ID: MRFR/HC/3719-CRR | September, 2018 | Region: Global | 157 pages | Cooked Research Reports
Global Biohacking Market: Information by Type (Inside, Outside), Product (Smart Drugs, Sensors, Strains, Others), Application (Synthetic, Genetic Engineering, Others), End-user (Pharmaceutical & Biotechnology Companies, Forensic Laboratories, Others), Region—Forecast till 2023
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 durgs are factors likely to drive the market growth over the forecast period (2017-2023). The biohacking market can mushroom in size at a 19.42% CAGR during the assessment period owing to continuous technological advances. Lack of cyber security practices can deter the market growth. The sharp rise noticed in chronic diseases coupled with the growing geriatric populace is expected to provide opportunities for the market 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 market demand. This can be credited to the need for quality healthcare needs among the populace.
The report covers the latest trends affecting the 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 market and its future prospects. MRFR’s report includes a thorough analysis of the global 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 global biohacking market is segmented into outside and inside biohacking. Product-wise, the 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 market when creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the 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, 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 global biohacking market.
Biohacking Market – Summary
The healthcare sector is moving gradually towards customization of treatment. The cure for a particular disease depends mostly on individual biology and more the knowledge, more the chances for finding a better cure for various diseases. Many can consider biohacking or Do-it-Yourself (DIY) biology as avant-garde, but it’s the next leap that synthetic biology is making. The procedure includes constant monitoring of an individual’s biology with a blend of medical, nutritional, and electronic technique. The lab experiments are done in this process on a much smaller and focused scale to explore various possibilities associated with biotechnology, molecular biology, genetic engineering, and many other aspects. Among the different experimental techniques, inserting a microchip into the body to control the stress level or monitor heart rate has gained momentum.
Prevalence of chronic diseases, such as diabetes and cancer, is one major driving force that is triggering the market growth. As per the reports of the American Cancer Association, 13% of the population are often diagnosed with cancer before they cross age 20. The American Diabetic Association indicates that 9.3% of the entire population is suffering from diabetes. Such chronic diseases are always a burden on the country as they reduce productivity considerably. Early diagnosis is the only way out and is a belief that is triggering the biohacker market growth.
Advancing technologies have also infused the healthcare market with innovative medical devices and sensors, and the sector is growing by leaps and bounds. But its just the beginning as a constant influx of upgradation is also expected to create healthcare-related awareness and would widen the horizon of the market. Various technologies such as radio frequency identification (RFID) and the inclusion of the internet of things (IoT) have gained momentum in the sector. Their application in various gadgets has charmed a particular section of the populace which in consequence is propelling the market ahead in an unprecedented way.
On the flip side, the market can witness a perforating effect from cybercrimes. Web hackers’ invasion can leak confidential data which can have a detrimental impact on the market. At the same time, insulin pumps, cochlear implants, and pacemakers can be accessed remotely which could result in fatal consequences or divulge personal information. This can bottleneck the market for a short span of time. However, gadget-friendly generation can give the market a new direction.
Type-wise segmentation includes outside and inside biohacking. Outside biohacking had a market valuation of USD 4,579.35 million in 2017 which is expecting almost quadruple rise during the forecast period to USD 16,142.38 million with the fastest CAGR of 19.72%. Inside biohacking is also gaining considerable ground and is touted to inflate with an 18.88% CAGR during the same period.
By product, the market can be segmented into smart drugs, sensors, strains, and others. Smart drug segment is spearheading the market, and its growth from a valuation of USD 3,367.33 million to a predicted USD 11,980.71 million in 2023 is impressive as it gives a peek into the biohacker market’s proliferation. The sub-segment is also going to have the fastest CAGR of 19.88% during the review period.
Based on applications, the market can be segmented into synthetic biology, genetic engineering, forensic science, diagnosis & treatment, drug testing, and others. Synthetic Biology to grow substantially and dominate the market during the assessment period by having a valuation of USD 3,255.75 million. The segment will also ensure a significant foothold with the maximum CAGR of 19.81% during the same period.
Based on end-users, the market can be segmented into pharmaceutical & biotechnology companies, forensic laboratories, and others. Pharmaceutical & biotechnology companies held the most significant share of the globally generated revenue in 2017, and during the forecast period, it can rise to a valuation of USD 13,882.08 million. An impressive CAGR of 19.73% will ensure the quadruple leap.
Geographic analysis of the global market includes the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas, with a market valuation of USD 2999.05 million, are currently the market deciders and an expected rise to USD 10573.53 million can ensure their position in the top. Presence of a large number of biotechnology and synthetic biology companies in the region can take the credit for the region’s supremacy. In addition, youth from the region are more aware of the far-fetching impacts of the market which acts as a tailwind for the market.
However, the APAC is not far behind in gaining momentum and can scale a CAGR of 19.91% during the same period. The region has a huge patient pool suffering from chronic diseases which are impacting the regional market in a significant way. Emerging economies such as India and China are also making remarkable efforts in revamping their medical infrastructure which can consequently boost the market.
Among the various fields, animal-free leather, electric DNA control, non-browning apples, DNA printing and other are segments that can bring in significant change in the biohacking market. The key players are investing heavily in developing strategies that would give them the advantage to stay ahead of the rest. These strategies often include mergers and acquisitions, along with innovations. The ODIN, at present, is leading the market with 25% of the total market share followed by HVMN, Inc., and Synbiota.
Major companies profiled in the report include ODIN, HVMN, Inc., Synbiota, Apple, Thync Global Inc., U.S.A., Moodmetric, Fitbit, Inc., and others.
Global Biohacking Market: Competitive Landscape
The global biohacking market is currently dominated by Fitbit, Inc., Apple, Synbiota, THE ODIN, HVMN, Inc., Thync Global Inc., U.S.A., and MoodMetric. Prominent market players are engaged in several strategies such as product launches, partnerships, and acquisitions to enhance their presence in the biohacking market. For instance, Apple Watch is one the most popular products in continuously health monitoring and tracking devices. “watchOS 4” launched by Apple featured G5 Continuous Glucose Monitor (CGM) which become popular among the iPhone users across the globe.
The global biohacking market is led by THE ODIN with 25% of the market share owing to well-developed market and wide range of products offered by the company, which is expected to witness a rise during the assessment period. Further, HVMN, Inc with 16.20%, Synbiota with 12.10%, Fibit with 9%, and Apple with 5.20% accounting for 2nd, 3rd, 4th, and 5th position in global market. Furthermore, rest 32.50% of the market is accounted by other manufacturers for the global biohacking market.
Furthermore, the key players such as Apple are focusing on emerging economies such as Asia Pacific. Apple is a leading market player in medical technology across the globe. The biohacking market in Asia Pacific is driven by the use of herbs and various botanical plants proving to be a successful practice, especially in China. Eushion Industrial Co., Ltd. and Wuxi Fofia Technology Co., Ltd are two companies that are working under biohacking in China.