Biohacking Market is geared to grow at a CAGR of 20% from 2023 to 2032, owing to rising demand for smart devices and effective drugs | insightSLICE
The global Biohacking market size was estimated to be US$ 19 billion in 2021 and is expected grow at a CAGR of 20% between 2023 to 2032.
The branch of bioengineering and biogenetics that deals with scientific activities of yeast or other organisms with growing functionality of the human anatomy is known as Biohacking.
Experiments are conducted in Biohacking that includes the use of drugs or gene editing or implants which improve the capabilities or qualities of living organisms.
It is sometimes referred as Do-it-Yourself (DIY) biology since it is managing one’s own biology with the combination of nutritional, electronic and medical technologies.
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Biohacking has spurred the development and innovation of new products and ensured the non-scientific community to participate and experience different aspects of technology and synthetic biology.
A few examples of the tools that biohacking has produced to analyze the human body include smart drugs, magnetic fingertips, brain sensors, smart blood pressure monitoring health trackers, body sensors, microchips and RFID implants.
The key players of the Global Biohacking Market are:
Apple Inc., The ODIN., Thync Global, Inc., Fitbit, Inc., MOODMETRIC, Health Via Modern Nutrition Inc., Muse, ThrivePort, LLC, Truckmaster, OSTEOSTRONG, Synbiota, SynBioBeta LLC, Grindhouse Wetware
Driving factors for the growth of Global Biohacking Market
The term Biohacking through analytics means the constant tracking of heart rate, steps, blood sugar level, burning calories or any other metrics. The increased use and adoption of biohacking products is expected to boost the growth of the biohacking market in the forecast period.
Rise in the adoption of biohacking products
Due to an increasing demand for new drugs for COVID-19 global pandemic and other lifestyle oriented diseases, there is an increase in funding for medical research activities and the growth of the market is certain.
The growing awareness among the doctors and patients regarding biohacking and increase in public and private healthcare expenditure has further bolstered the market growth.
Increasing research and development (R&D)
Various new bio hacks are introduced each year due to increasing R&D activities in molecular and synthetic biology for various medical disorders. These news drugs assist in reducing side effects of treatments and create more acceptance amongst patients.
The approval of new treatment options will increase the life expectancy of patients living with high mortality diseases. Furthermore, increasing collaborations between biohacking researchers and patients will bolster this market’s growth.
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Global Biohacking Market Key Segments:
By product:
- Smart drugs
- Sensors
- Strains
- others
By Application
- Synthetic biology
- Genetic engineering
- Forensic science
- Diagnosis & treatment
- Drug testing
By End User
- Pharmaceutical and biopharmaceutical companies
- Hospitals & clinics
- Research & academic institutes
- Forensic laboratories
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
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Biohacking market challenges
High costs in manufacturing
Developing biohacking devices is a highly complex and costly process compared to conventional biotechnology that requires significant investments, clinical trial expertise, quality systems, scientific standards and technical capabilities.
Bio hacking device manufacturers are required to invest in clinical trials and post-approval safety monitoring programs due to stringent regulations required by the regulators.
Adverse side effects of bio-hacking drugs and devices
Many biohacking drugs and devices previously introduced have shown multiple adverse side effects and therefore have been not approved by the regulators. Such setbacks for the manufacturers will further challenge the growth of the biohacking market.
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