The global Biohacking Market is estimated to be valued at US$ 21567.42 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The biohacking market involves products and technologies that allow individuals to hack and modify functions of their own biology and physique. This include DIY techniques such as nutrition, sleep tracking devices, genetic testing kits, smart drugs, nootropics, brain stimulants, and other applications in body optimization, modification, and quantification. These allow users to gain more control over their health, fitness levels, cognitive abilities and more through data collection and personalized experiments. The growing interest of people towards self-tracking, quantification and optimization of health and well-being is driving the demand in the biohacking market.
Market key trends:
One of the major trends in the biohacking market is increased adoption of do-it-yourself techniques and products for tracking health metrics. Many biohackers are performing personal experiments on monitoring vitals, genetic profiling, brain activity tracking and other variables to collect and analyze health data on their own. This has propelled demand for affordable at-home health tracking devices, testing kits and tools. Additionally, increased accessibility of new technologies such as CRISPR, Brain-computer interfaces, human enhancement supplements and nootropics is also fueling innovations and R&D activities in the biohacking sector. Growing community of citizen scientists and biohackers worldwide are contributing towards creating new open-source protocols, experiments and digital platforms as well.
Porter’s Analysis
Threat of new entrants: The biohacking market requires high initial investment for R&D which poses moderate threat of new entrants. However, several startups are venturing into this space utilizing crowd funding and investor interest.
Bargaining power of buyers: Individual biohackers have low bargaining power due to limited choice whereas research institutions have moderate bargaining power being large volume buyers.
Bargaging power of suppliers: Few specialty equipment and tech providers exist creating moderate level of supplier bargaining power. However, open source development is reducing this power.
Threat of new substitutes: Limited substitute exist for augmenting human abilities but alternative wellness options pose low level of threat.
Competitive rivalry: Strong competition exist among technology and equipment providers to the biohacking market leading to intense competitive rivalry.
Key Takeaways
The Global Biohacking Market Demand is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing adoption of do-it-yourself biohacking technologies. North America dominates the biohacking market currently due to presence of majority of biohackers and supportive culture towards bio-optimisation. Europe and Asia Pacific are fastest growing markets for biohacking driven by increasing awareness.
Regional analysis: North America accounts for over 40% share of the global biohacking market currently followed by Europe and Asia Pacific. The growth is highest in Asia Pacific region attributed to improving research infrastructure and openness towards human enhancement in countries like China, Japan and South Korea.
Key players: Key players operating in the biohacking market are Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc. Thync Global and HVMN lead the neurohacking domain whereas Apple is focusing on digital health tools integration. Fitbit offers quantified self tools catering to biohackers.
