The global biohacking market size is expected to reach USD 52,779.36 million by 2027 according to a new study by Polaris Market Research. The report “Biohacking Market Share, Size, Trends, Industry Analysis Report, By Type (Inside and Outside), By Product (Smart Drugs, Sensors, Strains, and Others), By Application (Synthetic Biology, Genetic Engineering, Forensic Science, Diagnosis & Treatment, and Drug Testing), By End Use (Pharmaceutical & Biotechnology Companies, Forensic Laboratories, and Others), By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Biohacking
are biological experiments conducted in a small lab and are done by either
individual or a small community. That is why biohacking is also called
Do-It-Yourself (DIY). The biological experiments performed in garage labs could
be genetic engineering, 3-D printing using light-sensitive bacteria.
Furthermore, biohackers are in process as well as have developed various
products to explore the human body and mind such as smart drugs, microchips,
brain sensors, magnetic fingerprints, RFID implants, bacterial and yeast
strains, smart blood pressure monitor and health tracker.
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For
functional or aesthetic changes, biohackers have implemented technology to
their own bodies. For instance, Artist Neil Harbission has exceptional color
blindness due to which he used to see every object in grey color only. Later,
he and his team had developed a software that transposes colors into vibration
using a head-mounted camera extension.
The growing
awareness about biohacking and the increasing prevalence of chronic diseases
across the globe are the factors driving the growth of the market. Currently,
the COVID-19 crisis has led to a rise in market growth for the pharma
industries, and several R&D activities have been conducted by the companies
to develop a suitable drug t as well as control the crisis. Therefore,
increasing research & development activities by the company is the factor
anticipated to fuel the market.
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However,
the lack of cybersecurity practices
and expertise, severe regulations that govern the genetic engineering
experiments are anticipated to restrain the market growth during the projection
period. On the other hand, lack of funding in research & development by the
government yet remains another factor that limits the growth of the market.
Furthermore, Salvia Bioelectronics, a Dutch startup company, is developing
neurostimulation implantable device to stop chronic migraines. At its early
stage of R&D, the company has successfully raised a fund of 1.8 million
euros, in 2019. Additionally, smaller U.S. startups like CVRx has raised USD
340.6 million while Setpoint has raised USD 84.3 million. CVRx makes implant
for heart failure treatment while Setpoint develops neuro devices for the
treatment of arthritis and Crohn’s disease. This shows a great opportunity for
biohackers.
Market
participants such as Thync Global Inc., Apple, HVMN, Inc., Synbiota, Grindhouse
Wetware, MoodMetric, THE ODIN, and Fitbit, Inc. are some of the key players
operating in the market. The companies operating in the market are involved in
the development of the product, strategic initiative, and regional expansion. For
instance, Tim Cannon (co-founder of Grindhouse wetware) had implanted a
circadia device into his arm. This was the very first event of body
implantation. The Circadia device is capable of monitoring body temperature.
