SAN FRANCISCO, June 28, 2021 /PRNewswire/ — The global biohacking market size is anticipated to reach USD 63.7 billion by 2028, registering a CAGR of 19.4% over the forecast period, according to a new report by Grand View Research, Inc. Various initiatives by market players and rising funds for biohacking are the major factors fueling the market growth. The adoption of biohacking practices is growing due to their potential applications in decreasing the risk of developing a disease, especially genetically associated diseases, helping an individual to achieve mental, physical, or emotional changes, such as weight loss or reducing depression symptoms; and optimize general functions of the body, such as blood pressure.
Key Insights & Findings:
- The wearables segment held the largest revenue share in 2020 owing to the high demand for wearables across the globe
- The monitoring application segment led the market with a revenue share of more than 28.17% in 2020 owing to high product adoption for monitoring patient health conditions
- The forensic laboratories segment is expected to register the second-fastest CAGR from 2021 to 2028 owing to the rising application of biohacking practices in forensic laboratories
- In 2020, North America held the dominant share of the overall revenue owing to the presence of several key market players in the region, especially in the U.S.
- Europe held the second-largest revenue share in 2020 and will expand at a steady CAGR from 2021 to 2028
- Asia Pacific is expected to record the fastest CAGR over the forecast period owing to the presence of technologically advanced healthcare infrastructure along with favorable government initiatives
Read 163 page market research report, “Biohacking Market Size, Share & Trends Analysis Report By Product (Wearables, Smart Drugs), By Application (Monitoring, Treatment), By End-user (Hospitals & Clinics, Pharma & Biotech Companies), And Segment Forecasts, 2021 – 2028“, By Grand View Research.
The global market has been significantly affected by the COVID-19 pandemic. Some of the major impacts of COVID-19 on the market include supply chain disruptions, a decline in sales, and low demand. However, biohackers in the industry are investing in some research activities for the development of COVID-19 vaccines as well as test kits. This neutralized the market growth in 2020. For the purchase of equipment and materials, biohackers require basic funding. Other than crowdfunding, most of the activities at these labs are self-funded through membership and workshop fees. Furthermore, private donations are also used for raising money.
Oura Health, manufacturer of the Oura ring, a sleep-improvement and sleep tracking platform, raised USD 20 million in Series B funding led by MSD Capital in December 2018. The global market is fairly competitive. Most of the market players have undertaken strategies, such as new product launches, acquisitions, and partnerships, to gain a competitive edge over each other. For instance, in September 2020, Apple Inc. partnered with the government of Singapore for launching a national health initiative using Apple Watch. With this, the country made an effort to leverage technology for delivering advanced health benefits to its citizens.
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)
- Implants (Chips)
- Gene Modification Kits
- Smart Drugs
- Mobile Apps
- Biohacking Application Outlook (Revenue, USD Million, 2016 – 2028)
- Biohacking End-user Outlook (Revenue, USD Million, 2016 – 2028)
- Pharmaceutical & Biotechnology Companies
- Hospitals & Clinics
- Forensic Laboratories
- Research & Academic Institutes
- Biohacking Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Biohacking Market
- Apple, Inc.
- The ODIN
- Thync Global, Inc.
- Fitbit, Inc.
- HVMN, Inc.
- Muse (Interaxon, Inc.)
- Thriveport, LLC
Find more research reports on Global Healthcare IT Industry, by Grand View Research:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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