Biohacking Market Growth & Trends
The global biohacking market size is anticipated to reach USD 67.86 billion by 2030, registering a CAGR of 18.6% from 2024 to 2030. Various initiatives by market players and rising funds for biohacking are the major factors fueling the market growth. The adoption of biohacking practices is growing due to their potential applications in decreasing the risk of developing a disease, especially genetically associated diseases, helping an individual to achieve mental, physical, or emotional changes, such as weight loss or reducing depression symptoms; and optimize general functions of the body, such as blood pressure.
The global market has been significantly affected by the COVID-19 pandemic. Some of the major impacts of COVID-19 on the market include supply chain disruptions, a decline in sales, and low demand. However, biohackers in the industry are investing in some research activities for the development of COVID-19 vaccines as well as test kits. This neutralized the market growth in 2020. For the purchase of equipment and materials, biohackers require basic funding. Other than crowdfunding, most of the activities at these labs are self-funded through membership and workshop fees. Furthermore, private donations are also used for raising money.
Oura Health, manufacturer of the Oura ring, a sleep-improvement and sleep tracking platform, raised USD 20 million in Series B funding led by MSD Capital in December 2018. The global market is fairly competitive. Most of the market players have undertaken strategies, such as new product launches, acquisitions, and partnerships, to gain a competitive edge over each other. For instance, in September 2020, Apple Inc. partnered with the government of Singapore for launching a national health initiative using Apple Watch. With this, the country made an effort to leverage technology for delivering advanced health benefits to its citizens.
Biohacking Market Report Highlights
- The wearables segment accounted for a share of 29.9% in 2023. Current developments in this market mainly focus on technological progress, such as adding additional health functions, incorporating Artificial Intelligence for personalized suggestions, and sending live data to healthcare professionals for prompt interventions and better patient results.
- The diagnosis and treatment segment held the largest revenue share of over 32.3% in 2023 due to the high usage of biohacking practices, such as nootropics and wearable technologies, for body enhancement purposes.
- The hospitals and clinics segment held the largest share of 40.3% in 2023. The segment growth is credited to the increase in chronic diseases and their treatment.
- North America biohacking market dominated the market in 2023 with a market share of 36.7%. This is due to the increasing prevalence of chronic illnesses, increase in the awareness of biohacking, and an aging population in the region.
- Asia Pacific Biohacking market is anticipated to witness significant growth in 2023 with a CAGR of 20.6% attributing to the rise in healthcare expenditure that has led to economic growth in the region.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Biohacking Market Variables, Trends, & Scope
Chapter 4. Biohacking Market: Product Estimates & Trend Analysis
Chapter 5. Biohacking Market: Application Estimates & Trend Analysis
Chapter 6. Biohacking Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
Companies Mentioned
- Apple Inc.
- The ODIN
- Thync Global Inc.
- Fitbit, Inc.
- Nuanic
- HVMN Inc.
- Muse (Interaxon Inc.)
- Thriveport, LLC
- OsteoStrong
- TrackMyStack
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | August 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 20.94 Billion |
| Forecasted Market Value ( USD | $ 67.86 Billion |
| Compound Annual Growth Rate | 18.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
