The Global Biohacking Market, by Type (Inside and Outside), by Product (Smart Drugs, Sensors, Strains, and Others), by Application (Synthetic Biology, Genetic Engineering, Forensic Science, Diagnosis & Treatment, and Drug Testing), by End User (Pharmaceutical & Biotechnology Companies, Forensic Laboratories, and Others) by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America) was valued at US$ 15755.29 Million in 2021 and is projected to exhibit a CAGR of 17 % during the forecast period (2021-2028).
The key players in the global biohacking landscape are expanding their market presence by taking strategic initiatives and by being involved in new product developments. Rising demand in the individuals for better lifestyle choices is forcing the market players to invest more in R&D. For instance, Apple Inc. recently launched its latest watchOS7 series (2020) that can be used to monitor a patient’s sleeping patterns.
Global biohacking market– Impact of Coronavirus (COVID-19) Pandemic
COVID-19 pandemic has affected various industries globally. The players operating in the global biohacking market are facing major challenges on various fronts due to the COVID-19 pandemic. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, the number of COVID-19 cases reported globally, as of 17 June 2021, are approximately 176,531,710 confirmed cases with 3,826,181 deaths. COVID-19 disease has affected the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another. The crisis due to coronavirus disease has given a boost to pharmaceutical companies to grow and develop an ambitious drug and vaccine projects with a sole aim to contain the viral outbreak. Such demanding R&D projects are in turn creating a wealth of opportunities for innovations in biohacking market landscape as well.
Browse 44 Market Data Tables and 37 Figures spread through 158 Pages and in-depth TOC on “ Global biohacking market”- Forecast to 2028, Global biohacking market, by Product (Smart Drugs, Sensors, Strains, and Others), by Application (Synthetic Biology, Genetic Engineering, Forensic Science, Diagnosis & Treatment, and Drug Testing), by End User (Pharmaceutical & Biotechnology Companies, Forensic Laboratories, and Others) by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America)
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The key players operating in the market are focusing on increasing launches of new products, which is expected to propel the growth of the global biohacking market over the forecast period. For instance, on January 9, 2020, InteraXon announced the launch of a Meditation Sleep Headband. This multi-sensor fabric headband offers a new way to access biofeedback-enhanced meditation, and promote healthy pre-sleep habits for restorative sleep.
Key Takeaways of the global biohacking market:
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