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.
