Biohacking, also known as do-it-yourself (DIY) biology, uses self-diagnosed medicines or electronic devices for enhancing the capabilities of the body or increase the overall well-being of the human body. The method has gained traction due to the intake of nootropic drugs for enhancing cognitive power and raise focus levels. The global biohacking market report by Market Research Future (MRFR) outlines several trends and opportunities which can widen its scope in the forthcoming years.
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Experiments are always conducted in medical science and every experiment impacts healthcare sector in some way. The purpose of such experiments is sometimes biohacking that is defined as the use of function-enhancing drugs or the use of external or internal implants to improve cognitive function, memory, and creativity in individuals. Nootropic drugs are an important component of biohacking as they are useful for enhancing intelligence and focus. This is also called do-it-yourself (DIY) biology.
The key factors driving the growth of global biohacking market include awareness of biohacking, demand for smart devices & drugs, increasing use of radiofrequency identification (RFID) technology in medical devices in various industries, and prevalence of chronic ailments. The factors that can hamper market growth include growing geriatric populace, lack of cybersecurity practices, and a sharp rise in chronic ailments.
The global biohacking market is poised to reach a stellar size of USD 25,013 million by 2023. It can exhibit a phenomenal CAGR of 19.42% from 2017 to 2023 (forecast period). Major drivers of the market include rising health consciousness levels, prevalence of chronic diseases, awareness of biohacking, and immense demand for smart devices and drugs. The embedding of RFID technology in majority of electronic devices combined with the proliferation of internet of things (IoT) can drive the market growth throughout the forecast period.
Prevalence of chronic diseases such as cancer is one of the major drivers which can trigger demand for biohacking. According to the American Cancer Association, nearly 13% of the global population below the age of 20 can get diagnosed with cancer. Early diagnosis as well as preventive solutions can induce the demand in the biohacking market during the forecast timespan.
But the shortage of defined cyber laws and policies can deter market growth.
The key players in the global biohacking market include Apple (USA), Fitbit Inc. (USA), HVMN Inc. (USA), MoodMetric (USA), The Odin (USA), Thync Global Inc. (USA), and Synbiota (Canada).
The global biohacking market is segmented by type, product, application, and end-user.
By type, it is segmented into inside and outside biohacking. Outside biohacking is expected to touch a value of USD 16,142.38 million by 2023 by exhibiting a CAGR of 19.42% during the forecast period. Inside biohacking, on the other hand, can reach a significant valuation by exhibiting a CAGR of 18.88% during the aforementioned period.
By product, it is segmented into smart drugs, strains, sensors, and others. Smart drugs can exhibit 19.88% CAGR to touch a value of USD 11,980.71 million by 2023. It stood at USD 3,367.33 million in 2017. Smart drugs are being increasingly used by consumers for boosting their overall performance by enhancing their focus. High cases of attention-deficit hyperactive disorder (ADHD) can also drive the segment demand till the end of the forecast period.
By application, it is segmented into drug testing, genetic engineering, forensic science, synthetic biology, diagnosis & treatment, and others. The synthetic biology segment is touted to exhibit a CAGR of 19.81% during the forecast period to touch a value of USD 3,255.75 million. The rising interest of genomics companies as well as the modification of cells in novel ways can drive the segment growth.
By end-user, it is segmented into forensic laboratories, pharmaceutical & biotechnology companies, and others. Pharmaceutical & biotechnology companies can accrue close to USD 13,882.08 million by 2023.
Asia Pacific (APAC), the Americas, Europe, and the Middle East & Africa (MEA) are regions taken into consideration in the compilation of the global biohacking market report.
The Americas can touch a valuation of USD 10,573.53 million by 2023 due to the presence of numerous biotechnology startups and synthetic biology companies. High awareness of the youth of the latest trends in DIY biology can work in favor of the market.
The APAC regional valuation can scale at a CAGR of 19.9% during the forecast timespan due to a large patient pool and rising cases of rare diseases. Economies of China and India with a large healthcare budget as well as high expendable incomes of customers can be lucrative for the global biohacking market.
Venture capital firms are increasingly investing in biohacking firms for the treatment of mental disorders and genetic diseases. Salvia Bioelectronics which specializes on developing neuro-stimulating devices has raised close to USD 3.4 million.
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