Biohacking Market is forecasted to grow at high rate due to increase in government spending on research & development of medical device, rise in disposable income, and increase in awareness regarding biohacking. The Global Biohacking Market was valued at USD 6.2 Bn in 2020 and is expected to reach USD 17.6 Bn by 2027, with a growing CAGR of 16.0% during the forecast period
Biohacking is a process of managing one’s own biology using different combination of drugs, therapies, nutritional supplements, and electronic techniques. This involves an improving all the aspect of human body such as mental and physical. Biohacking includes transforming fitness, mind and health using an evidence-science based approach that radically improves body, energy levels, lifestyle, and fitness in less period.
The driving factors influencing the growth of global biohacking market include rise in adoption of biohacking therapies for improvement of lifestyle and growing prevalence for chronic diseases such as diabetes, obesity, and stress related diseases. Moreover, increase in government spending on technological advances in developing medical devices, spread of awareness regarding techno-therapies early-diagnosis diabetes through campaigns and rising funds for research facilities fuels the growth of biohacking market. Emergence of new, highly sensitive technologies in healthcare system boost the growth of biohacking industry across the globe. However, lack of data integrity and data security for medical devices hinder the growth of biohacking market.
This industry is broadly segmented into products, applications, end user and region. Based on products wearable's segment held highest market share in 2020 due to increase in technological advances in healthcare sector. Based on applications, Monitoring accounted for highest market share in 2020 due to increase in adoption of mobile app associated health monitoring. For instance, use of apple watch that monitor heart beats and calories. Based on end user, Hospitals &clinics accounted for largest market share in 2020 due to presence of complete one-to-one patient care in the hospitals. Geographically, North America held largest market share in 2020 and expected to increase more during forecast period owing to increase in technological applications in healthcare.
Global Biohacking Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America held maximum market share in 2020 about 35 % due to rising prevalence of chronic diseases such as diabetes, life-style diseases in this region. Moreover, availability of high technology facilities, supporting government in terms for funds and grants and penetration of internet in healthcare fuels the growth of biohacking market in this region. In addition to this, technological advances, growing demand for automated therapies and awareness regarding biohacking and its benefits on human body boost the growth of global biohacking market in this region.
On the contrary, Asia-Pacific anticipated highest market growth during the forecast period due to increase in urbanization in this region, growing adoption of biohacking monitoring devices and growing R&D facilities boost the growth of global biohacking industry in this region.
The Global Biohacking System Market Segmentation:
Global Biohacking Market by Product Type Outlook (Revenue, USD Million, 2021-2027)
Global Biohacking Market by Application Type Outlook (Revenue, USD Million, 2021-2027)
Global Biohacking Market by End User Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the biohacking market are: