Biohacking Market Size, Share & Trends Analysis Report 2021-2028: Rising Funds for Biohacking & Growing Initiatives by Market Players - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Aug 31, 2021--
The “Biohacking Market Size, Share & Trends Analysis Report 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global biohacking market size is anticipated to reach USD 63.7 billion by 2028, registering a CAGR of 19.4% over the forecast period.
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 held the largest revenue share in 2020 owing to the high demand for wearables across the globe
- The monitoring application segment led the market with a revenue share of more than 28.17% in 2020 owing to high product adoption for monitoring patient health conditions
- The forensic laboratories segment is expected to register the second-fastest CAGR from 2021 to 2028 owing to the rising application of biohacking practices in forensic laboratories
- In 2020, North America held the dominant share of the overall revenue owing to the presence of several key market players in the region, especially in the U.S.
- Europe held the second-largest revenue share in 2020 and will expand at a steady CAGR from 2021 to 2028
- Asia Pacific is expected to record the fastest CAGR over the forecast period owing to the presence of technologically advanced healthcare infrastructure along with favorable government initiatives
Biohacking Market Dynamics
Market Driver Analysis
- Increasing adoption of biohacking practices by consumers
- Rising funds for biohacking
- Growing initiatives by market players
Market Restraint Analysis
- Ethical issues associated with biohacking
Biohacking Market Analysis Tools: Porters
Biohacking Market Analysis Tools: PESTEL Analysis
Impact of COVID-19
- Apple Inc.
- The ODIN
- Thync Global Inc.
- Fitbit, Inc.
- HVMN Inc.
- Muse (Interaxon, Inc.)
- ThrivePort, LLC
For more information about this report visit https://www.researchandmarkets.com/r/5nemt1
View source version on businesswire.com:https://www.businesswire.com/news/home/20210831005836/en/
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PUB: 08/31/2021 12:21 PM/DISC: 08/31/2021 12:21 PM