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Biohacking Market Size USD 70.8 BN by 2030 With a CAGR of 20.4%

Published: Nov 02, 2022

According to Nova one advisor, the global Biohacking market was valued at USD 16.42  billion in 2021 and it is expected to hit around USD 70.8 billion by 2030 with a CAGR of 20.4% during the forecast period 2022 to 2030.

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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.

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.

Biohacking Market Report Highlights

  • The wearables segment held the largest revenue share in 2021 owing to the high demand for wearables across the globe
  • The monitoring application segment led the market with a revenue share of more than 29.17% in 2021 owing to high product adoption for monitoring patient health conditions
  • The forensic laboratories segment is expected to register the second-fastest CAGR from 2022 to 2030 owing to the rising application of biohacking practices in forensic laboratories
  • In 2021, 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 2022 to 2030
  • 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

 

 

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Regional Insights

In 2021, North America held the largest revenue share of 38.07% and will retain the leading position throughout the forecast period. The key factors driving the regional market include increased research & development activities by various government as well as non-government organizations for the development of novel treatment options. In addition, the increasing adoption of synthetic biology is expected to fuel market growth.

Asia Pacific is estimated to be the fastest-growing regional market from 2021 to 2030 owing to the factors, such as the presence of technologically advanced healthcare infrastructure along with favorable government initiatives. Furthermore, the extensive research & development activities in the emerging economies, such as China and India, will support the regional market growth. The market in Europe is expected to grow significantly owing to the presence of major market players in the region.

Some of the prominent players in the Biohacking Market Market include:  Apple Inc.; The ODIN; Thync Global Inc.; Fitbit, Inc.; Moodmetric; HVMN, Inc.; Muse (Interaxon Inc.); Thriveport, LLC; TrackMyStack; OsteoStrong

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

  • By Product
    • Wearables
    • Implants (Chips)
    • Gene Modification Kits
    • Smart Drugs
    • Supplements
    • Mobile Apps
    • Others
  • By Application
    • Monitoring
    • Treatment
    • Research
    • Others
  • By End-user
    • Pharmaceutical & Biotechnology Companies
    • Hospitals & Clinics
    • Forensic Laboratories
    • Research & Academic Institutes
    • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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