by The global Biohacking Market is estimated to be valued at US$ 15755.29 Million in 2021 and is expected to exhibit a CAGR of 17% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biohacking refers to modifying one’s own biology through advancements in biotechnology, self-experimentation, and do-it-yourself (DIY) biology. It involves using tools such as genetic engineering, cognitive-enhancing drugs, and neurotechnology to improve human performance. Biohackers utilize technologies like smart drugs, computer chips, genetic engineering, and other approaches to reprogram biological systems. The increasing prevalence of chronic diseases and demand for performance enhancement has led to rising adoption of biohacking tools and techniques.
Market key trends:
One of the key trends driving the growth of the global biohacking market is the rising popularity of DIY biology movement. DIY biology refers to citizens and organizations engaged in biological experiments and research outside of traditional professional contexts such as corporate labs or university research. Through open source sharing and collaboration, DIY biologists conduct experiments with limited resources and engage in self-directed learning. The emergence of DIY biology has lowered the entry barriers for experimentation through sharing of knowledge, techniques and online forums. This has boosted the ethos of citizen science and supported the growth of biohacking market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the biohacking market is moderate due to the requirement of significant capital investment for R&D.
Bargaining power of buyers: The bargaining power of buyers is low due to the specialized nature of biohacking devices and services offered by few leading providers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of alternative component suppliers in the market.
Threat of new substitutes: The threat of new substitutes is high owing to continuous innovation and research in the field of life sciences and consumer technologies.
Competitive rivalry: The competitive rivalry in the biohacking market is high due to the presence of diversified product portfolios of major players.
Key Takeaways
The global Biohacking Market Share is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing consumer demand for self-tracking devices and technologies.
Regional analysis: North America dominated the global biohacking market in 2021 and is projected to maintain its dominance during the forecast period. This can be attributed to the presence of major players in the region and higher investments in R&D activities for advancement in neurotechnology and human enhancement technology.
Key players: Key players operating in the biohacking market are Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc. Thync Global Inc. offers ‘Thync’ wearable device for mood enhancement, relaxation, and energy boost without medication. Apple Inc. provides a wide range of health and fitness tracking features through Apple Watch. HVMN manufactures supplements for neuroplasticity and cognition enhancement.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
