Tuesday 19 January 2021
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Biohacking market projected to grow at CAGR of 19.42% by 2023

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Biology Health Biohacking market projected to grow at CAGR of 19.42% by 2023

Washington, DC: Biohacking is the use of science, biology, and self-experimentation to take control of and upgrade the body, mind, and life. Biohacking includes 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 a wide range of applications in life science and healthcare.

Key players are now focusing on new product development and expansion strategies in the European market. For instance, Apple Watch is one of the most popular products in continuous 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 (US), Apple (US), Synbiota (Canada), THE ODIN (US), HVMN, Inc (US), Thync Global Inc, US (US), Moodmetric (US), and others.

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.

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 biohackers 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.

Europe is regarded as the second largest market for biohacking. In Europe, the market for biohacking is found to be growing steadily. The major restraint for the growth of this market in Europe is strict regulations governing biohacking. For instance, European groups need to obtain licences from the government to carry out genetic engineering experiments.
Asia Pacific region is expected to grow at a steady rate owing to an increasing demand for smart devices and sensor, rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, neurological diseases, and growth of healthcare industry in the market. As per the WHO, cardiovascular diseases are the major cause of mortality in India. In 2015, there were nearly 30 million heart patients and the burden is expected to increase in the further, surpassing other countries across the globe. Additionally, diabetes is another major chronic disease among the geriatric population in the Asia Pacific.

Middle East & Africa show slow growth in the biohacking market. The market is driven by increasing demand for smart devices, changing lifestyle, and rising prevalence of obesity, diabetes and cardiovascular diseases. Egypt, United Arab Emirates (UAE), Kuwait, and Saudi Arabia have a high prevalence of obesity. Furthermore, the prevalence of obesity is found to be high among adults and children, which is of great concern. However, technology penetration is found to low in various parts of Africa. Biohack.ae is company currently working on biohacking which manufactures supplements, mushrooms, MCT oils and healthy fats, smart drugs, proteins, and coffee.

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 the end user, the market is segmented into pharmaceutical & biotechnology companies, forensic laboratories, and others.

A microchip is a unit of packaged computer circuitry, manufactured from a material such as silicon. They are made of microprocessors and for computer memory and are also used for various purposes such as such as analog-to-digital conversion, bit slicing, and gateways. Implanting microchips into the human body can transform a number of daily activities a person does. The size these microchips is as small as a rice grain that can be easily implanted under the skin. Most of the biohackers get these implanted into their skin which makes their tasks easier than ever before. For instance, opening a security lock or door.
Biohackers have developed a number of products exploring the body and mind, which will benefit the mankind. Some of the revolutionary products are microchips, smart drugs, magnetic fingertips, RFID implants, brain sensors, bacterial and yeast strains, health tracker, body sensors, smart blood pressure monitor and many others.

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