The global biohacking market it is estimated that the size goes from $19.2 billion in 2021 at $54.6 billion by 2030, at a CAGR of 17.3% from 2022 to 2030. Rising demand for smart devices and rising prevalence of chronic diseases are a few factors driving the growth of the global biohacking market. However, stringent regulations that govern genetic engineering experiments, lack of necessary funds for research, and lack of cybersecurity expertise and practices are expected to restrain the market growth during the forecast period.
Experiments in biology include the use of drugs, qualities of living organisms, gene editing, or implants that enhance abilities. Biohacking is the manipulation of an individual’s biology through the combination of nutritional, electronic and medical technologies. We often talk about do-it-yourself (DIY) biology. He brought an absolute change in synthetic biology by combining aspects of technology and synthetic biology. It has also developed a need for innovation of new products in the field of the pharmaceutical industry.
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Biohackers need basic funding to purchase materials and equipment. Unlike large-scale industrial science and technology institutions, biohacker groups depend on financial strategies to raise funds. Setting up DIY biotech labs is more expensive than conventional biotech labs. Moreover, conventional funding sources do not cover such expenses. So, biohackers are turning to options, such as crowdfunding. This factor poses a challenge for the growth of the market.
covid–19 Global Biohacking Market Impact
The global market has been affected by the COVID-19 pandemic. Using the techniques of biohacking, many biohackers have focused on research activities for the manufacture of COVID-19 vaccines. Similarly, some biohackers are producing a COVID-19 test kit, which if approved would help increase COVID-19 testing capacity around the world. Zayner, a former NASA researcher, along with a group of biohackers called The Central Dogma Collective (CDC), tested a DNA-based COVID-19 vaccine in October 2020 that had worked in monkeys.
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Scope of biohacking
The biohacking market has been segmented into product, application, end users, and region.
By Outlook component (Sales, million USD, 2017–2030)
By Product outlook (Revenue, USD million, 2017–2030)
- Wearables, Implants (Fleas)
- Gene modification kits
- smart drugs
By Application Outlook (Revenue, USD million, 2017–2030)
- Synthetic biology
- Genetic engineering
- Forensic Sciences
- Diagnosis and treatment
- Drug testing
By End–User Perspectives (Revenue, USD million, 2017–2030)
- Pharmaceutical and biotechnology companies
- Forensic laboratories
- Hospitals & Clinics
- Research institutes and universities
By Region Outlook (Revenue, USD million, 2017–2030)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
Smart drugs, by product, are estimated to hold the highest CAGR over the forecast period
Based on product, the global biohacking market is segmented into wearables, implants (chips), genetic modification kits, smart drugs, supplements, and others. The wearables segment held the largest revenue share in 2021, supported by the growing adoption of wearable medical devices including smartwatches, patches and smart rings.
The smart drugs segment is estimated to project the highest CAGR during the forecast period. Smart drugs consist of nootropics which are cognitive enhancers, help improve memory and executive functions. It motivates people to maintain their health and helps increase their creativity.
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North America accounts for the largest market share during the forecast period in the Biohacking market
Based on the regional analysis, North America is estimated to account for the major portion of the biohacking market and is expected to maintain its position during the forecast period. Major factors driving the growth of the regional market include the rapid increase in government R&D activities and organizations to develop new treatment options for mental health. Additionally, increasing adoption of synthetic biology, primarily in the United States, further supports the growth of the market in North America.
In terms of growth, Asia-Pacific is expected to project the fastest growing biohacking market over the forecast period. This is due to the investment of the respective governments in setting up a technologically advanced healthcare infrastructure, supported by supportive government initiatives. Additionally, the extensive R&D activities in the healthcare industry in emerging economies, such as China and India, are expected to support the growth of the regional market during the forecast period.
Main market players
This research report reviews key companies in the Biohacking market and their winning strategies along with a study of their development and marketing strategies. It also includes profiles of major companies, such as Apple Inc., Thync Global Inc., Fitbit, Inc., The ODIN, Moodmetric, Muse (Interaxon Inc.), Thriveport, LLC, TrackMyStack, HVMN Inc., and OsteoStrong.