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| Biohacking Market |
Biohacking involves self-experimentation using do-it-yourself biology techniques and open-source manuals to gain advantages like enhanced physical abilities and improved cognitive performance. Key products associated with this market are brain stimulation devices, sensory enhancing gadgets, genetic engineering kits and more. Such products aim to enhance well-being through natural and technological means.
The global Biohacking Market is estimated to be valued at
US$ 21567.42 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key Trends:
The development of new products and services in the biohacking market has
accelerated the growth over recent years. Major companies are investing heavily
in research and development of advanced technologies focused on human
augmentation. DYI bio labs allow access to genetic engineering tools for
cognitive and performance enhancing experiments which were previously limited
to research institutions. Growing access to such technologies has enabled
innovations that target new applications and drive the adoption of biohacking
globally. Companies are introducing sensors, apps and devices to collect bodily
data for monitoring health and modifying biological processes. The trend is
expected to continue with increasing demand for customized human enhancements
solutions.
Segment Analysis
The global
biohacking market is dominated by the genetic testing and therapies segment.
This segment accounts for over 40% of the market share owing to the increasing
demand for advanced genetic testing methods for disease diagnosis and risk
assessment. Rapid advancements in gene editing and therapeutic technologies
like CRISPR have further fueled the growth of this segment in recent years.
Key Takeaways
The global Biohacking
Market Growth is expected to
witness high growth over the forecast period. The global Biohacking Market is
estimated to be valued at US$ 21567.42
Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
Regional
analysis shows that North America currently dominates the market with the
highest share. Technological advancements in genetic engineering, synthetic
biology and healthcare IT in the US and Canada have boosted market growth in
the region. Europe is the second largest market owing to growing support from
regulatory bodies and governments for precision medicines research. Asia
Pacific is expected to be the fastest growing regional market between 2023-2030
due to increasing research funding, growing awareness regarding health
management, and an expanding consumer base in countries like China and India.
Key players operating in the biohacking market are PepsiCo Inc., Red Bull GmbH,
The Coca-Cola Company, Danone SA, Monster Beverage Corporation, JAB Holdings
Company, General Nutrition Centers Inc., The Hain Celestial Group Inc.,
Fonterra Co-operative Group, and Amway Corporation. These companies are
focusing on strategic collaborations and new product launches to strengthen
their market position. For instance, in 2022, PepsiCo partnered with Genomic
Prediction to develop hemp-derived beverages using genomic selection
techniques.
For more insights, read- https://www.ukwebwire.com/biohacking-market-trends-size-and-share-analysis/
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