LOS ANGELES, Aug. 19, 2021 (GLOBE NEWSWIRE) -- The Global Biohacking Market is estimated to grow at a CAGR of around 20.0% during the forecast period 2021 to 2028 and to reach around US$ 66.7 Bn by 2028.
Flourishing biotechnology sector and high investment in gene therapy are major factors expected to drive the growth of global biohacking market.
The market in North America is expected to account for major revenue share in the global biohacking market due to rapid technological advancements in biotechnology sector, availability of developed infrastructure in developed countries and high investment in development of various vaccines. Changing healthcare scenario and easy availability of resources is influencing consumer’s interest towards incremental diet or lifestyle changes to make small improvements in health and well-being. With the government chancing regulations related in to do it yourself in gene editing is impacting the growth of North America biohacking market. In 2019 California passed the first law in the US targeting ‘biohacking’, the practice of do-it-yourself gene editing. Starting in January 2020, it will be illegal to sell CRISPR gene therapy kits without warnings that they are not safe to self-administer.
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The market in Asia Pacific is expected to witness faster growth in the biohacking market due to chancing government regulations and increasing spending on development of biotechnology sector. Rapid deployment of new enhanced devices, development of infrastructure, and favorable business policies by the government are factors impacting the growth of regional market. Major players are inclining towards enhancing the business overseas and tracking the untapped market in developing region this is expected to boost the market growth.
Flourishing biotechnology sector across the globe, gene therapy witnessing rapid investment & progress, along with supportive government norms are factors expected to drive the growth of global biohacking market. Consumer awareness related to biotherapy is increasing and their approach towards trying experimental cure or enhance some desirable aspect of their bodies or minds is gaining traction. There were 449 public biotechnology companies in the U.S. in 2016.
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This is an increase from 2015 when there were 442 public biotechnology companies. Major players approach towards enhancing the business through innovative product launches and mergers is expected to augment the growth of global biohacking market.
In 2021, Biohacking ORB, a global wellness enterprise launched biohacking orb that uses neuro-acoustic sound therapy, applying specific sound frequencies and rhythms to induce a desired brain state. The product launch is expected to help company enhance the business portfolio.
In 2021, Smidge Small Batch Supplements, a global supplement provider launched a line of premium supplements that includes probiotics, digestive enzymes, whole food vitamins and natural minerals. This is expected to help company increase the customer base.
In 2019, Ahead Nutrition, a manufacturer of biohacking supplements launched new products that help customers reach their full physical and mental potential. The product launch is expected to help company enhance the business.
Global players are focused on product development activities, their approach towards innovative solutions such as wearable’s and implants along with high investment in drug development such as nootropics this is expected to augment the market growth.
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Factors such as lack of developed infrastructure in developing countries and stringent government regulations related to product approval are factors expected to hamper the growth of global biohacking market. In addition, ethical issues and low awareness among consumers is expected to challenge the growth of target market. However, increasing funding in biohacking by major players, rising awareness among consumers and high spending by the government on infrastructure are factors expected to create new opportunities for players operating in the biohacking market over the forecast period. In addition, implementation of AI in biohacking and rising strategic partnership activities by players are factors expected to support the revenue transaction of the target market.
The global biohacking market is segmented into product, application, and end use. The product segment is divided into wearables, implants (chips), gene modification kits, smart drugs, supplements, mobile apps, and others. Among product wearable’s segment is expected to account for major revenue share in the global biohacking market. The end use segment is bifurcated into pharmaceutical & biotechnology companies, hospitals & clinics, forensic laboratories, and research & academic institutes. Among end use the pharmaceutical & biotechnology companies segment is expected to account for major revenue share. The application segment of the global market is divided into monitoring, treatment, research, and others. Players profiled in the global biohacking market are Apple Inc., The ODIN, Thync Global Inc., Fitbit, Inc., Moodmetric, HVMN Inc., Muse, Thriveport, LLC, TrackMyStack, and OsteoStrong.
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