July 13, 2024
Biohacking Market

Biosciences Market Is Estimated To Witness High Growth Owing to Rising Demand for Personalized Healthcare

The Biosciences Market is estimated to be valued at US$ 15755.29 Million in 2022 and is expected to exhibit a CAGR of 17% over the forecast period 2021 –2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Biohacking involves modifying one’s own biology through health tracking, diet optimization, lifestyle optimization and usage of supplements/medical devices. It enables tracking of metrics like sleep, steps, heart rate etc. along with testing of biomarkers like glucose, ketones, stress levels etc. through inexpensive self-testing kits and devices. Companies engaged in biohacking offer products and services for health optimization through metrics tracking and non-invasive interventions. The market covers products from companies like Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN and Fitbit, Inc.

Market Dynamics:
The biosciences market is driven by rising demand for personalized healthcare solutions. Patients are increasingly looking for customized treatment based on their genetic profile and lifestyle factors. This is encouraging increasing adoption of biohacking tools and do-it-yourself medical devices for monitoring health indicators. Another key driver is increasing popularity of the quantified self movement where people closely monitor diverse aspects of life through technology. This promotes self-monitoring of health parameters and optimization of lifestyle factors like diet, exercise and stress.
Segment Analysis
The global biohacking market is dominated by DIYbio segment which holds around 45% of the total market share. DIYbio refers to citizen science where individuals engage in biology experimentation at home or through makerspace. The proliferation of do-it-yourself biology experiment kits and open-source lab equipments have significantly reduced the entry barriers enabling non-scientists to perform basic experiments around genetics, neuroscience etc. DIYbio has emerged as a popular segment attracting a large community of bioenthusiasts or citizen scientists who are curious to experiment in life sciences domain.

PEST Analysis
Political: Regulations around genetic engineering and human enhancement differ widely across countries which poses challenge to the development of certain technologies. However, supportive regulatory environment encouraging innovation has boosted the adoption of low-risk products.
Economic: Growing personalization demands and rising adoption of biohacking tools for health monitoring and improvement is fueling the market growth. The market is expected to grow at a 17% CAGR during 2021-2028 indicating strong economic prospects.
Social: Increasing health awareness and focus on self-quantification has positively impacted the social acceptance of biohacking technologies. However, concerns around privacy and ethics still prevail around certain technologies.
Technological: Advancements in wearable sensors, brain-computer interfaces and do-it-yourself hardware have made home experiments more accessible. Further, integration of AI and blockchain is expected to open up new possibilities.

Key Takeaways
The global Biohacking Market Share  size was valued at USD 15755.29 Million in 2021 and is expected to reach USD 57802.91 Million by 2028, exhibiting a CAGR of 17% over the forecast period. This significant growth can be attributed to increasing consumer awareness about health monitoring and preventive healthcare.

Regionally, North America dominated the biohacking market in 2021 with over 35% share led by US, owing to supportive government initiatives and presence of key players in the region. However, Asia Pacific is projected to witness the fastest growth over next six years led by increasing penetration of biosensing devices in countries like China, Japan and India.

Key players operating in the biohacking market are Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc. Major players are focused on diversifying their product portfolio around health monitoring, cognitive enhancement and genetic engineering through strategic collaborations and new product launches. For instance, HVMN launched a nootropic supplement called Nootrobox in 2018 promoting neuroplasticity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it