According to Market Statsville Group, the global biohacking market size is estimated to grow from USD 19.2 billion in 2021 to USD 54.6 billion by 2030, at a CAGR of 17.3% from 2022 to 2030. Rising demand for smart devices and the growing prevalence of chronic diseases are a few factors driving the growth of the global biohacking market. However, the strict regulations that govern the genetic engineering experiments, shortage of funds required for research, and lack of expertise and cyber security practices are expected to restrain the market growth during the forecast period.
Experiments in biology comprise the use of drugs, qualities of living organisms, gene editing, or implants that improve the capabilities. Biohacking is managing an individual’s biology with the combination of nutritional, electronic, and medical technologies. It is often referred to as Do-It-Yourself (DIY) biology. It has brought an absolute change in synthetic biology by combining the aspects of technology and synthetic biology. It has further developed an urge for the innovation of new products in the field of the pharmaceutical industry.
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Biohackers require basic funding for purchasing the materials and equipment. Unlike large-scale industrial science and technology institutions, groups of biohackers are dependent on financial strategies for raising funds. Setting up DIY biotechnology labs is costlier than conventional biotechnology labs. Moreover, the conventional funding sources do not support such expenses. Thus, biohackers turn to options, such as crowdfunding. This factor poses a challenge for market growth.
COVID-19 Impact on the Global Biohacking Industry
The global market has been affected by the COVID-19 pandemic. Using the biohacking techniques, many biohackers focussed on research activities for manufacturing COVID-19 vaccines. Similarly, some biohackers are producing a COVID-19 testing kit, which, if approved, would help scale up the world’s COVID-19 testing capability. Zayner, a former NASA researcher, with a group of Biohackers named The Central Dogma Collective (CDC), tested a DNA-based COVID-19 vaccine in October 2020, which had worked on monkeys.
Scope of the Global Biohacking Market Research Report
The biohacking market has been segmented into product, application, end-users, and region.
By Product Outlook (Revenue, USD Million, 2017-2030)
- Wearables, Implants (Chips)
- Gene Modification Kits
- Smart Drugs
By Application Outlook (Revenue, USD Million, 2017-2030)
- Synthetic Biology
- Genetic Engineering
- Forensic Science
- Diagnosis & Treatment
- Drug Testing
By End-User Outlook (Revenue, USD Million, 2017-2030)
- Pharmaceutical & Biotechnological Companies
- Forensic Laboratories
- Hospitals & Clinics
- Research & Academic Institutes
By Region Outlook (Revenue, USD Million, 2017-2030)
- North America (US, Canada, Mexico)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, ASEAN, Australia, Rest of Asia Pacific)
- Middle East and Africa (Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, and Rest of Middle East and Africa)
- South America (Brazil, Argentina, Peru, Rest of South America)
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Smart drugs, by product, is estimated to hold the highest CAGR during the forecast period
Based on product, the global biohacking market is segmented into wearables, implants (chips), gene modification kits, smart drugs, supplements, and others. The wearables segment held the largest revenue share in 2021, backed by the rapidly increasing adoption of wearable medical devices, including smartwatches, patches, and smart rings.
The smart drugs segment is estimated to project the highest CAGR during the forecast period. Smart drugs consist of nootropics that are cognitive enhancers, assist in improving memory and executive functions. It motivates people to maintain their health and helps in increasing their creativity.
North America accounts for the largest market share during the forecast period in the Biohacking market
Based on the regional analysis, North America is estimated to account for the major share in the biohacking market and is expected to retain its position during the forecast period. The major factors driving the regional market growth include the government's rapidly increasing R&D activities and organizations to develop novel treatment options for mental health. Moreover, the increasing adoption of synthetic biology, majorly in the U.S., is further supporting the market growth in North America.
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In terms of growth, Asia Pacific is estimated to project the fastest growth in the biohacking market during the forecast period. This is due to the investment by the respective governments in the establishment of technologically advanced healthcare infrastructure, further supported by favorable government initiatives. Moreover, the extensive R&D activities in the healthcare sector in the emerging economies, such as China and India, are expected to support the regional market growth during the forecast period.
Biohacking Market Competitors
This research report reviews the key companies in the biohacking market and their winning strategies, and a study of their development and marketing strategies. It also includes profiles of major companies, such as Apple Inc., Thync Global Inc., Fitbit, Inc., The ODIN, Moodmetric, Muse (Interaxon Inc.), Thriveport, LLC, TrackMyStack, HVMN Inc., and OsteoStrong.
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