Biohacking Market Growth Analysis | 2024-2030

Market Insights

The biohacking market was estimated at USD 21 billion in 2023 and is likely to grow at a CAGR of 18.44% during 2024-2030 to reach USD 67.39 billion in 2030.

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Market Dynamics

Introduction

Biohacking, also known as do-it-yourself (DIY) biology, gives everyone, including communities, individuals, research institutes, and small group organizations, the ability to deconstruct and reconstruct biology using simple kits or supplements for the purpose of not only achieving their immediate outcomes as well as contributing to solving larger issues.

COVID-19 Impact

The outbreak of the COVID-19 virus has positively affected the biohacking industry. The COVID-19 crisis has resulted in a surge in market growth for the pharmaceutical industries. Several R&D activities have been conducted by companies to produce suitable drugs or vaccines to curb the crisis, which if projected to augment the market growth.

Various governments of dominant players in the biohacking industry is increasing their investments in such industries so that it is possible for companies to come up with viable and potable drugs to limit and gradually eradicate the virus.

Market Drivers

Growing innovative trends towards neuronutrition as well as increasing awareness of biohacking in the health & wellness space are likely to boost the product demand.

• Significant technological growth coupled with the Internet of Things (IoT) penetration in consumer electronics and healthcare also augments the industry's growth.
• Furthermore, the rising demand for smart drugs and devices to cater to the quality healthcare needs among the population as well as the high prevalence of chronic disorders are further expected to bolster the market expansion.

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Key Players

Key players operating in the biohacking market are:

• Fitbit Inc. (The U.S)
• Apple (The U.S)
• HVMN Inc (The U.S)
• The Odin (The U.S)
• Thync Global Inc (The U.S)
• Synbiota (Canada)
• MoodMetric (The U.S)
• InteraXon Inc. (Canada)
• Behavioral Tech (The U.S)
• Grindhouse Wetware (The U.S).

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

End Use Type

By type, the biohacking market has been segmented into pharmaceutical & biotechnological companies, forensic laboratories, and others.

• Under these, the pharmaceutical & biotechnological companies segment held a considerable market share in 2023 and is likely to register the fastest CAGR during the review period.
• This is mainly attributed to the increasing geriatric population.
• Also, surging demand for devices for monitoring the heart rate, blood sugar level, and body movement is proliferating segment growth.

Regional Insights

By region, the North American market witnessed the highest market share in 2023 and is estimated to grow at a substantial CAGR during the assessment period. This is mainly ascribed to a surge in healthcare expenditure, technologically advanced healthcare infrastructure, and well-established healthcare companies. Moreover, growing healthcare expenditure and improving standards of living with large population growth further boost regional growth.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects biohacking market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The biohacking market is segmented into the following categories:

By Type

• Inside
• Outside

By Product Type

• Smart Drugs
• Sensors
• Strains
• Others

By Application Type

• Synthetic
• Genetic Engineering
• Forensic Science
• Diagnosis & Treatment
• Drug Testing
• Others

By End-Use Type

• Pharmaceutical & Biotechnological Companies
• Forensic Laboratories
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the end-use types by product type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.