Biohacking Market is projected to reach USD 63 Billion by 2028, at a CAGR of 19% from 2021 to 2028. Biohacking refers to the use of function-enhancing drugs or the use of external or internal implants to improve cognitive function, memory, and creativity in individuals. The most prolific method include the intake of nootropic drugs to develop intelligence and focus. It is also known as do-it-yourself (DIY) biology. Biohackers have set up shop in warehouses, garages, and other such spaces. Some of the well-known labs in the U.S. include Biogarage, Bioartlab, Genspace, BioCurious, and LA Biohackers.
Awareness of biohacking, prevalence of chronic diseases, and demand for smart devices and drugs are factors likely to drive the biohacking market growth over the forecast period (2021-2028). Lack of cyber security practices can deter the biohacking market growth. The sharp rise noticed in chronic diseases coupled with the growing geriatric populace is expected to provide opportunities for the mbiohacking arket to grow.
The increasing use of radiofrequency identification (RFID) technology in medical devices combined with the penetration of internet of things (IoT) in healthcare, fitness, and consumer electronics is expected to push the biohacking market demand. This can be credited to the need for quality healthcare needs among the populace.
The report covers the latest trends affecting the biohacking market to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts make highly astute projections regarding the scope of the biohacking market and its future prospects. MRFR’s report includes a thorough analysis of the biohacking market segmented by type, product, application, end-user, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.
By type, the biohacking market is segmented into outside and inside biohacking. Product-wise, the biohacking market is segmented into strains, sensors, smart drugs, and others. Major applications include synthetic biology, forensic science, genetic engineering, diagnosis & treatment, drug testing, and others. End-users in the market include pharmaceutical & biotechnology companies, forensic laboratories, and others.
The segments covered in the biohacking market report are analyzed with respect to four major regions – Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA), with respective country-level market sizing. The report discusses in detail the various players residing in these regions and their respective strategies to climb up the market ladder.
Noteworthy industry participants in the biohacking market include Thync Global Inc. (U.S.), Synbiota (Canada), Apple (U.S.), HVMN, Inc. (U.S.), MoodMetric (U.S.), THE ODIN (U.S.), and Fitbit, Inc. (U.S.). The report offers comprehensive profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, expansion techniques, and latest R&D initiatives are discussed in minute detail.
At MRFR, our research analysts conduct a thorough objective analysis of the biohacking market when creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the biohacking market. Use of primary research strategies such as interviews with top executives of biohacking kits and tools manufacturers. Secondary research entails a thorough analysis of past and present trends in a forward-looking manner. Additionally, biohacking market size estimation and validation use both top-down & bottom-up approaches to obtain data from the value and supply chain. The balanced number of buyers and suppliers will result in a negligible demand-supply gap. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.
For the scope of research, the report offers a comprehensive analysis of the biohacking market.
Biohacking Market By Product
Biohacking Market By Application
Biohacking Market By End-user
Biohacking Market By Region
|Market Size||2028: USD 63 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Thync Global Inc. (U.S.), Synbiota (Canada), Apple (U.S.), HVMN, Inc. (U.S.), MoodMetric (U.S.), THE ODIN (U.S.), and Fitbit, Inc. (U.S.).|
|Key Market Opportunities||The sharp rise noticed in chronic diseases coupled with the growing geriatric populace|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The biohacking market is estimated to grow to USD 63 Billion by 2028
The biohacking market is projected to grow at approximately 19% CAGR during forecast period (2021-2028).
Increasing use of RFID technology in medical devices.
North America holds the largest share in the biohacking market followed by Europe and Asia Pacific, respectively.
HVMN, Inc., ODIN, Synbiota, Thync Global Inc., Apple, Moodmetric, and Fitbit, Inc., others, are some of the major players operating in the biohacking market.
Biohacking Market demographics include biological experiments that are done in small-sized labs either on the individual level or by a small community of people. This is one of the prominent reasons, why the Global Biohacking Market is popular as Do-It-Yourself or DIYs. Many garage labs are known to conduct biological functions and thus, making use of the drugs for functional enhancements. These enhancements are for both the internal, as well as internal implants. The main aim behind this the provision of cognitive functioning, better memory, and retention power, along with increasing creativity amongst individuals.
The prevalent biohackers in the Global Biohacking Market Report, are initiating the use of such services by opening up their shops in different locations like warehouses, and garages. The market experiments that can be performed in these shops are related to the use of light-sensitive bacteria for 3D printing, genetic engineering, and much more. The Biohacking Industry is expected to grow at a CAGR of 19% during the forecast period of 2021 to 2028.
The coronavirus disease was nothing less than a shocking wave that has left some industries to go weak in the knees. The medical, healthcare and pharmaceutical industry witnessed a growing demand in its production and management lane in comparison to the other industries like construction, entertainment, and various other businesses.
