Biohacking Market

Global Biohacking Market Size (2023 to 2028)

The size of the global biohacking market is estimated to grow at a CAGR of 22.24% from 2023 to 2028 and will be worth USD 67.49 billion by 2028 from USD 24.72 billion in 2023.

Impact of COVID-19 on the global biohacking market:

COVID-19 had a mixed impact on the biohacking market. The covid-19 outbreak started in December 2019; the disease spread worldwide within a short time. The number of covid-19 cases is increasing daily. Every industry in the world has been negatively affected by the coronavirus. But the Covid-19 pandemic has had a positive impact on the biohacking market in the initial days. Pharmaceutical industries have more demand due to the COVID-19 pandemic. Companies have conducted several R&D activities to produce suitable drugs or vaccines to reduce the virus spread. Many biohackers are working on research activities for manufacturing a COVID-19 vaccine by using their biohacking techniques. Some biohackers are helped in producing a COVID-19 testing kit that, if approved by the organization, can help scale up the world’s COVID-19 testing capability. In October 2020, Zayner, a former NASA researcher, was working on the process of developing a COVID-19 vaccine, which had worked on monkeys. The existing scope of the global biohacking market will be further expanded by increasing funding from the private sector and growing consumer awareness. The key market participants of the biohacking market are expanding their investments in such industries so that it is possible for companies to come up with viable and potable drugs to reduce and gradually eradicate the virus.

MARKET DRIVERS:

The growing awareness of biohacking and the growing geriatric population suffering from chronic diseases propel the biohacking market worldwide.

The aging population is aggressively growing worldwide, and the number of people affected by various chronic disorders is also increasing simultaneously. For example, chronic obstructive pulmonary disease, diabetes, depression, and dementia are frequent diseases in older people. Additionally, the government increased investment in research and development to create new medications and devices, driving the market forward. For instance, more than 40% of patients were diagnosed with cardiovascular conditions, according to Global Health and Wellness report in 2018. Furthermore, Biohacking can be used in many applications such as expanding life expectancy and enhancing & optimizing human performance that leads to longevity, which is anticipated to boost the growth rate of the biohacking market. In addition, biohacking use for external or internal devices improves cognitive function, memory, and creativity in individuals.

Furthermore, consumer adoption of biohacking techniques, favorable public and private funding for the R&D of biohacking, growth in disposable income, and rising demand for smart devices are anticipated to act favorably on the growth rate of the global biohacking market. In addition, the growing use of radiofrequency identification (RFID) technology and the increasing use of the Internet of Things (IoT) in healthcare, fitness, and consumer electronics are opportunities for biohacking market growth. For instance, an app called InsideTracker provides users with real-time information and recommendations from an individual’s blood biomarkers, DNA, and activity trackers. In addition, InsideTracker users can monitor their resting heart rate and sleep data, including their REM sleep time and deep sleep time, and receive a more in-depth and precise understanding of their health and performance.

However, factors such as lack of cyber security procedures, lack of professionals, unawareness about the biohacking products, strict regulations of conducting experiments, and the lack of funds required for research, are the factors restraining the biohacking market growth. In addition, DIY biotechnology labs are more expensive than conventional, which might further challenge the development of the biohacking market shortly. One of the main challenges in using biohacking devices is communicating with each other and feeding data directly to patient’s medical records is difficult through web services. In addition, many web services are unencrypted between devices so that a hacker could alter the information and data stored in the medical record.

REPORT COVERAGE:

This research report on the global biohacking market has been segmented and sub-segmented based on product, application, end-user & region.

Biohacking Market – By Product:

• Wearables
• Implants
• Gene Modification Kits
• Smart Drugs
• Supplements
• Mobile Applications

The wearables segment accounted for the highest market share during the forecast period. Therefore, the market participants are concentrating more on this segment. In addition, the Y-O-Y growth in adopting wearable medical devices, including smartwatches, patches, and smart rings, is anticipated to favor this segment to growth.

Biohacking Market – By Application:

• Monitoring
• Treatment
• Research

Based on the application, the monitoring segment accounted for the largest share of the biohacking market in 2022, owing to the growing usage of biohacking products such as wearables use of mobile apps, and implants for monitoring purposes. Monitoring helps to keep track of users’ health and know what changes have going on in their bodies.

Biohacking Market – By End-User:

• Pharmaceutical & Biotechnology Companies
• Hospitals & Clinics
• Forensic Laboratories
• Research & Academic Institutes

Based on the end-user, the hospitals & clinics segment dominated the market for biohacking worldwide in 2022. The dominance of this segment over the other segments is anticipated to continue throughout the forecast period. In addition, the rising prevalence of chronic diseases, the availability of monitoring devices, such as wearables, and the demand for novel treatment options strongly support this segment and boost growth.

Biohacking Market – By Region:

• North America
• Europe
• Asia-Pacific
• Middle East Africa
• Latin America

Geographically, North America dominated the market for biohacking worldwide in 2022, owing to increased R&D activities by various government and non-government organizations for developing novel treatment options and expanding the adoption of synthetic biology. In addition, most key players such as Apple operate in the North American region such as Canada & the U.S., another factor propelling the market growth.

Europe had the second-largest share of the global biohacking market in 2022. The European market is forecasted to be driven by the increasing prevalence of diabetes in this region owing to factors such as an increase in overweight and obesity, unhealthy diet, and physical inactivity, making diabetes one of the most common chronic diseases in Europe, which is expected to grow continuously in the future. Currently, over 60 million people in Europe have diabetes, according to a report published by World Health Organization (WHO). Additionally, diabetes is a significant factor in the risk of cardiovascular illnesses.

The Asia Pacific is predicted to have the fastest growth during the forecast period due to the factors such as the presence of technologically advanced healthcare infrastructure, increasing research & development activities, and favorable government initiatives. In addition, India and China have the highest share among others due to the presence of smart wearable devices, raising awareness of biohacking devices in those countries.

KEY MARKET PARTICIPANTS:

Apple Inc., The ODIN, Thync Global Inc., Fitbit Inc., Moodmetric, HVMN Inc., Muse (Interaxon Inc.), Thriveport LLC, TrackMyStack, OsteoStrong, Grindhouse Wetware, and SynBioBeta LLC are some of the noteworthy companies operating in the global biohacking market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• Apple launched the all-new iPad Air in 2020, with Apple's most advanced CPU, the A14 Bionic.
• Fitbit's ECG App to Predict Atrial Fibrillation Received Regulatory Clearance in the United States and Europe in 2020.