Technological Progressions and Novel Launches to Massively Contribute to the Biohacking Market Growth

Introduction

Biohacking is defined as the fastest-growing and most important health and lifestyle trend. It was first proposed by the tech-savvy, next-generation Silicon Valley leaders. It is a sort of self-improvement that focuses primarily on physical health, relying on pseudo-scientific methods. Much as hackers exploit computer networks, biohackers aim to hack and develop their bodies. Biohacking is an evolving market and social movement, and it introduces a new trend in the production of drugs and therapeutics. Eventually, the market is estimated to witness remarkably high growth in the next few years.

Impact of COVID-19

If the world begins to explore innovative ways to function in the post-COVID-19 environment, so does the wellness industry. The COVID-19 pandemic has catalyzed the implementation of digital health technologies in a way that the industry has not previously encountered. As health staff, researchers and governments struggle to control the spread of the pandemic that has affected more than 7,00,000 people worldwide and taken more than 30,000 lives, robots are now being deployed to administer care and provide help for patients in quarantine.

The digital-first health policies that many countries have implemented to monitor the virus's spread have irrevocably re-routed the way healthcare systems operate. Remote monitoring and telehealth platforms and AI-enabled evaluation apps and devices have become the new norm. Consumers, patients, and those involved in the medical sector will all have to change their minds in order to take the gain of this healthcare transition and be equipped with revolutionary approaches to promote behavior change.

For instance, in April 2020, iWEECARE, a wearable technology company in Taiwan, announced that its flagship product, Temp Pal, has been used to help counter the spread of COVID-19 in hospitals and in self-quarantine. Through minimizing physical interaction between caregivers and patients, the cloud-based continuous temperature tracking system can reduce the risk of infections and avoid overwhelming health systems. The Temp Pal program is currently being used at approved coronavirus hospitals in Taiwan and self-quarantine management in China's Nanjing City to eliminate health-related infections and relieve the pressures on caregivers.

Key Highlights

• Wearables hold to the top of the market. Large suppliers of mobile devices such as Apple and Android are developing and upgrading their authentic wearables and introducing more health monitoring functionality
• The smart drug leads the market on account of the sizeable surge in the elderly population and chronic and lifestyle-related disorders
• The forensic laboratories segment dominates the market
• North America dominates the biohacking market on account of the well-established healthcare system, high penetration rate of new technologies, and the rising prevalence of a large target population

Competitive Players

1. Apple Inc.
2. The ODIN
3. Thync Global Inc.
4. Fitbit, Inc.
5. Moodmetric
6. HVMN Inc.
7. Muse (Interaxon Inc.)
8. Thriveport, LLC
9. TrackMyStack
10. OsteoStrong
11. Pavlok
12. Biostrap
13. Nuanic
14. Oura Health Oy
15. Thync Global Inc.

 

Recent Developments

Segmentation

1. By Type
   1. Outside Biohacking
   2. Inside Biohacking
2. By Product
   1. Smart Drugs
   2. Sensors
   3. Strains
   4. Wearables
   5. Other
3. By Application
   1. Genetic Engineering
   2. Synthetic Biology
   3. Diagnosis and Treatment
   4. Drug Testing
   5. Forensic Science
4. By End-User
   1. Pharmaceutical and Biotechnology Companies
   2. Forensic Laboratories