Biohacking Market Insight
The global biohacking market is projected to attain a higher position in healthcare sector by gaining a CAGR of 19.42% by 2023, asserts Market Research Future (MRFR). Continuous technical advancements have motivated the market to grow substantially over the time and will continue at the same pace by 2023.
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Biohacking Market Drivers & Trends
The growth of the market is driven by factors such as awareness of biohacking, prevalence of chronic diseases, and demand for smart devices and drugs are probably to drive the market growth over the forecast period (2017-2023). There has been a sharp rise noticed in chronic diseases coupled with the growing geriatric populace, which is expected to provide opportunities for the market to grow.
The increasing use of radiofrequency identification (RFID) technology in medical devices combined with the penetration of internet of things (IoT) in healthcare, fitness, and consumer electronics is yet another factor expected to push the market demand. The market players are now taking up numerous researches to enhance the market growth.
In addition, several organizations are undertaking initiatives for the development of technologically advanced biohacking market and contributing to the core in the development of the market for the future. On the other hand, the manufacturers are also doing wonders in fulfilling the demand of biohacking in global healthcare sector. These factors have encouraged the global biohacking market to flourish considerably during the assessment medium and would pave more ways for opportunities to expand benefits of it.
Biohacking Market Segmentation
In terms of type: the market includes outside and inside biohacking.
Product-wise: The market includes strains, sensors, smart drugs, and others.
By applications: it include synthetic biology, forensic science, genetic engineering, diagnosis & treatment, drug testing, and many others.
In terms of end-users: it includes pharmaceutical & biotechnology companies, forensic laboratories, and others.
Biohacking Market Detailed Regional Outlook
The biohacking market report is analyzed with respect to major regions such as Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa. Among these, the North America’s market growth is expected to gain valuation of USD 10573.53 million during the forecast period is expected to retain its top position as well. Its quadruple leap has been ensured by the presence of several biotechnologies and synthetic biology companies. Awareness among the youths also has a lasting impact which consequently propels the market ahead.
Europe’s market holds the second position. But the APAC region is showing stellar progress and is expecting the fastest growth rate of 19.91% during the forecast period. The region has a huge patient pool that requires constant monitoring. Emerging economies such as China and India are also impacting the market by revamping the entire healthcare infrastructure.
Key Players Of Biohacking Market
The major companies profiled in the report include ODIN, HVMN, Inc., Synbiota, Apple, Thync Global Inc., U.S.A., Moodmetric, Fitbit, Inc., and others. ODIN is leading the market from the front with a 25% share of the global market followed by HVMN, Inc., and Synbiota.
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