The biohacking market is estimated to be valued at US$ 15755.29 Million in 2022 and is expected to exhibit a CAGR of 17% over the forecast period 2021 -2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biohacking involves modifying your own biology and enhancing your body's functions and abilities through data collection, self-experimentation, DIY biology and quantified self tools and techniques. Biohackers use technologies like brain stimulation devices, genetic engineering, nutrition supplements and other life extension techniques. Biohacking helps optimize lifestyle factors like mindfulness, physical fitness, nutrition, sleep and cognitive functions to lead a happier and healthier life.
Market key trends:
Thync Global Inc. offers a non-invasive biohacking device called Thync that can regulate your mood and level of relaxation through application of mild electrical pulses to the forehead. The device is gaining popularity among individuals looking to relax, reduce stress and boost focus using biohacking techniques. It allows comfortable and precise modulation of brainwaves to induce calm or stimulate focus as needed. Thync device is pioneering the biohacking trend of mood optimization through brain stimulation without use of prescription drugs. Its success indicates growing demand for such non-pharmacological neurohacking solutions to enhance well-being.
Porter's Analysis
Threat of new entrants: Low startup costs and intellectual property barriers allow new players to enter the market easily.
Bargaining power of buyers: Individual buyers have high bargaining power due to availability of alternative products, whereas large organizations have low bargaining power due to bulk orders.
Bargaining power of suppliers: Few dominant global suppliers exist for raw materials increasing their bargaining power.
Threat of new substitutes: Emerging disruptive technologies pose threat of substitution.
Competitive rivalry: Intense competition exists among existing players to gain market share.
SWOT Analysis
Strength: Growing demand for self-monitoring and enhancement devices. Rapid technological advancements result in development of innovative products.
Weakness: Ethical and safety concerns regarding genome editing and brain computer interfaces. High R&D costs and regulatory compliance increase expense of operations.
Opportunity: Untapped growth potential in developing economies. Partnerships with healthcare providers to expand applications of products.
Threats: Stringent regulatory framework and safety standards delays product clearances. Risk of cyber threats and data privacy breaches.
Key Takeaways
The global Biohacking Market Share is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing adoption of do-it-yourself biohacking techniques. The growing interest of consumers in biosecurity, self-optimization, and anti-aging is driving the demand for biohacking tools and applications.
The North America region dominates the market with the largest share. Growing awareness pertaining to human enhancement technologies and presence of key market players in the US and Canada boost the regional market growth. Asia Pacific exhibits the fastest growth during the forecast period. Rising disposable income, growing millennial population, and improvement in healthcare infrastructure support the regional market expansion.
Key players operating in the biohacking market include Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc. Major players focus on product innovation through heavy investments in R&D and strategic collaborations. They also adopt organic and inorganic growth strategies such as new product launches, partnerships, and acquisitions to gain competitive advantage.
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