The global biohacking market size was valued at USD 16.96 billion in 2022 and is projected to reach USD 80.57 billion by 2031, with a CAGR of 18.9% during the forecast period 2023–2031.
Biohacking refers to the use of medications that boost functionality or the use of external or internal implants in individuals to enhance cognitive performance, memory, and imagination. The most efficient approach includes the ingestion of nootropic medications to improve intelligence and attention. It is even referred to as biology for do-it-yourself (DIY). In storage rooms, garages, and other such places, biohackers have set up shop. Biogarage, Bioartlab, Genspace, BioCurious, and L.A. Biohackers are some of the well-known laboratories in the U.S.
The smart medical devices industry has flourished in recent years, and its influence is set to skyrocket with technology evolving at a breakneck pace. The Internet of Things is transforming the health and medicine landscape with some fascinating changes occurring, including the introduction of smart technology and medical apps. Smart health devices are likely to be extensively used for health monitoring, disease management, and diagnostics. The Internet of Things (IoT) has opened up a world of possibilities in medicine. For instance, when linked to the internet, ordinary medical devices can gather useful additional data, provide additional insight into symptoms and patterns, allow remote care, and generally give patients more control over their lives and treatment.
|Market Size||USD 80.57 billion by 2031|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Consumers have been purchasing smart personal devices for decades, but tech firms gradually allow consumers to track their well-being. It empowers people to monitor their health and well-being, but it can easily be exchanged with doctors and leveraged for scientific research. Medical genetics company, Invitae recently announced the launch of a smartphone app that leverages Apple Watch data to help understand atrial fibrillation's genetic underpinnings. Smart health devices are similarly used to get patients interested in a whole new way. Research by Stanford University looked at how children with autism spectrum disorder developed their social skills by using a pair of 'smart' glasses to play a facial recognition game
Biohacking has developed an urge for the expansion and modernization of new-fangled products. It pools the features of technology and synthetic biology. Laboratory experiments are performed on scientists and research individuals to explore new avenues in biotechnology, genetic engineering, and molecular biology. Biohackers embark on numerous experiments on the body, such as monitoring the heart rate or inserting microchips to control stress levels. Biohackers are developing several products to explore the human body.
Some of the great products are microchips, smart drugs, brain sensors, magnetic fingertips, RFID implants, bacterial and yeast strains, body sensors, and health trackers. Currently, wearable analytic technological devices are obtainable extensively. The current generation has a positive approach toward biohacking and its devices. Tracking the heart rate, steps, blood sugar level, body movement, burning calories, or any other metrics can be termed biohacking through analytics. The options for biohacking to keep track of one's biological performance are wide-ranging, innovative, and ever-growing.
Manufacturers and customers will need to be aware of possible threats to cybersecurity by 2020. They can expect tighter regulations on these devices, mainly when dealing with patient safety information. Around the same time, wearables offer a novel method of personal health monitoring and patient care delivery. This growing demand for wearables has generated a booming market, and now medical insurers and firms are seeing how supplying wearable health technology to their consumers is beneficial.
Biohacking is currently taking place beyond the existing frameworks of science and medical research. Exploring revolutionary developments in neuro-nutrition and biohacking in the wellness space is expected to boost the biohacking market. The growing use of radio frequency identification (RFID) technology in medical devices, and penetration of the Internet of Things (IoT) in healthcare, fitness, and consumer electronics are some of the main factors behind the growth of the biohacking industry.
The increasing prevalence of infectious diseases worldwide and rising adoption of healthcare I.T. solutions among healthcare institutions are surging the number of people registering for healthcare I.T. services, generating massive volumes of healthcare data in healthcare I.T. systems and databases. Currently, it has become necessary for healthcare institutions to collect and leverage patient data effectively for yielding incrementally progressive reports from the massive data flow. Thus, the incorporation of other influential IoT innovations broadens the horizon.
North America dominates the biohacking market as the region is backed by the presence of actors' strategic presence in developed countries such as the U.S. and Canada. Moreover, the advent of biotechnology and the emergence of synthetic biology are expected to fuel business growth. Robotics is one of the leading technologies that have made massive differences in the healthcare sector.
A growing number of hospitals worldwide are currently using robots to support healthcare professionals and patients. In the U.S., at the Providence Regional Medical Center in Washington, the COVID-19 patients are housed in isolated areas with two beds. Doctors are taking the aid of a robot installed with a microphone, stethoscope, and camera. This way, physicians can treat patients directly without coming into contact with them.
The APACbiohacking market is expected to witness rapid development in the near term. The revamping healthcare sector and growing investment are providing an impetus to the market growth.Increasing consciousness of biohacking and growing demand for smart devices, coupled with the need for effective drugs, is accelerating regional market growth.In Australia, technology company Blackbook.ai has developed a virtual assistant to help health professionals tackle an enormous amount of contact tracing.
Biohackers are conducting several tests on the body, such as tracking the heart rate and inserting microchips to regulate stress levels. Biohackers have been able to create or are on their way to developing a tonne of body-exploring items. The generation in this region is now having a positive approach to biohacking and its devices, monitoring blood sugar levels, heart rate, measures, and body movements, and heat. Rendering to the results of the National Health Survey conducted by the Australian Bureau of Statistics, there were approximately 1.2 million people aged two years and above with diagnosed diabetes in Australia. Such high incidences will lead to high demand for biohacking products.
The smart drugs segment is projected to contribute massively and accounts for a dominant share in the biohacking market. Consumers aim to maximize cognitive performance and adopt a nutrient-dense diet to control their stress and work to improve their sleep quality. Smart drugs are supplements that complement the human health issue and are widely being used for early detection of G.I. infections and for tracking drug adhesion among patients. However, due to the high potential and successful results of smart pill technology, several clinical trials are ongoing worldwide. Pharmaceutical firms are supporting start-up companies that produce drug monitoring and adherence sensors and software. Researchers are also designing new tools and performing research and clinical trials on smart pills.
Technological developments in smart pills are likely to improve drug monitoring and the medicinal industry. Companies are investing in new technologies that allow smart diagnosis and monitoring of drug adherence and personalized drug therapy through the use of smart pills. New microchip-based technology has been developed to monitor smart pills. For instance, in September 2017, the researcher designed a miniature medical system that could be used in smart pills to treat medical conditions.
The forensic laboratories segment is expected to grow at a rapid pace during the forecast period. Scientists and researchers have performed various diagnostic studies to explore new directions in biotechnology, genetic engineering, and molecular biology. Biohackers are conducting various tests on the body, such as tracking the heart rate or inserting microchips to regulate stress levels. Various items have been created to investigate the human body. Some of the impressive devices include smart medications, microchips, magnetic fingertips, brain sensors, RFID implants, body sensors, and smart blood pressure monitors.