BIOHACKING MARKET ANALYSIS

Biohacking refers to the biological experiments conducted in small labs that are done by either an individual or a small community. That is why biohacking is also called as Do-It-Yourself (DIY) biology. The biological experiments performed in small labs could be related to genetic engineering, 3-D printing using light-sensitive bacteria, or many such biological experiments. Biohackers have developed various products to explore the human body and mind such as smart drugs, microchips, brain sensors, magnetic fingerprints, RFID implants, bacterial and yeast strains, smart blood pressure monitor, and health trackers.

The global biohacking market is estimated to be USD 15755.29 Million in 2021 and is expected to reach USD 45951.81 million by 2028 to grow at a CAGR of 17% during the forecast period (2021 –2028).

Figure 1. Global Biohacking Market Value (US$ Mn), and Y-o-Y Growth (%), 2017-2028

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The rising demand for smart devices is expected to drive the market growth over the forecast period.

Increasing demand for smart devices is expected to propel the m arket growth over the forecast period. In December 2020, InsideTracker launched its mobile app, InsideTracker that provides a platform for people to receive real-time information and recommendations, the app integrates data from an individual’s blood biomarkers, DNA, and activity trackers. Through activity trackers, InsideTracker users can track their resting heart rate and sleep data, including their REM sleep time and deep sleep time, and receive a more in-depth and precise understanding of their health and performance.

Figure 2. Global Biohacking Market Share (%), by Type, 2021

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Biohacking Market – Regional Analysis:

North America region is expected to dominate with the largest market share in the global biohacking market, owing to the different state legislations in the U.S., governing experimentations in biology, thus making it easier for the bio hackers to share tips and techniques to help non-experts conduct structured experiments on themselves outside of a controlled experimental environment. On the other hand, Europe has emerged as the second largest market in the biohacking sector, owing to the increasing prevalence of diabetes in this region, mostly due to increases in overweight and obesity, unhealthy diet and physical inactivity which makes diabetes one of the most common chronic disease in the Europe region, which is expected to grow continuously in the future. According to the report published by World Health Organization (WHO) in 2019, currently over 60 million people suffer with diabetes in the Europe. Additionally, diabetes is a major risk factor for the cardiovascular diseases.

Global Biohacking Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it as a public health emergency in 2020. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, the number of COVID-19 cases reported in the U.S. as of June 3, 2021 are approximately 32,963,318 with around 589,555 deaths. The coronavirus or COVID-19 outbreak that started from Wuhan, China, and has spread across continents, affecting various industries globally. Supply of key materials such as probes required for interventional ablation have been severely disrupted due to forced quarantine and imposed lockdowns in various countries, which has led to disruption in the link between warehouses. The coronavirus crisis has given a boost to the pharmaceutical companies to grow, which have been actively working on ambitious drug and vaccine projects with a sole aim to contain the viral outbreak. Such demanding R&D projects are creating a wealth of opportunities for innovations in biohacking market landscape.

Global Biohacking Market: Restraint

Strict regulations that govern the genetic engineering experiments, lack of funds required for research, and lack of expertise as well as lack of cyber security practices are expected to restrain the market during the forecast period. One of the main issues is that these biohacking devices use web services to communicate with each other and feed data directly to patient’s medical records. A lot of web services are unauthenticated or unencrypted between devices, so a hacker could alter the information that gets fed into the medical record.

Key Players

Major players operating in the global biohacking market include Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc.