The global biohacking market size was US$ 21.2 billion in 2021. The global biohacking market is forecast to grow to US$ 101.6 billion by 2030 by registering a compound annual growth rate (CAGR) of 19.3% during the forecast period from 2022 to 2030.
Biohacking is also regarded as do-it-yourself biology. Through biohacking, individuals make small, incremental diet or lifestyle changes to make small improvements in their regular health and well-being. Biohacking is managing an individual’s biology in terms of nutrition. For this, electronic and medical technologies are used to bring a significant change in synthetic biology.
Factors Influencing the Market
Growing focus on health and fitness is the primary factor driving the demand for biohacking. In addition, trends in smart wearables and home healthcare will contribute to the growth of the global biohacking market during the study period.
The increasing prevalence of chronic diseases, together with the growing individual spending on healthcare, will drive the market forward. Furthermore, the introduction of novel drugs and increasing demand for implants that improve the capabilities of individual will benefit the biohacking market.
The high cost associated with the establishment of biohacking labs may limit the growth of the market. On the contrary, other trends in the biohacking market, such as rising awareness about biohacking and growing technological advancements for tracking heart rate, steps, blood sugar level, etc., will amplify the market growth.
COVID-19 Impact Analysis
The global biohacking market has been positively affected by the COVID-19 pandemic. The pandemic triggered the demand for efficient devices to track heart rate, steps, blood sugar levels, etc., regularly. Moreover, it also upscaled the demand for efficient testing kits, which offered several opportunities for biohacking market growth.
Regional Analysis
North America is forecast to hold the highest share in the biohacking market, owing to the rising prevalence of diseases in the region. Furthermore, other factors, such as growing R&D activities and organizations support, will contribute to the growth of this market during the study period.
The demand for synthetic biology is witnessing an increase in the region, majorly in the U.S., which will benefit the overall market during the forecast period.
The Asia-Pacific biohacking market is expected to emerge as the fastest-growing biohacking market, owing to the growing investment by the respective governments and increasing healthcare infrastructure. Furthermore, the extensively growing adoption of smart devices will significantly contribute to the growth of the market during the study period.
Competitors in the Market
Market Segmentation
The global biohacking market segmentation focuses on Components, Product, Application, End-User, and Region.
By Component Outlook
By Product Outlook
By Application Outlook
By End-User Outlook
By Regional Outlook
