The global biohacking market is estimated to be valued at USD 15755.29 Million in 2022 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 the use of emerging technologies for optimization of human functions, biology, and augmenting capabilities. It involves self-experimentation using genetic engineering, wearable devices, brain implants and more. These technologies have advantages like enhancing one's health, memory, cognition, concentration and more. With growing focus on self-improvement, optimization of human functions and managing health through personalization, the need for biohacking is increasing.
Market key trends:
One of the major trends in the global biohacking market is the growing adoption of CRISPR and optogenetic technology. CRISPR has emerged as a powerful tool for editing genomes. With continued research and advancements, CRISPR technology is demonstrating potential applications for treating genetic disorders. Meanwhile, optogenetics allows controlling neural activity by introducing light-sensitive proteins into neurons, enabling manipulation of circuits with millisecond temporal precision. Researchers are applying this technology to study various neuropsychiatric disorders.
Here is the segment analysis and key takeaways for the given biohacking market research report:
Segment Analysis
The global biohacking market is segmented into hardware, software, and services. Among them, the hardware segment dominated with a share of over 40% in 2021. The segment is expected to continue its dominance during the forecast period as well due to the growing demand for brain-computer interface devices and genetic programming tools among biohackers. Hardware tools such as brain stimulation devices and implantables allow biohackers to directly interact with and modify their bodies and brains. The ability to achieve rapid results through the use of hardware has made it the most popular segment currently in the biohacking market.
Key Takeaways
The global Biohacking Market Share size was valued at USD 15755.29 Million in 2021 and is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period from 2021 to 2028. This can be attributed to the increasing adoption of do-it-yourself biohacking techniques and tools among early adopters and quantified self users to enhance health and optimize human performance.
North America dominated the global biohacking market with a share of over 35% in 2021 owing to active product innovation and rising investments in the region. However, Asia Pacific is expected to exhibit the highest CAGR during the forecast period due to the growing young demographic interested in biohacking and rising disposable income in countries such as China and India.
Some of the prominent players operating in the biohacking market are Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc. Key players are focusing on new product launches and strategic collaborations with research institutes to strengthen their presence in the emerging biohacking industry.
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