Owing to the push provided by the global spread of coronavirus to the pharmaceutical industry, many key players of the market are undergoing activities related to research and development. The main agenda behind this is the development of a suitable drug beneficial for humankind, that helps in controlling the spread of the virus. Various government of dominant players in the biohacking industry is increasing their investments in such industries, so that, it is possible for companies to come up with viable and potable drugs to limit and gradually eradicate the virus.
Market Dynamics of Biohacking Market Research:
The biohackers are in the midway of developing and processing different products that can survey the human body along with the mind as a whole. Microchips and smart drugs, the developments are inclusive of the RFID implants and brain sensors, magnetic fingerprints and the stains of yeast and bacteria, monitoring the blood pressure levels, and tracking individual health. Owing to the need of bringing aesthetic changes, the technology being implemented is first being used on the biohackers’ body.
Biohacking technology is exposed to various risks like the lack of practices related to cybersecurity and its expertise. Also, there is an implication of several government regulations that are governing the experiments of genetic engineering. These are major restraints during the projected the year of 2023 for the market growth. Also, the market is experiencing a delay, and lack, of collecting the funds to support the wide-scale research and development.
Owing to the Market Trends, there has been a fine spread in the increase for the RFID technology. RFID stands for radiofrequency identification. The use is being extended to the medical devices that are present in a combination with IoT penetration in different areas like health, wellness, and fitness, along with the healthcare sector. The consumer electronics sector is also a part of this. These factors can well enjoy the credit for creating the growth opportunities for the top biohacking products in the forecast period of 2017-2023.
Value Chain Analysis:
The emergence of the coronavirus crisis has pushed the need for wide operations of the pharma companies. Hence, activities for development and research to get to a viable solution in helping the masses are on the way. The activities that are being conducted are mostly likely to fuel different growth opportunities for the market on a global scale. Also, biohacking is emerging as a major market trend and people are spreading awareness regarding the same along with its connection with curing chronic diseases.
CVRx is one prominent market player that deals in the production of implants for treatment in cases of heart failure. Another player - Setpoint, is on the way to developing the neuro devices that are likely to aid the treatment for problems like Crohn’s disease, as well as arthritis. All these services are adding to the supply chain management to the end-users, by the efforts of the biohackers.
The top biohacking products belong to various segments of the Biohacking Market. These segments are as follows:
The market has both insides, as well as, outside biohacking, operated by the biohackers.
Owing to the need and bifurcation, the market includes sensors and strains, smart drugs, and much more.
The market segment of the application comes inclusive of drug testing - treatment and diagnosis, forensic sciences, synthetic biology, and genetic engineering, amongst others.
The End-Users are the first-hand users of the biohacking market and include forensic laboratories, pharma companies, and biotechnological industries.
There are 4 major geographical locations, based on which, the Biohacking Report has been compiled. These are:
The Regional Analysis of the Biohacking Market consists of other regions like Latin America, the USA, and Canada as parts of the North American regions. Owing to the 2023 forecast year, the North American regions have the highest potential and expectation for growth, with prominent figures.
Many Key Players have their strategic presence in these parts of North America. For instance, some prevalent labs belonging to the US are LA Biohackers, Genspcae, Biogarage, BioCurious, as well as Bioartlab. These regional forces are making use of the most prolific methods for the development of nootropic drugs that are a result of intelligence, and biohackers’ focus.
Biohacking Market Research Competitive Landscape:
The Biohacking Market Size is prominent all around the globe. Some of the noteworthy players in the market are mentioned henceforth:
These Market Players are not only accessing their company history, current market share, annual turnovers, and profit margins, but are also, focusing on the share generated by different segments, SWOT analysis, and strategies for growth and expansion. The latest push is in the form of innovation, and government investment for R&D-related initiatives.
Salvia Bioelectronics is a startup belonging to the Dutch region, that is on its way to the development of neurostimulation implantable devices. This has an important role to play in stopping migraine issues. The funds collected have reached an amount of 1.8 million euros, by the end of 2019.
Many startups are belonging to the US namely CVRx is known to have raised USD 340.6 million along with Setpoint that has a figure of USD 84.3 million, by developing the devices for neuro and heart devices. The Grindhouse wetware founder - Tim Cannon has known to have implanted a circadian device in his arm. This is body implantation that is first of its kind. The circadian device works well for the monitoring of body temperature.
Biohacking Market Overview:
Global Biohacking Market Research Report discusses all the major emerging market trends that reflect their impact on the market in the form of predictions and projections. The historical data in collaboration with the market dynamics, and forecasts regarding the market scope shortly, along with the prospects are covered. The report also consists of the Biohacking’s Market Segments and their sub-divisions. Also, the opportunities, prevailing, and emerging trends have been in limelight in collaboration with the share of particular regions, and the companies belonging to these regions. In all, the emphasis for the analysis is laid on different sources of generating the required revenue to meet the projected growth by the end of the forecast period of 2023.