New York, Sept. 13, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Market.us, the Global Biohacking Market size is expected to be worth around USD 83 Billion by 2032 from USD 16 Billion in 2022, growing at a CAGR of 18.4 % during the forecast period from 2023 to 2032.
Biohacking is also known as ‘DIY biology’ since it refers to small-scale biological experiments done by a small group or an individual. Biohackers have developed brain sensors, RFID implants, smart drugs, magnetic fingerprints, microchips, bacteria & yeast strains, smart blood pressure monitors, and health trackers to investigate the human body and mind.
Key Takeaway:
- By Product, the wearables segment has generated a revenue share of 34% in 2022.
- By Application, the monitoring segment has dominated the market, and it is developing at the fastest CAGR from 2023 to 2032.
- By End-User, the hospitals & clinics generated the highest share of the market.
- In 2022, North America accounted for the highest revenue share of 39%.
- Asia-Pacific will grow at the fastest CAGR from 2023-2032.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View a PDF sample report @ https://market.us/report/biohacking-market/request-sample/
The biohacking market is expected to expand due to various factors, such as the demand for smart devices & drugs and the prevalence of chronic diseases. The biohacking market is estimated to grow because of the increase in number of geriatric population and the rise in chronic diseases.
Factors affecting the growth of Biohacking Market
There are several factors that can affect the growth of the Biohacking Market. Some of these factors include:
- High demand for smart drugs: The high demand for smart drugs boosts the market's growth.
- Growing number of genetic modification kits: The increasing number of genetic modification kits will propel the market’s growth.
- Easy availability of wearables: Due to the ease of availability of monitoring devices such as wearables will likely surge the market.
- Expansion of innovative trends: Expansion of innovative trends toward neuro-nutrition and growing biohacking in the health & wellness space leads to market expansion.
- Advanced technological development: Various technological developments in the market will accelerate market growth.
- Companies engaged in various R&D activities: Companies have engaged in numerous R&D activities to improve appropriate medications/vaccines to overcome the crisis, which is expected to boost market expansion.
Top Trends in Global Biohacking Market
The data was collected from the vendors with the help of primary and secondary data collection methods. Afterward, a comprehensive overview of the competitive landscape identifies market targets, main trends, and differentiating approaches. During the forecast period, the rising awareness about biohacking, the increasing prevalence of chronic diseases, and the increasing demand for smart devices are a few factors estimated to boost the market's growth. Despite that, the lack of expertise, lack of funds, and the strict regulations that govern genetic engineering experiments are the few factors that restrain the market growth.
Market Growth
The increasing significance of chronic diseases is estimated to boost the market's growth. Biohacking methods such as hydrogen inhalation therapy, intermittent fasting, improving the body's nutrition, and other factors can help fight cancer and other chronic diseases. For instance, as per the report of WHO, the prevalence of chronic disease was rise by 57% in 2020. Furthermore, almost 10 million deaths and 19.3 million new cases were registered in 2020. Thus, the increasing significance of chronic diseases propels the market's growth. Also, consumers' rising adoption of biohacking practices is estimated to drive the global market.
Regional Analysis
North America dominated the market with a revenue share of 39% throughout the forecast period. One of the major factors which are responsible for driving the regional market is the expansion of various government and non-government organizations’ research and development efforts. Also, the increasing use of synthetic biology is responsible for the market expansion.
Asia Pacific is expected to have the fastest CAGR during the estimated period due to factors like favorable government initiatives and the presence of technologically advanced healthcare infrastructure. In addition, extensive R&D efforts in developing economies such as India & China will support the regional market's growth. In Europe, the market is anticipated to expand significantly due to the presence of significant market players.
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Competitive Landscape
Vendors are investing in product launches, collaborative agreements, geographic expansions, and acquisitions to increase their market share. Due to the different start-ups looking for opportunities in this sector, the market is estimated to become very competitive. Apple Inc. introduced the iPad Air with the A14 Bionic, which features accelerators for machine learning of the second generation.
Market Key Players
- Apple Inc.
- Thync Global, Inc.
- The ODIN
- OsteoStrong
- Moodmetric
- Thriveport, LLC
- Muse
- Fitbit, Inc.
- Behavioral Tech.
- Synbiota
- Modern AlkaMe
- Thync Global Inc.
- TrackMyStack
- Health Via Modern Nutrition, Inc.
