The Global Biohacking Market size was valued at USD 6.2 Bn in 2020 is expected to reach USD 17.6 Bn by 2027, with a growing CAGR of 16.0% during the forecast period.
Biohacking is also known as do-it-yourself biology. Biohacking is a process of incorporating biological activities into the body for better brain functioning, body’s well-being and healthy lifestyle. This includes changing certain aspects of lifestyle and diet. Biohacking helps to improve certain aspects of lifestyle. This involves use of implants, drugs or medication that help to alter or improve the qualities and capabilities of a living organism.
The driving factors influencing the global biohacking market include increase in penetration of technology in healthcare system, rise in demand for medical devices and growing demand for active lifestyle. Moreover, increase in prevalence of chronic diseases due to change in lifestyle, rising demand for use of smart devices fuels the growth of global biohacking market. However, lack of security practices hinders the growth of global biohacking market.
In addition to this, increase in penetration of internet of things, growing awareness regarding fitness and use of consumer medical devices uplifts the growth of global biohacking market. Use of smart wearables is expected to witness highest growth of global biohacking market during the forecast period.
Global Biohacking Market Segmentation:
Based on product, wearables segment accounted for the highest market share in 2020 and is expected to increase more during forecast period owing to increase in adoption rate to smart medical devices in healthcare
Based on product, biohacking market is segmented into wearables, gene modification kits, implants, smart drugs, mobile apps, and supplements. Wearable's segment held the highest market share in 2020 due to increase in technological advances in healthcare sector and growing awareness regarding fitness fuels the growth of global biohacking market. Moreover, rise in use of smart watch, smart rings, and patches leverage the growth of global biohacking market. For instance, in August 2020, Fitbit, Inc launched advanced health smartwatch for tracking activities such as stress heartbeat.
However, smart drugs segment is expected to account for highest market share during the forecast period owing to increase in adoption rate of smart drugs that enhances cognitive power. These therapy helps people to improve their memory and enhance their creativity.
Based on application, monitoring segment held the largest market share in 2020 due to increase in usage of biohacking products such as smart wearables for monitoring medical conditions
Based on applications, biohacking market is segmented into monitoring, research, and treatments. Monitoring accounted for the highest market share in 2020 due to increase in adoption of mobile apps and monitoring of healthcare data. Moreover, rise in research and development activities, growing demand for smart, innovative medical devices in diseases monitoring further fuels the growth of global biohacking market.
Based on end user, hospitals & clinics held the largest market share in 2020 owing to increase in number of patients and availability of reimbursement policies
Based on end user, biohacking market is segmented into hospitals & clinics, pharmaceutical &biotechnology companies, forensic laboratories, and research & academic institutes. Hospitals & clinics accounted for the largest market share in 2020 due to presence of complete one-to-one patient care in the hospitals. Moreover, rising in prevalence of chronic diseases such as diabetes, life-style diseases, and availability of trained professionals in the hospital fuels the growth of the global biohacking market.
However, pharmaceutical & biotechnological segment is expected to witness fastest market growth with highest CAGR during forecast period due to increase in collaborations and partnerships among pharmaceutical companies boost the growth of this segment in global biohacking market.
Based on geographical region, North America accounted for the highest market share in 2020 due to high disposable income and investment in R&D facilities in healthcare
Based on geographical region, North America held the largest market share in 2020 owing to presence of major market players and high prevalence of lifestyle associated diseases such as obesity, diabetes and strokes in this region. Moreover, rise in government and private initiatives, surge for development of novel treatment options and rise in adoption of synthetic biology is expected to leverage the growth of biohacking market in this region.
However, Asia-Pacific is expected to witness the fastest market growth with the highest CAGR during the forecast period due to rise in technological advances, surge in research and development activities in medical devices. Moreover, growing number of companies in this region and favourable economic conditions in developing countries such as China and India uplift the growth of global biohacking market in this region.
The report also provides an in-depth analysis of market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Biohacking Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. Covid-19 has badly impacted the growth of biohacking market across the globe. The supply of raw materials, import of spare parts, medical devices disrupted due to restrictions and lockdown. This disrupted complete link between manufacturers and warehouse.
On the contrary, covid-19 outbreak has boosted the growth of pharmaceutical companies to develop innovative drug molecule and vaccine to fight against sudden outbreak. Rising demand for R&D projects are creating growth opportunities for global biohacking industry.
The report also provides an in-depth analysis of key trends in biohacking market
The report also provides an in-depth analysis of recent news developments and investments
Company Profiles and Competitive Intelligence
The key players operating in the biohacking market are:
The unique insights provided by this report also includes the following:
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