Biohacking Market Estimated to Witness High Growth Owing to Increasing Adoption of Emerging Healthcare Technologies & Personalized Medicine
The 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 experimenting with one's own biology using means such as genetic engineering, neuroenhancement, psychopharmacology and implantable devices . It encompasses the use of sensors, implants and brain stimulation to enhance cognitive abilities , mood and athletic performance. Biohacking aims at increasing longevity and improving memory, focus, and overall health and well-being.
Market Dynamics:
The biohacking market is primarily driven by increasing adoption of emerging healthcare technologies and personalized medicine. With advancements in technologies like wearable devices and neuroscience, consumers are exploring ways to optimize their health and performance by tracking biometrics and manipulating brain activity and genetic materials. The growing digitization of healthcare and availability of self-tracking tools enabling personalized care is also fueling demand for biohacking. Furthermore, the market growth is supported by rising research and funding in fields like synthetic biology and neurotechnology which facilitate development of novel biohacking tools and techniques. Growing geriatric population also presents opportunities due to higher risk of age-related diseases.
SWOT Analysis
Strength:
- Biohacking has the potential to enhance human performance and treat various medical conditions. Its adoption is increasing steadily.
- Growing acceptance of do-it-yourself biology and body hacking among early adopters.
- Increased funding in biohacking companies and research is driving innovations.
Weakness:
- Lack of regulations poses risks to human health and biosecurity. Adverse events could undermine public trust.
- Challenges in scaling prototypes and bringing products to mainstream consumers.
Opportunity:
- Untapped potential in developing personalized healthcare solutions using biohacking tools and data analytics.
- Growing interest in longevity, better health, and performance enhancement presents opportunities for biohackers.
Threats:
- Strict regulations imposed by governments could limit some types of biohacking research and products.
- Ethical concerns related to human enhancement and security could reduce social acceptance of biohacking.
Key Takeaways
The global Biohacking Market Share is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing adoption of DIY biology tools and growing interest in self-quantification.
Regional analysis: North America dominated the biohacking market in 2021 with a share of over 35%, due to the presence of major companies and universities conducting biohacking research in the US. Asia Pacific is expected to be the fastest growing region, driven by increasing R&D investments in countries like China, India, and Japan.
Key players: Key players operating in the biohacking market are Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc. These companies offer a range of products from brain stimulation devices and microbiome testing kits to genetic analytics services and quantified self-tracking solutions.
Read More,
https://cmiinfopiece.blogspot.com/2023/11/biohacking-market-thync-global-inc-is.html
English
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian