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| Biohacking Market |
The biohacking market is estimated to be valued at US$ 15755.29 Million in 2022 and is expected to exhibit a CAGR of 17% over the forecast period 2021 -2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biohacking involves modifying your own biology and enhancing your body's
functions and abilities through data collection, self-experimentation, DIY
biology and quantified self tools and techniques. Biohackers use technologies
like brain stimulation devices, genetic engineering, nutrition supplements and
other life extension techniques. Biohacking helps optimize lifestyle factors
like mindfulness, physical fitness, nutrition, sleep and cognitive functions to
lead a happier and healthier life.
Market key trends:
Thync Global Inc. offers a non-invasive biohacking device called Thync that can
regulate your mood and level of relaxation through application of mild
electrical pulses to the forehead. The device is gaining popularity among
individuals looking to relax, reduce stress and boost focus using biohacking
techniques. It allows comfortable and precise modulation of brainwaves to
induce calm or stimulate focus as needed. Thync device is pioneering the
biohacking trend of mood optimization through brain stimulation without use of
prescription drugs. Its success indicates growing demand for such
non-pharmacological neurohacking solutions to enhance well-being.
Porter's Analysis
Threat of new entrants: Low startup costs and intellectual property barriers
allow new players to enter the market easily.
Bargaining power of buyers: Individual buyers have high bargaining power due to
availability of alternative products, whereas large organizations have low
bargaining power due to bulk orders.
Bargaining power of suppliers: Few dominant global suppliers exist for raw
materials increasing their bargaining power.
Threat of new substitutes: Emerging disruptive technologies pose threat of
substitution.
Competitive rivalry: Intense competition exists among existing players to gain
market share.
SWOT Analysis
Strength: Growing demand for self-monitoring and enhancement devices. Rapid
technological advancements result in development of innovative products.
Weakness: Ethical and safety concerns regarding genome editing and brain
computer interfaces. High R&D costs and regulatory compliance increase
expense of operations.
Opportunity: Untapped growth potential in developing economies. Partnerships
with healthcare providers to expand applications of products.
Threats: Stringent regulatory framework and safety standards delays product
clearances. Risk of cyber threats and data privacy breaches.
Key Takeaways
The global Biohacking
Market Share is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period,
due to increasing adoption of do-it-yourself biohacking techniques. The growing
interest of consumers in biosecurity, self-optimization, and anti-aging is
driving the demand for biohacking tools and applications.
The North America region dominates the market with the largest share. Growing
awareness pertaining to human enhancement technologies and presence of key
market players in the US and Canada boost the regional market growth. Asia
Pacific exhibits the fastest growth during the forecast period. Rising
disposable income, growing millennial population, and improvement in healthcare
infrastructure support the regional market expansion.
Key players operating in the biohacking market include Thync Global Inc., Apple
Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc. Major players
focus on product innovation through heavy investments in R&D and strategic
collaborations. They also adopt organic and inorganic growth strategies such as
new product launches, partnerships, and acquisitions to gain competitive
advantage.
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