Biohacking Market Growth On The Basis Of Type, Application, Region & Forecast To 2028: Grand View Research Inc.
San
Francisco, 08 September 2023: The Report Biohacking Market Size, Share & Trends Analysis
Report By Product (Wearables, Smart Drugs), By Application (Monitoring,
Treatment), By End-user (Hospitals & Clinics, Pharma & Biotech
Companies), And Segment Forecasts, 2021 - 2028
The global biohacking
market size is anticipated to reach USD 63.7 billion by 2028, registering
a CAGR of 19.4% over the forecast period, according to a new report by Grand
View Research, Inc. Various initiatives by market players and rising funds for
biohacking are the major factors fueling the market growth. The adoption of
biohacking practices is growing due to their potential applications in
decreasing the risk of developing a disease, especially genetically associated
diseases, helping an individual to achieve mental, physical, or emotional
changes, such as weight loss or reducing depression symptoms; and optimize
general functions of the body, such as blood pressure.
The global market has been
significantly affected by the COVID-19 pandemic. Some of the major impacts of
COVID-19 on the market include supply chain disruptions, a decline in sales,
and low demand. However, biohackers in the industry are investing in some
research activities for the development of COVID-19 vaccines as well as test
kits. This neutralized the market growth in 2020. For the purchase of equipment
and materials, biohackers require basic funding. Other than crowdfunding, most
of the activities at these labs are self-funded through membership and workshop
fees. Furthermore, private donations are also used for raising money.
Oura Health, manufacturer of the Oura
ring, a sleep-improvement and sleep tracking platform, raised USD 20 million in
Series B funding led by MSD Capital in December 2018. The global market is
fairly competitive. Most of the market players have undertaken strategies, such
as new product launches, acquisitions, and partnerships, to gain a competitive
edge over each other. For instance, in September 2020, Apple Inc. partnered
with the government of Singapore for launching a national health initiative
using Apple Watch. With this, the country made an effort to leverage technology
for delivering advanced health benefits to its citizens.
Increasing adoption of
biohacking practices by consumers, favorable public and private funding, and
initiatives by key companies are expected to boost the market growth. The
global market has been adversely affected by the COVID-19 pandemic. Many biohackers
are focusing on research activities for manufacturing a COVID-19 vaccine using
their biohacking techniques. Similarly, some biohackers are involved in
producing a COVID-19 testing kit, which if approved, would help in scaling up
the world’s COVID-19 testing capability. In October 2020, Zayner, a former NASA
researcher, was in the process of developing a COVID-19 vaccine by replicating
the vaccine, which had worked on monkeys.
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Biohacking Market
Report Highlights
- The wearables
segment held the largest revenue share in 2020 owing to the high demand
for wearables across the globe
- The monitoring
application segment led the market with a revenue share of more than
28.17% in 2020 owing to high product adoption for monitoring patient
health conditions
- The forensic
laboratories segment is expected to register the second-fastest CAGR from
2021 to 2028 owing to the rising application of biohacking practices in
forensic laboratories
- In 2020, North
America held the dominant share of the overall revenue owing to the
presence of several key market players in the region, especially in the
U.S.
- Europe held the
second-largest revenue share in 2020 and will expand at a steady CAGR from
2021 to 2028
- Asia Pacific is
expected to record the fastest CAGR over the forecast period owing to the
presence of technologically advanced healthcare infrastructure along with
favorable government initiatives
Biohackers require basic funding for purchasing
the equipment and materials. Unlike large-scale industrial science and
technology institutions, groups of biohackers are dependent on alternative
financing strategies for raising funds. Setting up DIY biotechnology labs can
be costlier as compared to conventional biotechnology labs. Traditional funding
sources do not support such expenses. Therefore, biohackers turn to options,
such as crowdfunding. This factor poses a challenge to the market growth.
Biohacking Market Report Scope
Report Attribute |
Details |
Market size value in 2021 |
USD 18.4 billion |
Revenue forecast in 2028 |
USD 63.7 billion |
Growth rate |
CAGR of 19.4% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
List of Key
Players of Biohacking Market
- Apple, Inc.
- The ODIN
- Thync Global, Inc.
- Fitbit, Inc.
- Moodmetric
- HVMN, Inc.
- Muse (Interaxon, Inc.)
- Thriveport, LLC
- TrackMyStack
- OsteoStrong
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