Published On: January 2018
Biohacking Market- Overview
Biohacking, also known as Do-It-Yourself (DIY) biology, a next step in synthetic biology. It refers to managing one's own biology using a combination of medical, nutritional and electronic techniques. Biohackers are people who perform lab experiments to explore new possibilities of biotechnology, molecular biology, genetic engineering and many other aspects of biology. They perform various experiments on the body, for instance, inserting microchips to control stress level or monitor heart rate.
DIY biology product list never ending as large number of revolutionary researchers have invented novel biology products making one smarter than ever. Major products are microchips, Radio Frequency Identification (RFID) implants, eyeborg, magnetic finger tips, smart blood pressure monitors, smart drugs to name a few. Eyeborg is a devices that allows people to perceive colors through sound waves.
Biohack labs or hacklabs can be set up in places like garage, warehouses. Popular hacklabs in the U.S. are BioCurious, LA Biohackers, Genspace, Bioartlab, and Biogarage. Biohacking is attracting young researchers to innovate new products helping them to determine the power of research and providing helping hand to the society.
Biohacking is of two types namely outside biohacking and inside biohacking. Use of technology and homemade equipments to create biotechnology products is outside biohacking. Whereas outside biohacking refers to the use medicine, supplements or other techniques to ‘hack’ one’s body for improving performance.
What factors are expected to rule the future of global biohacking market?
The market for biohacking is growing due to an increase in demand for innovative products, growing emphasis on biosafety and biosecurity, and overall demand of effective and efficient treatment solutions in healthcare. Also, personalized care will also propel the market growth.
The market is expected to show growth potential in the developed countries owing to the rise in the per capita income of the population, and availability of resources for research activities. Major restrains for the growth of this market is restrict regulations governing the genetic engineering experiments, lack of funds available for research and lack of expertise.
However, there is still a need for increasing awareness about biohacking among the developing regions across the globe. Countries in Asia Pacific such as India, and Australia show growth potential owing to the availability of highly qualified and skilled workforce in the field of research and improving macroeconomic conditions. In Africa, primary care is one of the basic needs of people, demanding technologically advanced device for delivery of care in remote areas. All these need could to be fulfilled through scientific and technological approaches involving biohacking, thus making the lives of the people easier in this region. Therefore, tremendous demand for affordable healthcare technology, determines the growth of market in Africa.
Drugs making humans smarter?
From past few years, biohacking is gaining attention in most of the developed countries due invention of new technology through research and development in the field of biology. At present, biohacking can be done for memory and cognition, weight loss, and optimal health and longevity. Majority of the people undertake biohacking to increase their productivity, and enhance their memory.
Smart drugs, also known as nootropics are the best examples for improving cognitive power. Some of the nootropics are modafinil (Provigil), armodafinil (Nuvigil), and adrafinil used for focus, motivation, clarity, memory, and racetams for mental turnover, public speaking, learning, and memory. Hence, biohacking provides number of benefits to healthcare by helping to check health status and keep a track record of one’s medical condition. But there may be a risk involved in the administrations of these drugs if they are consumed at a high dose leading to side effects.
There is an increasing demand for smart drugs owing to the rising awareness about the use of smart drugs to improving brain power among the people. Additionally, increasing number of market players manufacturing smart drugs, and tremendous growth opportunities in the market also accelerate the growth of the market. The use of smart drugs is found to be increasing at a fastest rate in developed countries such as the U.S., thus influencing the growth of the market.
What are the strategic approaches of the key players to sustain their growth in the market?
Biohacking is getting popular among people who desire to discovery something out of the world. The market players are now engaged in strategies such as new product launch, partnership, and collaborations.
Key players in biohacking market are Synbiota, HVMN, Inc., MoodMetric, Thync Global Inc., U.S.A., Interaxon, BEHAVIORAL TECHNOLOGY GROUP, INC., THE ODIN, 32MARKET.COM, 23andMe, Inc. and BULLETPROOF 360, INC. Majority of the players are concentrated in the American countries. These players also manufacture DIY biology kits to help researchers setup their labs and carry out experiments. For Instance, Companies such as 23andMe provide direct-to-consumer genetics that with just a saliva drop provides consumers with access to personal health data. Number of key players carry out biohacking awareness drives to help the adults understand the basics to biohacking, and encourage new inventions.