The global biohacking market was valued at $10.1 billion in 2021 and it is expected to reach $90.4 billion at a CAGR of 21% between 2022 and 2032. The market growth is anticipated to be boosted by rising consumer adoption of biohacking procedures, favorable governmental and private funding, and activities by important firms.
By region, North America led this market with significant growth over the past few years.
A very complex area of bioengineering and biogenetics are known as biohacking deals with activities related to the study of yeast or other organisms that deal with developing the functionality of the human anatomy. The non-scientific community can engage and experience the created analytics and measures that address the latter thanks to biohacking. The biohacking market also gives you a thorough market analysis of each nation's increase in capital healthcare expenditure, installed base of various product types for the biohacking industry, and more.
Source: SAI Research
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Biohackers need basic money to buy the supplies and tools they need. Groups of biohackers rely on alternative financing techniques to raise money, in contrast to large-scale industrial science and technology institutions. DIY biotechnology lab setups can be more expensive than traditional biotechnology lab setups. These costs cannot be covered by conventional financial sources. Additionally, over the anticipated period of 2022 to 2032, the prevalence of chronic diseases, the demand for smart devices and medications, and awareness of biohacking are all expected to contribute to the market's growth.
The demand for biohacking is anticipated to rise as a result of the growing usage of radiofrequency identification (RFID) technology in medical devices and the internet of things adoption in consumer electronics, fitness, and healthcare. This can be attributed to the public's demand for high-quality healthcare. However, a lack of cyber security procedures could slow the market's expansion for biohacking. The market for biohacking is anticipated to expand as a result of the steep increase in chronic diseases and the rising elderly population.
Global biohacking market growth is anticipated to be fueled by a thriving biotechnology industry, significant advancements in gene treatment, and supporting government regulations. The market expansion is being impacted by the biotechnology sector's rapid technological breakthroughs, the availability of sophisticated infrastructure in industrialized nations, and substantial expenditure in the creation of several vaccines. Consumer interest in gradual dietary or lifestyle adjustments to create tiny improvements in health and well-being is influenced by the evolving healthcare landscape and the accessibility of resources.
Based on product type, the wearable segment accounted for the highest share of this market and is also anticipated to drive market growth during the forecast period. In the years to come, this segment's expansion will be supported by the market participants' increasing attention to it. Additionally, the term "wearable" describes the group of electronic gadgets that can be worn as accessories. These tools aid in tracking the body and assessing its health. Solutions and services utilized in numerous applications, such as synthetic biology, genetic engineering, forensic science, diagnosis and treatments, and drug testing, are included among the various components.
In terms of application type, the monitoring segment held most of the market share over the last few years and would also propel the market growth with more opportunities. Additionally, mobile apps are employed for monitoring, which promotes market expansion. However, by 2032, the treatment category is anticipated to have the biggest revenue share. The monitoring portion detained the major as a result of the increased use of biohacking devices, such as implants and wearable created for the observation purpose.
Geographically, the North American region has been dominating the market over the past few years and is also expected to hold its dominant position over the forecast period from 2022 to 2032. Increased research and development efforts by various government and non-government organizations for the creation of novel treatment options are among the main drivers propelling the regional market. There is a sharp growth in biohacking. Several public and private businesses, including Epicenter, provide their employees with implants in the Swedish market. Numerous businesses in the UK are giving their employees biohacking implants. On the other hand, the Asia-Pacific region is also expected to become the second-highest market in the future. This region is anticipated to expand at the fastest rate between 2022 and 2032 due to factors including the availability of technologically advanced healthcare infrastructure and beneficial government initiatives.
According to the study, key players such as Apple Inc (U.S), Alphabet Inc (U.S), Behavioral Tech (Taiwan), Elysium Health (U.S), HVMN (U.S), InteraXon (Canada), Moodmetric (Finland), OsteoStrong (India), Primal LifeSciences (India), Synbiota (Canada), The ODIN (U.S), Thriveport (Canada), among others are leading the global biohacking market.
|Market Size in 2021||US$ 10.1 Billion|
|Market Volume Projection by 2032||US$ 90.4 Billion|
|Forecast Period 2022 to 2032 CAGR||21%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Product Type: Wearable, Implants, Smart Drugs, Mobile Applications, Gene Modification Kits & Others
By Application Type: Monitoring, Treatment, Research & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Apple Inc (U.S), Alphabet Inc (U.S), Behavioral Tech (Taiwan), Elysium Health (U.S), HVMN (U.S), InteraXon (Canada), Moodmetric (Finland), OsteoStrong (India), Primal LifeSciences (India), Synbiota (Canada), The ODIN (U.S), Thriveport (Canada), among others.|
The Global Biohacking Market Has Been Segmented Into:
The Global Biohacking Market – by Product Type:
The Global Biohacking Market – by Application Type:
The Global Biohacking Market – by Regions:
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