Biohacking Market Size, Share, Trends, and Growth Forecast
Valued at USD 12,070.25 million in 2019, the biohacking market is expected to grow at a CAGR of 20.4% during the forecast period covered by the report, 2020–2027. Growth is attributed to rising demand for implantable devices such as blood test implants and 3D body printing parts that enhance day-to-day life. Players operating in the market include Thync Global Inc., Apple, HVMN, Inc., Synbiota, Grindhouse Wetware, MoodMetric, THE ODIN, and Fitbit, Inc.
Growth Drivers in the Biohacking Market
Growing awareness about biohacking and the increasing prevalence of chronic diseases across the globe are the main drivers. According to the Global Health and Wellness report 2018, more than 40 percent of patients were diagnosed with a cardiovascular condition. Biohacking can be applied to boost life expectancy and to enhance and optimize human performance, which leads to longevity. A sharp rise in the geriatric population is expected to create opportunities; the report cites a 2018 World Health Organization report indicating that the share of the world population over 60 will double from 12% to 22%. Diseases common in older age include chronic obstructive pulmonary disease, diabetes, depression, and dementia. Government-backed research is also propelling growth, with the U.S. spending USD 5.1 billion on COVID-19 medical research in 2020.
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Type Insights: Inside Versus Outside
By type, the biohacking market is bifurcated into inside and outside approaches. Outside biohacking holds the maximum share because its applications, such as taking certain supplements or following a specific diet, are safer and easier. Nutrigenomics is considered the most popular type of outside biohacking; nutrigenomics helps explain the role genetics plays in health and disease and helps reduce the risk of developing disease without affecting the body. By contrast, inside biohacking is more sophisticated and expensive than outside biohacking.
Examples of inside biohacking include implantable devices and other implantation technologies. In 2017, Three Square Market, a U.S. technology firm, offered employees an optional microchip based on RFID and NFC technology to unlock doors, pay at vending machines, and unlock computer systems. The report also describes the Neuralink venture, announced in 2017, which uses ultra-fine threads implanted in the brain to detect neuron activity.
Product Insights: Smart Drugs Lead
By product, the market includes smart drugs, sensors, strains, and others. In 2019, the smart drugs segment held the largest share owing to increasing demand for health supplements. Smart drugs, referred to as cognitive enhancers, are used to improve memory, executive function, and creativity. Demand for memory-boosting supplements is also increasing among children, and demand for nutrient-dense diets is rising for stress management and better sleep quality.
End Use and Regional Outlook
By end use, pharmaceutical and biotechnology companies hold the largest share owing to the increasing prevalence of diseases and rising demand for devices that monitor blood sugar level, heart rate, and body movement; forensic laboratories form the other segment.
North America accounts for the highest share, supported by rising healthcare expenditure, technologically advanced healthcare infrastructure, and the presence of key players such as Apple. The report cites an American Heart Association finding that coronary heart disease was the leading cause of death in the U.S. in 2017, Biohacking at approximately 42.6%. Europe holds the second largest share owing to well-established healthcare infrastructure. Asia Pacific is expected to grow at the highest CAGR on rapidly improving healthcare infrastructure, although a 2017 Hindustan Times article raised concern about garage lab setups in India with no regulation.
Competitive Insights
Companies are engaged in product development, strategic initiatives, and regional expansion. In June 2020, Apple launched watchOS 7, the newest operating system version for the Apple Watch, which is used to monitor sleeping patterns, a development the report links to market growth.
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