Market Research Future has a cooked research report on the global biohacking market. The global biohacking market is growing continuously and expected to grow at a CAGR of 19.42% from 2017 to 2023.
Biohacking is the use of science, biology, and self-experimentation to take control of and upgrade the body, mind, and life. Biohacking include various aspects of biology such as synthetic biology, molecular biology, genetic engineering, biotechnology and drug testing to create something different. Synthetic biology is ruling the global biohacking market due to rising awareness about synthetic biology and wide range of applications in life science and healthcare.
Biohacking involves the use of medical, and electronic techniques to transform humans and manage individual’s biology. Some of the common Biohacking methods include consuming a nootropic to develop intelligence, memory and focus, installing DIY body improvement devices such as magnetic implants, and conducting advanced gene sequencing at home or in a lab. They set up biohacking labs, also known as hacklabs or hackerspaces in places such as garages, warehouses and other unused spaces.
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Key players in biohacking market:
Key players are now focusing on new product development and expansion strategies in the European 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.
Some of the key players in the global market are Fitbit, Inc. (U.S.), Apple (U.S.), Synbiota (Canada), THE ODIN (U.S.), HVMN, Inc. (U.S.), Thync Global Inc., U.S.A. (U.S.), Moodmetric (U.S.), and others.
Geographically, the global biohacking market is segmented into four regions namely Americas, Europe, Asia Pacific and the Middle East and Africa.
America is dominated with the largest market share owing to the different state legislations in Americas governing experimentations in biology, thus making it easier for the bio hackers to perform their tasks. Also, in the U.S there is strong focus on bioterror and biosecurity.
Europe emerged as the second largest market owing to the increasing prevalence of diabetes in these regions, and is expected to growth continuously in the future. This is an alert call for diabetes management and prevention in Europe. According to the report published by World Health Organization (WHO), currently over 60 million people live with diabetes in Europe. Additionally, diabetes is a major risk factor for the cardiovascular diseases.
Asia Pacific is anticipated to be the fastest growing regional market. According to the results of National Health Survey conducted by the Australian Bureau of Statistics, there were nearly 1.2 million people aged 2 years and above with diagnosed diabetes in Australia. Furthermore, the key players such as Apple are focusing on emerging economies such as Asia Pacific.
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The global biohacking market is segmented on the basis of type, product, application, and end user.
On the basis of type, the market is segmented into outside biohacking and inside biohacking.
On the basis of product, the market is segmented into smart drugs, sensors, strains, and others.
On the basis of application, the market is segmented into synthetic biology, genetic engineering, forensic science, diagnosis & treatment, drug testing, and others.
On the basis of end user, the market is segmented into pharmaceutical & biotechnology companies, forensic laboratories, and others.
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