Rockville, April 04, 2023 (GLOBE NEWSWIRE) -- As per this new study by Fact.MR, a provider of market research and competitive intelligence, the global biohacking market is expected to garner US$ 242 billion by the end of 2033, expanding briskly at a CAGR of 23.7% from 2023 to 2033.
A form of DIY biology called biohacking, commonly stated as human augmentation or human enhancement, tries to boost capability, fitness, and welfare by deliberate interventions. Primary factors boosting market growth are rising prevalence of chronic diseases, increasing knowledge about biohacking, and high usage of smart gadgets across the world.
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Key product categories in the biohacking market include wearables, implantable devices, gene modification equipment, smart pharmaceutical drugs, health supplements, mobile applications, and other items. Wearable technology refers to electronic devices that can be used as accessories. These serve in monitoring the body and evaluating its health. Solutions and services utilized in numerous applications, such as genetic engineering, synthetic biology, diagnosis and treatment, forensic science, and drug testing, are included among the various components. Diagnostic labs, educational research institutions, treatment centers such as hospitals and clinics, medical and bioengineering companies, and others are prominent end users.
- Zlem, a food supplements biohacking mix for quality sound sleep and portion control, was developed by Velovita, a United States-based provider of biohacking solutions, in January 2022. Zlem is a potent medication that contains more than 20 substances that can improve sleep quality and burn body fat that has accumulated while a person is sleeping. This product supposedly gives users a balanced, healthful mental state every morning and aids in the body's elimination of pollutants.
Key Takeaways from Market Study
- The global biohacking market amounted to US$ 28.87 billion in 2023.
- Worldwide demand for biohacking is projected to surge at a CAGR of 23.7% during the forecast period (2023 to 2033).
- The global market is estimated to touch US$ 242 billion by 2033.
- North America accounts for a little over 30% of the market share in 2023.
- Application of biohacking in disease treatment is expected to rise at a CAGR of 22% over the decade.
“Market growth is anticipated to be driven by rising consumer adoption of biohacking procedures and favorable government & private funding activities by major firms,” says a Fact.MR analyst.
Key Segments of Biohacking Industry Research
- By Type :
- Smart Drugs
- Sensors
- Strains
- By Application :
- Synthetic Biology
- Genetic Engineering
- Forensic Science
- Diagnosis & Treatment
- Drug Testing
- By End User :
- Pharmaceutical & Biotechnology Companies
- Forensic Laboratories
- Hospitals and Clinics
- Others
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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| Report Attributes | Details |
| Market Size in 2022 | US$ 23.34 Billion |
| Estimated Market Value (2023) | US$ 28.87 Billion |
| Projected Market Value (2033) | US$ 242 Billion |
| Global Market Growth Rate (2023 to 2033) | 23.7% CAGR |
| North America Market Share (2023) | 30.07% CAGR |
| No. of Pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Winning Strategy
To increase their market share, market players are making investments in new product launches, geographic expansion, supportive undertakings, and acquisitions. Given the large number of start-ups looking for opportunities in this industry, the market is anticipated to grow extremely competitive.
Product development is a crucial trend that is gaining traction in the biohacking sector. To boost their market position, major biohacking businesses are concentrating on developing new products.
- For instance, Apple Inc. introduced the iPad Air in September 2020 with the A14 Bionic chip, which features second-generation machine learning accelerators. With this, the company's product line was broadened.
- A global wellness company called Biohacking ORB introduced biohacking orb in 2021. It uses neuro-acoustic sound treatment, applying particular sound frequencies and patterns to create a desired brain state.
Key Companies Profiled
- Thyn Global Inc.
- Synbiota
- Apple
- HVMN, Inc.
- MoodMetric
- The ODIN
- Fitbit, Inc.
- Prime Life Sciences
- Kaatsu Global
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global biohacking market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (smart drugs, sensors, strains), application (synthetic biology, genetic engineering, forensic science, diagnosis & treatment, drug testing), and end user (pharmaceutical & biotechnology companies, forensic laboratories, hospitals and clinics, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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