Market Research Future (MRFR) has released a new report on the global biohacking market, profiling the global biohacking market’s present position and future prospects on the basis of the market’s historical growth trajectory. The leading players in the global biohacking market and the market’s leading segments are profiled in the report to understand the minutiae of the market’s movement. The key drivers and restraints operating on the global biohacking market are also profiled in the report to provide readers with a clear idea of what is making the market tick.
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Biohacking refers to an emerging phenomenon of DIY biology wherein biology enthusiasts work on biological problems that puzzle them in the hope of garnering research breakthroughs. Whereas conventional biological research is carried out in established research labs and universities, biohacking sites are free from such oversight, leading to a more diverse array of research topics and freer methodologies. The absence of a larger aegis also frees the biohacking sector from the limitations of financial sponsorship, wherein the research scope of the scientists is limited by the demands of the financier. This has made the biohacking market one of the more promising parts of biological and biotechnological research in the last few years.
The growing demand for self-enhancement through biohacking is also a major driver for the global biohacking market. Self-enhancement through biohacking includes keeping a log of all relevant bodily functions to track their progress and using innovative solutions to bring about improvements in specific parts of the body. This can be brought about through smart drugs or devices that stimulate certain parts of the body to achieve effects such as balancing the hormonal makeup of the body to bring about better health outcomes in the long run.
Leading players in the biohacking market include ODIN, Synbiota, Thync Global Inc. USA, Fitbit Inc., Moodmetric, Apple, and HVMN Inc. Focusing on innovations is likely to be a major strategy for players in the biohacking market over the forecast period, as the market is still a novelty and is reliant on research breakthroughs for smooth growth. Consolidation of market presence by acquiring smaller players is also likely to remain a key point on the agenda for leading players in the market.
In November 2018, Bulletproof Coffee, a food products company started by a leading biohacking expert, announced the expansion of its ready to drink beverage product catalog infused with collagen protein. RTD foods containing unusual ingredients designed to enhance the nutritional quotient of the respective food are likely to become a major commercial arm of the global biohacking market over the forecast period due to the growing demand for functional food and beverages that enhance the consumer’s physical condition in some way.
The global biohacking market is segmented on the basis of type, application, product, end use, and region.
By type, the global biohacking market is segmented into inside and outside biohacking. Outside biohacking is expected to exhibit a robust 19.72% CAGR over the forecast period, while the inside biohacking segment is likely to follow at a CAGR of 18.88%.
By application, the global biohacking market is segmented into synthetic biology, genetic engineering, forensic science, diagnosis & treatment, drug testing, and others. Synthetic biology is likely to emerge as the dominant application segment of the global biohacking market over the forecast period at a solid CAGR of 19.81%.
By product, the biohacking market is segmented into smart drugs, sensors, strains, and others. The smart drugs segment is expected to rise to a valuation of USD 11,980.71 million by 2023 at the fastest CAGR of 19.88% over the forecast period.
By end use, the global biohacking market is segmented into pharmaceutical and biotech companies, forensic laboratories, and others. The pharmaceutical and biotech companies segment is expected to rise to a valuation of USD 13,882.08 million by 2023 at a robust CAGR of 19.73% over the forecast period.
The Americas is likely to be the major revenue generator in the global biohacking market over the forecast period due to the growing awareness about biohacking among the youth population in the region and the growing number of biotech companies in the region. The Americas region is expected to rise to a valuation of USD 10,573.53 million by the end of the forecast period in 2023. On the other hand, Asia Pacific is expected to exhibit the fastest growth rate of 19.91% over the forecast period.
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List of Tables
TABLE 1 PRIMARY INTERVIEWS 23
TABLE 2 GLOBAL BIOHACKING MARKET BY TYPE, 2014 TO 2023 (USD MILLION) 39
TABLE 3 GLOBAL BIOHACKING MARKET FOR OUTSIDE BIOHACKING BY REGION, 2014 TO 2023 (USD MILLION) 40
TABLE 4 GLOBAL BIOHACKING MARKET FOR INSIDE BIOHAKCING, BY REGION, 2014 TO 2023 (USD MILLION) 40
TABLE 5 GLOBAL BIOHACKING MARKET BY PRODUCT, 2014 TO 2023 (USD MILLION) 41
TABLE 6 GLOBAL SMART DRUGS MARKET BY TYPE, 2014 TO 2023 (USD MILLION) 43
TABLE 7 GLOBAL SENSORS MARKET BY TYPE, 2014 TO 2023 (USD MILLION) 43
TABLE 8 GLOBAL SENSORS MARKET BY REGION, 2014 TO 2023 (USD MILLION) 44
TABLE 9 GLOBAL STRAINS MARKET BY TYPE, 2014 TO 2023 (USD MILLION) 45
TABLE 10 GLOBAL STRAINS MARKET BY REGION, 2014 TO 2023 (USD MILLION) 45
TABLE 11 GLOBAL BIOHACKING MARKET BY OTHER PRODUCT, 2014 TO 2023 (USD MILLION) 46
TABLE 12 GLOBAL BIOHACKING MARKET BY APPLICATION, 2014 TO 2023 (USD MILLION) 47
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