Biohacking Market Comparison by end-user To 2028

Biohacking Industry Overview

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, according to a new report by Grand View Research, Inc. 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.

Biohacking Market Segmentation

Grand View Research has segmented the global biohacking market on the basis of the product, application, end user, and region:

Based on the Product Insights, the market is segmented into Wearables, Implants (Chips), Gene Modification Kits, Smart Drugs, Supplements, Mobile Apps, and Others.

• The wearables segment held the largest revenue share of over 18.00% in 2020 due to the increased adoption of wearable medical devices, which include smartwatches, patches, and smart rings, among others. The rising focus of market players on this segment will support its growth in the years to come.  
• The smart drugs segment is expected to account for the maximum revenue share by 2028 growing at the fastest CAGR over the forecast period owing to high demand for these drugs as a result of their memory boosting capacity. Smart drugs consist of nootropics, which are cognitive enhancers. 

Based on the Application Insights, the market is segmented into Monitoring, Treatment, Research, Others.

• The monitoring segment held the largest revenue share of over 28.00% in 2020 due to the high usage of biohacking products, such as wearables and implants, for monitoring purposes. Mobile apps are also used for monitoring purposes, which supports segment growth.
• On the other hand, the treatment segment is expected to account for the highest revenue share by 2028 growing at the fastest CAGR of more than 22% during the forecast period.
• Although biohacking practices currently are not very popular for treatment purposes, the rising number of research activities for smart drugs and genetic modification kits are expected to contribute to the segment growth. Other applications of biohacking are anticipated to witness steady growth over the forecast period as a result of their increasing adoption. These applications include synthetic biology, genetic engineering, forensic science, and drug testing.

Based on the End-user Insights, the market is segmented into Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, Forensic Laboratories, Research & Academic Institutes, Others.

• The hospitals & clinics segment held the largest share of 21.8% in 2020 and will expand further at a steady CAGR from 2021 to 2028. The growth of this segment is credited to the rising prevalence of chronic diseases and the demand for novel treatment options. Furthermore, the easy availability of monitoring devices, such as wearables, is expected to boost the segment growth.
• The others segment is expected to record the fastest CAGR of more than 19.5% during the forecast period. The growing adoption of biohacking practices by individual payers and service providers is expected to support the segment growth.
• The pharmaceutical & biotechnology companies’ end-user segment is also expected to demonstrate significant growth due to the rising spending on R&D activities by the pharmaceutical & biotechnology companies for the development of novel treatment options.

Biohacking Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Vendors are investing in product launches, geographical expansions, collaborative agreements, and acquisitions, to gain a higher market share. The market is expected to become highly competitive as many startups are seeking opportunities in this sector.   

Some of the prominent players operating in the global biohacking market include,

• Apple, Inc.
• The ODIN
• Thync Global, Inc.
• Fitbit, Inc.
• Moodmetric
• HVMN, Inc.
• Muse (Interaxon, Inc.)
• Thriveport, LLC
• TrackMyStack
• OsteoStrong

Order a free sample PDF of the Biohacking Market Intelligence Study, published by Grand View Research.