New York, USA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Biohacking Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Biohacking Market Information by Type, Product, Application, End-user, Region - Forecast till 2028”, the market is projected to reach USD 63 Billion by 2028, at a CAGR of 19% from 2021 to 2028.
Market Scope:
Biohacking refers to the use of function-enhancing drugs or the use of external or internal implants to improve cognitive function, memory, and creativity in individuals. In order to boost one's intelligence, memory, and creative abilities, some people turn to "biohacking," which includes the use of medications and external or internal implants. Nootropic medication use is the most common strategy for enhancing cognition and mental performance. DIY biology is the practice of conducting one's own biological research without the aid of professionals. A number of biohacker collectives have opened up shop in basements, garages, and other nondescript locations.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 63 Billion |
| CAGR | 19% |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Product, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing awareness of biohacking |
| Rising prevalence of chronic diseases and demand for smart devices |
Competitive Dynamics:
- Thync Global Inc. (U.S.)
- Synbiota (Canada)
- Apple (U.S.)
- HVMN, Inc. (U.S.)
- MoodMetric (U.S.)
- THE ODIN (U.S.)
- Fitbit, Inc. (U.S.)
Dynamics:
Market Drivers
Demand in the biohacking market is anticipated to be driven by the proliferation of internet-connected devices in healthcare, fitness, and consumer electronics, as well as the growing use of radiofrequency identification (RFID) technology in medical equipment. That's because people today have greater demand for high-caliber medical services. Over the forecast period, the biohacking market is expected to develop as a result of rising awareness of biohacking, the prevalence of chronic diseases, and the demand for smart devices and medications (2021-2028).
Increased demand for biohacking products is anticipated to be a driving force in the market's expansion over the forecast timeline. The market expansion of the biohacking is also expected to benefit from the increasing public awareness of the trend. Growth in the biohacking market is predicted to be further tempered by rising disposable incomes. However, the lack of cyber security standards is expected to lead to a substantial increase in the biohacking industry during the forecast time frame. However, do-it-yourself biotechnology labs can be pricey in compared to traditional biotechnology labs, which may pose a potential threat to the expansion of the biohacking sector.
Market Restraints
The development of the biohacking industry may be hindered by a lack of cyber security measures. The expansion of the biohacking market in the future years will be fueled, in part, by an increase in private sector funding and a shift in emphasis by major companies toward research and development. The most fundamental requirement for biohackers is access to capital for the acquisition of necessary tools and supplies. Groups of biohackers, in contrast to large-scale industrial science and technology institutes, must rely on non-traditional methods of funding if they are to continue their work. Costs associated with establishing a do-it-yourself biotechnology lab may exceed those of more traditional facilities. These costs cannot be covered by using the usual financial sources. Crowdfunding and other alternatives are therefore explored by biohackers. This is a hindrance to the expansion of the market.
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COVID-19 Analysis:
The COVID-19 epidemic has had a profound effect on international trade. Disruptions in the supply chain, falling sales, and a lack of consumer interest are just some of the ways in which COVID-19 is affecting the market. However, professional biohackers are funding vaccination and diagnostic kit development for COVID-19. The result was to cancel out the market expansion in 2020. Biohackers require minimal funds for the procurement of equipment and materials. Most of the work done in these spaces is supported by membership and workshop fees rather than outside sources like grants or crowdsourcing. In addition, private gifts are also accepted.
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Segmentation
By Type
Due to the global demand for wearables, the non-biohacking section of the market brought in the most money. Increased interest from established businesses bodes well for the future of this industry subset.
By Product
The smart drugs segment is expected to record substantial growth over the review period.
By Application
Due to widespread product adoption for tracking patient health problems, the diagnosis and treatment application segment led the market in terms of revenue. The increasing number of smart medication and genetic modification kit research projects are likely to contribute to the expansion of this market sector, even if biohacking procedures are not yet widely used for therapeutic purposes. Biohacking's other uses, meanwhile, are expected to expand steadily as more people discover and appreciate its benefits over the course of the forecasted period. The fields of synthetic biology, genetic engineering, forensics, and drug testing are just a few of the many potential uses.
By End-users
Due to the increasing use of biohacking procedures in forensic laboratories, this market category is anticipated to grow at the second-fastest CAGR over the assessment period.
The increased spending on R&D operations by the pharmaceutical & biotechnology firms for the discovery of novel treatment alternatives is projected to have a sizable impact on the end-user segment of the pharmaceutical & biotechnology industries.
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Regional Analysis:
Since numerous governments in the region have increased their investment in R&D, the North American biohacking market has grown to become the world leader. Synthetic biology's rising popularity is expected to fuel the region's biohacking market expansion throughout the forecast period. As a result of the region's advanced healthcare infrastructure, Asia-Pacific is expected to lead global market of biohacking expansion. The market expansion of the biohacking in the area is expected to be fueled in the approaching years by the suitable efforts implemented by the government and the extensive research and development activities in the developing countries.
The most modern healthcare infrastructure can be found in Asia Pacific, and the region is also experiencing positive government initiatives. This should lead to the highest CAGR during the projected period. In addition, the regional market expansion will be bolstered by the considerable R&D operations in the growing economies, such as China and India. Thanks to the existence of key industry players, Europe's market is predicted to expand rapidly over the next years.
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