Biohacking Industry Overview
The global biohacking market size was valued at USD 15.42 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 19.4% from 2021 to 2028.
Increasing adoption of biohacking practices by consumers, favorable public and private funding, and initiatives by key companies are expected to boost the market growth. The global market has been adversely affected by the COVID-19 pandemic. Many biohackers are focusing on research activities for manufacturing a COVID-19 vaccine using their biohacking techniques. Similarly, some biohackers are involved in producing a COVID-19 testing kit, which if approved, would help in scaling up the world’s COVID-19 testing capability. In October 2020, Zayner, a former NASA researcher, was in the process of developing a COVID-19 vaccine by replicating the vaccine, which had worked on monkeys.
Gather more insights about the market drivers, restrains and growth of the Global Biohacking Market
His plan was to test the vaccine on himself by working outside the regulatory structures. However, even though his experiment yielded promising results, they could not prove the vaccine’s efficacy completely. Such experiments are expected to significantly support the market growth. The increasing awareness regarding biohacking practices is also expected to boost the market growth.
The JAMK University of Applied Sciences conducted a research activity in May 2020, which included a study of the business potential of biohacking and the degree of adoption of biohacking practices at workplaces. It demonstrated that the user experience properties of biohacking obtained a score of 0.32 and 0.57, which showed that respondents are positive towards the adoption of biohacking practices at work.
Biohackers require basic funding for purchasing the equipment and materials. Unlike large-scale industrial science and technology institutions, groups of biohackers are dependent on alternative financing strategies for raising funds. Setting up DIY biotechnology labs can be costlier as compared to conventional biotechnology labs. Traditional funding sources do not support such expenses. Therefore, biohackers turn to options, such as crowdfunding. This factor poses a challenge to the market growth.
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Biohacking Market Segmentation
Grand View Research has segmented the global biohacking market on the basis of the product, application, end user, and region:
Biohacking Product Outlook (Revenue, USD Million, 2016 - 2028)
- Wearables
- Implants (Chips)
- Gene Modification Kits
- Smart Drugs
- Supplements
- Mobile Apps
- Others
Biohacking Application Outlook (Revenue, USD Million, 2016 - 2028)
- Monitoring
- Treatment
- Research
- Others
Biohacking End-user Outlook (Revenue, USD Million, 2016 - 2028)
- Pharmaceutical & Biotechnology Companies
- Hospitals & Clinics
- Forensic Laboratories
- Research & Academic Institutes
- Others
Biohacking Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- September 2020: Apple Inc. launched the iPad Air with A14 Bionic, which has second-generation machine learning accelerators. The company expanded its product portfolio with this.
- September 2020: Fitbit Inc. received approval from the U.S. FDA and European Union’s CE for its electrocardiogram app for assessing atrial fibrillation.
- August 2020: Fitbit, Inc. integrated its Fitbit Sense, an advanced health smartwatch with an electrodermal activity sensor, for managing stress, along with advanced heart rate tracking technology, an ECG app, and an on-wrist skin temperature sensor.
Key Companies profiled:
Some prominent players in the global biohacking market include:
- Apple Inc.
- The ODIN
- Thync Global Inc.
- Fitbit, Inc.
- Moodmetric
- HVMN Inc.
- Muse (Interaxon Inc.)
- Thriveport, LLC
- TrackMyStack
- OsteoStrong
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