- Other Key Players
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 16 Billion |
| Market Size in 2032 | USD 83 Billion |
| CAGR (2023 to 2032) | 18.4% |
| North America Revenue Share | 39% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The major driving factor that is expected to propel the growth of the biohacking market is the development of advanced trends toward neuro-nutrition and increasing biohacking in the health and wellness sector. Moreover, internet of things penetration in different industries, such as consumer electronics and healthcare, is anticipated to bolster the market's growth. In addition, the market's expansion will increase the demand for smart devices and drugs to meet requirements for advanced healthcare of individuals with a prevalence of chronic diseases.
Market Restraints
The unavailability of sufficient funds for research, a lack of expertise, a lack of capital for research, a lack of cyber security practices, and strict regulations governing genetic engineering experiments are estimated to hamper the expansion of the global market. Furthermore, strict regulations could deter investment in biohacking technologies or make it difficult for such products to receive approval for public use, thereby inhibiting market growth. Another limitation is increasing security concerns regarding data safety. These biohacking devices communicate with each other through web services and can directly transfer data into the medical records of patients. Thus, a hacker can modify the data available in the medical record owing to lack of encryption and authentication between devices.
Market Opportunities
The demand for advanced products has increased because of biohacking. It brings aspects of synthetic technology and biology together. In order to explore new horizons in the sectors of biotechnology, genetic engineering, and molecular biology, research subjects and scientists need to work on experiments on product development. Moreover, biohackers accomplish different experiments on the body, such as monitoring heart rate or insertion of microchips which can regulate stress levels. Biohackers are working on various products that look into the human body which is expected to create lucrative opportunities for the emerging key players.
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Report Segmentation of the Biohacking Market
Product Type Insight
Because of the increasing popularity of wearable medical devices like patches, smart rings, and, smartwatches, the wearables segment held over 34% of all revenue share. In the upcoming years, the segment's enhancement will be supported by key players' rising consideration of it. For example, Fitbit, Inc. added an ECG app, an on-wrist skin temperature sensor and advanced heart rate tracking technology, to its Fitbit Sense. The Fitbit Sense is a health smartwatch that includes an electro-dermal activity sensor for the management of stress.
Application Insight
The monitoring segment held the largest revenue share, with 32%, due to the widespread use of biohacking products, such as implants and wearables, for monitoring purposes. Mobile apps help in monitoring, which further enables the segment to expand. At the same time, the treatment sector is estimated to have the maximum revenue share, increasing at the fastest CAGR over the forecast period. The rising number of studies on genetic modification kits and smart drugs is expected to boost the market, even though biohacking practices are not extensively used for treatment. Due to the increasing popularity of other biohacking applications, they are estimated to see steady growth over the forecast period. These applications include genetic engineering, synthetic biology, forensic science, and drug testing.
End-User Insight
The hospitals & clinics segment dominated the market with the largest share of 34% and will continue to expand at a steady CAGR during the forecast period. The increasing prevalence of chronic diseases and the demand for novel treatment options are responsible for this expansion of the market. Additionally, it is estimated that the easy availability of monitoring devices like wearables will propel the expansion of the segment. The other segments are estimated to experience the fastest CAGR during the forecast period. Segment expansion is expected to be aided by the increasing use of biohacking practices by service providers and individual payers. Due to increasing expenditures on R&D for the creation of novel treatment options, the pharmaceutical & biotechnology industry segment is also estimated to experience substantial growth.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View a PDF sample report @ https://market.us/report/biohacking-market/request-sample/
Market Segmentation
By Product
- Smart Drugs
- Strains
- Sensors
- Wearables
- Other Products
By Application
- Monitoring
- Treatment
- Research
- Healthcare
- Other Applications
By End-User
- Pharmaceutical & Biopharmaceutical Companies
- Research & Academic Institutes
- Hospitals & Clinics
- Forensic Laboratories
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Biohacking Market
- In October 2021- IntraXon Inc. introduced The Muse S (Gen 2) which is a new version of the original Muse S headband and it is a sleep tracker & meditation assistance which possesses a row of sensors that sit against forehead of the individual & detect brain activity.
- In November 2021 - Viome Life Sciences, Inc. a health insight provider, introduced a new gut microbiome test that analyzes the RNA of microbes in the gut. This test was launched with the objective of providing personalized recommendations for lifestyle and diet changes to improve overall well-being and gut health.
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