Biohacking Market Share, Size, Trends, Industry Analysis Report, By Type (Inside and Outside); By Product (Smart Drugs, Sensors, Strains, and Others); By Application (Synthetic Biology, Genetic Engineering, Forensic Science, Diagnosis & Treatment, and Dru
- Published Date:Nov-2020
- Pages: 112
- Format: PDF
- Report ID: PM1732
- Base Year: 2019
- Historical Data: 2016 - 2018
Report Outlook
The global biohacking market was valued at USD 12,070.25 million in 2019 and is expected to grow at a CAGR of 20.4% during the forecast period. The growth of this market is attributed to the increasing demand for implantable devices such as dermal biosensor tattoos, blood test implants, 3D body printing parts, RFID, and NFC implants that enhance day-to-day life of people. For instance, The Three Square Market (the based U.S. tech firm) had offered their employees to implant a microchip as an option in 2017. This microchip is based on RFID (radio frequency identification) and NFC (Near Field Communication) technology, which helps to unlock the door, pay for the vending machine, unlock their computer system within their office.
Furthermore, a group of researchers had found a strand of bacteria genetically modified into light-sensitive bacteria which can be used to graft several body parts (including kidney) to print a 3-D image. Moreover, another type of biohacking implantation technology Dermal biosensor tattoo has been developed by a team of scientists (Technical University of Munich), that is applied to the skin as tattoos. It comes into ink form which contains three colors and implanted via injection. These sensor monitors blood sugar, protein, and PH level of the human body and reacts by changing the tattoo color.
In 2017, Elon Musk had announced the Neuralink venture, which is designed as ultra-fine threads. Neuralink implanted into brain to detect neuron activities. Elon Musk has invested USD 100 million for this project and he is planning to start the human trial by second half of 2020, subject to the FDA approval. Currently, numerous research and development have been conducted by the companies to control the crisis and develop new drugs due to the sudden rise in COVID-19 disease across the globe. Therefore, extensive demand for smart devices and drugs across the globe is anticipated to drives the growth of the global market.
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Industry Dynamics
Growth Drivers
The growing awareness about biohacking and the increasing prevalence of chronic diseases across the globe are the factors driving the global market. For instance, according to the Global Health and Wellness, report-2018, more than 40 percent of patients were diagnosed with cardiovascular condition. Furthermore, biohacking can be used in many applications such as boosting life expectancy and enhancing & optimizing human performance that lead to longevity which in turn drives the market growth.
Moreover, a sharp rise in geriatric population is expected to provide opportunities for the market to grow. For instance, according to the World Health Organization (WHO) 2018 report, over 60 years, the proportion of the world population will become double from 12 to 22%. From the same source, a common disease in older age is a chronic obstructive pulmonary disease, diabetes, depression, and dementia. Also, increasing research and development activities initiated by the government to develop new drugs is the factor propelling market growth. For instance, in 2020, the U.S has spent USD 5.1 billion on Covid-19 medical research.
Biohacking Market Report Scope
The market is primarily segmented on the basis of Type, By Product, By Application, By End-Use, and Geographic Region.
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Insight by Type
On the basis of type, the global market is bifurcated as inside and outside biohacking. Between these two, outside biohacking holds the maximum market share in this market. This high share is due to its application which is safer and easier than inside biohacking. For instance, taking certain supplements or diet. Nutrigenomics is considered the most popular type of outside biohacking and it helps to understand the role of genetics play in health and disease in detail. Thereby, nutrigenomics helps to reduce the risk of developing disease without affecting the body. On the other hand, inside biohacking is sophisticated and expensive as compared to the outside biohacking.
Insight by Product
On the basis of product, the global market includes smart drugs, sensors, strains, and others. In 2019, the smart drugs segment holds the largest market share due to the increasing demand for health supplements. The smart drugs referred to as cognitive enhancers and used to improve memory, executive function, and enhance creativity in individuals. Furthermore, the demand for the memory-boosting supplement is also increasing among the children. Also, for stress management as well as enhancing the quality of sleep, the demand for nutrient-dense diets is increasing nowadays.
Insight by Application
Based on application, the global market is segmented into synthetic biology, forensic science, diagnosis & treatment, genetic engineering, and drug testing. Among these, diagnosis & treatment holds the maximum market share due to the increasing prevalence of chronic disease across the globe. On the other hand, drug testing is expected to hold the highest CAGR in the forecast period due to increasing research & development by the company and initiative by the government. For instance, in 2015, an eye drop had been developed using a derivative of chlorophyll found in deep-sea fish by a biohacking lab in California.
Insight by End Use
On the basis of end-use, the global market is segmented into pharmaceutical & biotechnology companies, forensic laboratories. Among these, pharmaceutical & biotechnology companies hold the largest market share due to the increasing prevalence of diseases and rising demand for devices for monitoring of the blood sugar level, heart rate, and body movement.
Geographic Overview
Based on the region, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and MEA. Among all, North America accounts for the highest market share in the global market due to increasing healthcare expenditure coupled with technologically advanced healthcare infrastructure. On the other hand, most key players such as Apple operating in the North America region such as Canada & the U.S. which is another factor propelling the market growth.
Also, increasing research and development activities by companies to develop new drugs for the treatment of the patient is the factor responsible for heightening market growth in the region. Increasing the prevalence of chronic diseases such as heart disease, cancer, diabetes in North America regions is expected to propel the growth of the market. For instance, according to the American Heart Association report, in 2017, Coronary Heart Disease was the leading cause (approx. 42.6%) of deaths in the US. It includes cardiovascular diseases like diseases of the arteries (2.9%), stroke (17.0%), Heart Failure (9.4%), High Blood Pressure (10.5%), and other cardiovascular diseases (17.6%).
Europe holds the second largest market share due to the well-established healthcare infrastructure. Furthermore, Asia Pacific is expected to grow at the highest CAGR in the forecast period due to rapidly improving healthcare infrastructure. According to an article released by Hindustan Times in 2017, it raised concern about easy garage lab setup in India. Because there is still no regulation developed for such labs which may lead to a dangerous state in case of developing any dangerous viral/bacterial disease like Covid-19.
Competitive insights
The companies operating in the global market are involved in the development of the product, strategic initiative, and regional expansion. For instance, in June 2020, Apple has launched watchOS 7, which is the newest version of the operating system that runs on the Apple watch and used to monitor the sleeping pattern of the patient, which in turn drives the market growth. Some of the major players operating the biohacking market include Thync Global Inc., Apple, HVMN, Inc., Synbiota, Grindhouse Wetware, MoodMetric, THE ODIN, and Fitbit, Inc.
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