost mood.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented global Biohacking market on the basis of Product Type, Type, Application, End-Use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)

• • • • Sensors
        • Wearables
        • Implants/ Chips
        • Mobile Apps
      • Smart Drugs
      • Gene modification Kits
        • DIY Biology Kits
        • Biohacking Accessories
        • Gene Editing Tools
      • Strains
      • Others

• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Inside Biohacking
  • Outside Biohacking
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Medical Diagnostics and Monitoring
  • Genetic Editing and Gene Therapy
  • Cognitive Enhancement of Mental Performance
  • Drug Testing
  • Forensic Science
  • Research 
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Pharmaceutical and Biotechnology Companies
  • Forensic Laboratories
  • Research and Academic Institutes
  • Hospitals and Clinics
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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