The global biohacking market is expected to witness market growth from 2020 to 2027, owing to the increasing innovative trends towards neuro-nutrition & growing awareness of biohacking in the health & wellness space. Furthermore, widespread technological growth coupled with internet of things (IoT) penetration in healthcare, consumer electronics segments are some of the factors driving the market growth.
Moreover, increasing demand for smart devices and drugs to meet the quality healthcare needs amongst the population coupled with the prevalence of chronic disorders is expected to boost the market growth in the forecast period. The COVID-19 crisis has led to a surge in market growth for the pharma industries. Several research and development activities have been conducted by companies to produce suitable drugs or vaccines to curb the crisis. This is anticipated to fuel the market growth.
Product market is sub-segmented into sensors, smart drugs, strains & others. The smart drugs segment consists of cognitive enhancers that are also referred to as nootropics. These drugs have a positive impact on mental skills as they improve memory & executive function, increase motivation and creativity in healthy individuals. There is an increasing demand for memory boosting supplements amongst school-going children. Furthermore, inclination towards nutrient-dense diets for enhancing the overall quality of sleep and stress management is fueling the market growth for the smart drugs segment. Furthermore, sensors, strains are also expected to gain popularity over the anticipated period.
On the basis of end-user, the market is segmented into forensic laboratories, pharmaceutical & biotechnology companies & others. The prevalence of diseases coupled with increasing geriatric population has fueled the biohacking market in pharmaceutical & biotechnology companies. Furthermore, increasing demand for devices for monitoring of the blood sugar level, heart rate, and body movement is rising the segment growth. Additionally, the market growth can also be attributed to the rising adoption of wearable technological and analytical devices.
On the basis of region, the market is expected to be dominant in North American countries followed by the nations in the European region due to a surge in healthcare expenditure coupled with technologically advanced healthcare infrastructure. Furthermore, the strategic presence of market players in developed economies like Canada & the U.S. is responsible for heightening market growth in the regions. The Asia-Pacific biohacking market is anticipated to grow at a lucrative rate during the forecast period owing to the technologically-advanced healthcare infrastructure coupled with favorable government initiatives.
The major biohacking market players include Apple, THE ODIN, Thync Global, Fitbit, Synbiota, Moodmetric, HVMN, & InteraXon Inc. These market players are involved in regional expansions, product development, and strategic initiatives to compete with the other players. For instance, Apple is expected to launch an additional feature to its previous healthcare watches, ‘Watchos-series’ in 2020, which is expected to monitor sleeping patterns, thereby enhancing its product portfolio.
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