Biohacking, also known as do it yourself (DIY) biology, refers to an amorphous and a very broad term that covers a wide range of activities. It encompasses activities like science experiments on organisms or yeast, monitoring or tracking of one’s own diet and sleep, altering of one’s own biology by infusing blood of a younger person into the body to fight aging. Though a relatively new term, biohacking is gaining popularity due to the immense hope that it brings. This factor is likely to support growth of the global biohacking market over the tenure of assessment.
The global biohacking Market is forecasted to observe substantial market growth over the timeframe of assessment, from 2019 to 2029. The rapid development of the market is ascribed to the emerging trend toward neuro-nutrition and augmented awareness about biohacking in the wellness and health areas. In addition, technological progress together with integration of internet of things with consumer electronics and various healthcare solutions are some of the factors driving the expansion of the global biohacking market over the forecast tenure.
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End user and region are the two key parameters based on which the global biohacking market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
Global Biohacking Market: Notable Developments
The global biohacking market has come across some major developments over the last few years. One of such developments that have played an important role in influencing the course of the market is mentioned below:
- In 2020, Apple Inc. is estimated to make an addition to its already existing healthcare watches, ‘Watchos-series’, and with this new feature, the Apple gadget is anticipated to monitor patterns of sleeping. This new product is expected to further better its product portfolio.
Some of the key players in the global biohacking market comprise the below-mentioned:
- Health Via Modern Nutrition
- The ODIN
- Fitbit, Inc.
- Apple Inc.
- InteraXon Inc.
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Global Biohacking Market: Key Trends
The following drivers, restraints, and opportunities characterize global biohacking market over the assessment period, from 2019 to 2027.
Increasing demand for High Quality Healthcare Services to Shoot Up Demand in the Market
A rising demand for drugs and smart devices is observed to meet the increasing demand for high quality healthcare needs. In addition, increased prevalence of various chronic disorders is anticipated to augment the growth of the global biohacking market over the timeframe of analysis, from 2019 to 2029. The ongoing crisis of Covid-19 has resulted in a flourishing business of pharma industries. Many pharmaceutical companies are conducting multiple research and development projects so as to come up with a vaccine or drug for SARS-CoV-2 induced Covid-19. This factor is likely to work in favor of the global biohacking market in the years to come.
Global Biohacking Market: Geographical Analysis
On the basis of geography, the global biohacking market is likely to dominated by North America over the timeframe of analysis. North America is estimated to be trailed by Europe throughout the period of analysis. A rise in the healthcare expenditure together with the presence of technologically-advanced healthcare infrastructure is likely to propel growth of both North America and Europe markets. In addition, presence of several market players in the regions, North America and Europe, is likely to increase the businesses of both the regions.
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The Global Biohacking Market is segmented as:
- Forensic laboratories
- Pharmaceutical companies
- Biotechnology companies
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