Description

The global biohacking market size is estimated to grow from USD 17.24 billion in 2021 to USD 72.51 billion by 2030, at a CAGR of 17.3% from 2022 to 2030. Rising demand for smart devices and the growing prevalence of chronic diseases are a few factors driving the growth of the global biohacking market. However, the strict regulations that govern the genetic engineering experiments, shortage of funds required for research, and lack of expertise and cyber security practices are expected to restrain the market growth during the forecast period.

Experiments in biology comprise the use of drugs, qualities of living organisms, gene editing, or implants that improve the capabilities. Biohacking is managing an individual’s biology with the combination of nutritional, electronic, and medical technologies. It is often referred to as Do-It-Yourself (DIY) biology. It has brought an absolute change in synthetic biology by combining the aspects of technology and synthetic biology. It has further developed an urge for the innovation of new products in the field of the pharmaceutical industry.

Biohackers require basic funding for purchasing the materials and equipment. Unlike large-scale industrial science and technology institutions, groups of biohackers are dependent on financial strategies for raising funds. Setting up DIY biotechnology labs is costlier than conventional biotechnology labs. Moreover, the conventional funding sources do not support such expenses. Thus, biohackers turn to options, such as crowdfunding. This factor poses a challenge for market growth.

COVID-19 Impact on the Global Biohacking Market

The global market has been affected by the COVID-19 pandemic. Using the biohacking techniques, many biohackers focussed on research activities for manufacturing COVID-19 vaccines. Similarly, some biohackers are producing a COVID-19 testing kit, which, if approved, would help scale up the world’s COVID-19 testing capability. Zayner, a former NASA researcher, with a group of Biohackers named The Central Dogma Collective (CDC), tested a DNA-based COVID-19 vaccine in October 2020, which had worked on monkeys.

Scope of the Biohacking

The biohacking market has been segmented into product, application, end-users, and region.

By Component Outlook (Sales, USD Million, 2017-2030)

• Solution
• Services

By Product Outlook (Revenue, USD Million, 2017-2030)

• Wearables, Implants (Chips)
• Gene Modification Kits
• Smart Drugs
• Supplements
• Others

By Application Outlook (Revenue, USD Million, 2017-2030)

• Synthetic Biology
• Genetic Engineering
• Forensic Science
• Diagnosis & Treatment
• Drug Testing
• Others

By End-User Outlook (Revenue, USD Million, 2017-2030)

• Pharmaceutical & Biotechnological Companies
• Forensic Laboratories
• Hospitals & Clinics
• Research & Academic Institutes
• Others

By Region Outlook (Revenue, USD Million, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Smart drugs, by product, is estimated to hold the highest CAGR during the forecast period

Based on product, the global biohacking market is segmented into wearables, implants (chips), gene modification kits, smart drugs, supplements, and others. The wearables segment held the largest revenue share in 2021, backed by the rapidly increasing 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 that are cognitive enhancers, assist in improving memory and executive functions. It motivates people to maintain their health and helps in increasing their creativity.

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 share in the biohacking market and is expected to retain its position during the forecast period. The major factors driving the regional market growth include the government's rapidly increasing R&D activities and organizations to develop novel treatment options for mental health. Moreover, the increasing adoption of synthetic biology, majorly in the U.S., is further supporting the market growth in North America.

In terms of growth, Asia Pacific is estimated to project the fastest growth in the biohacking market during the forecast period. This is due to the investment by the respective governments in the establishment of technologically advanced healthcare infrastructure, further supported by favorable government initiatives. Moreover, the extensive R&D activities in the healthcare sector in the emerging economies, such as China and India, are expected to support the regional market growth during the forecast period.

Key Market Players

This research report reviews the key companies in the biohacking market and their winning strategies, and 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.

• In September 2020, The U.S. FDA and European Union’s CE approved Fitbit for its electrocardiogram app for assessing atrial fibrillation. The app has been available for its users on Fitbit Sense since October 2020 in the U.S., U.K., Germany, the Netherlands, Luxembourg, Austria, Switzerland, Sweden, Czech Republic, Portugal, Belgium, Ireland, Romania, Spain, Italy, India, Poland, Hong Kong, and France.

Key Issues Addressed

• What is the market size by various segmentation of the biohacking by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the biohacking market?
• What are the key opportunities and trends for manufacturers involved in the biohacking supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of biohacking in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.

• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.