New York, NY 22 Jan 2021: The global biohacking market size is expected to reach USD 52,779.36 million by 2027 according to a new study by Polaris Market Research. The report “Biohacking Market Share, Size, Trends, Industry Analysis Report, By Type (Inside and Outside), By Product (Smart Drugs, Sensors, Strains, and Others), By Application (Synthetic Biology, Genetic Engineering, Forensic Science, Diagnosis & Treatment, and Drug Testing), By End Use (Pharmaceutical & Biotechnology Companies, Forensic Laboratories, and Others), By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Biohacking are biological experiments conducted in a small lab and are done by either individual or a small community. That is why biohacking is also called Do-It-Yourself (DIY). The biological experiments performed in garage labs could be genetic engineering, 3-D printing using light-sensitive bacteria. Furthermore, biohackers are in process as well as have developed various products to explore the human body and mind such as smart drugs, microchips, brain sensors, magnetic fingerprints, RFID implants, bacterial and yeast strains, smart blood pressure monitor and health tracker.
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For functional or aesthetic changes, biohackers have implemented technology to their own bodies. For instance, Artist Neil Harbission has exceptional color blindness due to which he used to see every object in grey color only. Later, he and his team had developed a software that transposes colors into vibration using a head-mounted camera extension.
The growing awareness about biohacking and the increasing prevalence of chronic diseases across the globe are the factors driving the growth of the market. Currently, the COVID-19 crisis has led to a rise in market growth for the pharma industries, and several R&D activities have been conducted by the companies to develop a suitable drug t as well as control the crisis. Therefore, increasing research & development activities by the company is the factor anticipated to fuel the market.
However, the lack of cybersecurity practices and expertise, severe regulations that govern the genetic engineering experiments are anticipated to restrain the market growth during the projection period. On the other hand, lack of funding in research & development by the government yet remains another factor that limits the growth of the market. Furthermore, Salvia Bioelectronics, a Dutch startup company, is developing neurostimulation implantable device to stop chronic migraines. At its early stage of R&D, the company has successfully raised a fund of 1.8 million euros, in 2019. Additionally, smaller U.S. startups like CVRx has raised USD 340.6 million while Setpoint has raised USD 84.3 million. CVRx makes implant for heart failure treatment while Setpoint develops neuro devices for the treatment of arthritis and Crohn’s disease. This shows a great opportunity for biohackers.
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Market participants such as Thync Global Inc., Apple, HVMN, Inc., Synbiota, Grindhouse Wetware, MoodMetric, THE ODIN, and Fitbit, Inc. are some of the key players operating in the market. The companies operating in the market are involved in the development of the product, strategic initiative, and regional expansion. For instance, Tim Cannon (co-founder of Grindhouse wetware) had implanted a circadia device into his arm. This was the very first event of body implantation. The Circadia device is capable of monitoring body temperature.
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