Biohacking Market Size, Share & Trends Analysis Report By Product (Wearables, Smart Drugs), By Application (Monitoring, Treatment), By End-user (Hospitals & Clinics, Pharma & Biotech Companies), And Segment Forecasts, 2021 - 2028

Report Overview

The global biohacking market size was valued at USD 15.42 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 19.4% from 2021 to 2028. Increasing adoption of biohacking practices by consumers, favorable public and private funding, and initiatives by key companies are expected to boost the market growth. The global market has been adversely affected by the COVID-19 pandemic. Many biohackers are focusing on research activities for manufacturing a COVID-19 vaccine using their biohacking techniques. Similarly, some biohackers are involved in producing a COVID-19 testing kit, which if approved, would help in scaling up the world’s COVID-19 testing capability. In October 2020, Zayner, a former NASA researcher, was in the process of developing a COVID-19 vaccine by replicating the vaccine, which had worked on monkeys.

His plan was to test the vaccine on himself by working outside the regulatory structures. However, even though his experiment yielded promising results, they could not prove the vaccine’s efficacy completely. Such experiments are expected to significantly support the market growth. The increasing awareness regarding biohacking practices is also expected to boost the market growth.

The JAMK University of Applied Sciences conducted a research activity in May 2020, which included a study of the business potential of biohacking and the degree of adoption of biohacking practices at workplaces. It demonstrated that the user experience properties of biohacking obtained a score of 0.32 and 0.57, which showed that respondents are positive towards the adoption of biohacking practices at work.

Biohackers require basic funding for purchasing the equipment and materials. Unlike large-scale industrial science and technology institutions, groups of biohackers are dependent on alternative financing strategies for raising funds. Setting up DIY biotechnology labs can be costlier as compared to conventional biotechnology labs. Traditional funding sources do not support such expenses. Therefore, biohackers turn to options, such as crowdfunding. This factor poses a challenge to the market growth.

Product Insights

The wearables segment held the largest revenue share of over 18.00% in 2020 due to the increased adoption of wearable medical devices, which include smartwatches, patches, and smart rings, among others. The rising focus of market players on this segment will support its growth in the years to come. For instance, in August 2020, Fitbit, Inc. integrated its Fitbit Sense, an advanced health smartwatch with an electrodermal activity sensor, for managing stress, along with advanced heart rate tracking technology, an ECG app, and an on-wrist skin temperature sensor.

The smart drugs segment is expected to account for the maximum revenue share by 2028 growing at the fastest CAGR over the forecast period owing to high demand for these drugs as a result of their memory boosting capacity. Smart drugs consist of nootropics, which are cognitive enhancers. They work by improving memory as well as executive functions. They also motivate people to maintain their health and help in increasing their creativity.

Application Insights

The monitoring segment held the largest revenue share of over 28.00% in 2020 due to the high usage of biohacking products, such as wearables and implants, for monitoring purposes. Mobile apps are also used for monitoring purposes, which supports segment growth. On the other hand, the treatment segment is expected to account for the highest revenue share by 2028 growing at the fastest CAGR of more than 22% during the forecast period.

Although biohacking practices currently are not very popular for treatment purposes, the rising number of research activities for smart drugs and genetic modification kits are expected to contribute to the segment growth. Other applications of biohacking are anticipated to witness steady growth over the forecast period as a result of their increasing adoption. These applications include synthetic biology, genetic engineering, forensic science, and drug testing.

End-user Insights

The hospitals & clinics segment held the largest share of 21.8% in 2020 and will expand further at a steady CAGR from 2021 to 2028. The growth of this segment is credited to the rising prevalence of chronic diseases and the demand for novel treatment options. Furthermore, the easy availability of monitoring devices, such as wearables, is expected to boost the segment growth.

The others segment is expected to record the fastest CAGR of more than 19.5% during the forecast period. The growing adoption of biohacking practices by individual payers and service providers is expected to support the segment growth. The pharmaceutical & biotechnology companies' end-user segment is also expected to demonstrate significant growth due to the rising spending on R&D activities by the pharmaceutical & biotechnology companies for the development of novel treatment options.

Regional Insights

In 2020, North America held the largest revenue share of 37.07% and will retain the leading position throughout the forecast period. The key factors driving the regional market include increased research & development activities by various government as well as non-government organizations for the development of novel treatment options. In addition, the increasing adoption of synthetic biology is expected to fuel market growth.

Asia Pacific is estimated to be the fastest-growing regional market from 2021 to 2028 owing to the factors, such as the presence of technologically advanced healthcare infrastructure along with favorable government initiatives. Furthermore, the extensive research & development activities in the emerging economies, such as China and India, will support the regional market growth. The market in Europe is expected to grow significantly owing to the presence of major market players in the region.

Key Companies & Market Share Insights

Vendors are investing in product launches, geographical expansions, collaborative agreements, and acquisitions, to gain a higher market share. The market is expected to become highly competitive as many startups are seeking opportunities in this sector. For instance, in September 2020, Apple Inc. launched the iPad Air with A14 Bionic, which has second-generation machine learning accelerators. The company expanded its product portfolio with this. Also, in September 2020, Fitbit Inc. received approval from the U.S. FDA and European Union’s CE for its electrocardiogram app for assessing atrial fibrillation. The app was available for its users on Fitbit Sense since October 2020 in the U.S., U.K., Austria, Germany, the Netherlands, Luxembourg, Switzerland, Sweden, Poland, Czech Republic, Portugal, Belgium, Ireland, Romania, Spain, Italy, India, Hong Kong, and France. Some prominent players in the global biohacking market include:

• Apple Inc.

• The ODIN

• Thync Global Inc.

• Fitbit, Inc.

• Moodmetric

• HVMN Inc.

• Muse (Interaxon Inc.)

• Thriveport, LLC

• TrackMyStack

• OsteoStrong

Biohacking Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global biohacking market report on the basis of product, application, end user, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Wearables

  • Implants (Chips)

  • Gene Modification Kits

  • Smart Drugs

  • Supplements

  • Mobile Apps

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Monitoring

  • Treatment

  • Research

  • Others

• End-user Outlook (Revenue, USD Million, 2016 - 2028)

  • Pharmaceutical & Biotechnology Companies

  • Hospitals & Clinics

  • Forensic Laboratories

  • Research & Academic Institutes

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

    • Italy

    • Russia

  • Asia Pacific

    • Japan

    • South Korea

    • China

    • India

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE