Biohacking market is estimated to witness high growth, owing to growing adoption of DIY techniques and extensive R&D in synthetic biology
Global biohacking market is estimated to be valued at USD 16.2 Bn in 2024, exhibiting a CAGR of 13.3% over the forecast period 2024-2031. Furthermore, rising adoption of do-it-yourself (DIY) techniques for genetic modification and biological experimentation at home or outside laboratories without institutional training in biology can drive the market growth. People are increasingly using DIY techniques to enhance their skills and for predictive medicine and independent scientific research works in synthetic biology.
Market Dynamics:
Global biohacking market growth is primarily driven by growing adoption of DIY biohacking techniques and extensive research and development activities in the field of synthetic biology. There is a rising trend of individuals independently carrying out biohacking activities using inexpensive lab equipment and publicly available protocols, driven by their curiosity to learn advanced biotechnologies. Synthetic biology companies and research organizations are heavily investing in developing novel gene therapies, regenerative medicines, and human augmentation technologies using genome engineering and other bioengineering methods, and this boosts demand. However, inadequate regulations regarding biosecurity and biosafety and associated risks can hamper the market growth.
Increasing Funding and Investments in Biohacking Projects
Global biohacking market has witnessed significant funding and investments over the past few years to support research and development of new biohacking technologies. Various governments as well as private investors are showing high interest in this emerging field. For example, in 2018,biohacking startups raised over US$ 50 million in funding globally. This influx of capital is allowing biohackers and researchers to develop innovative solutions at a faster pace.
Rising Adoption of Do-It-Yourself Biology Approach
There is a growing trend of amateur scientists and hobbyists exploring do-it-yourself (DIY) approaches in biology. Enabled by open-source sharing of knowledge and protocols, DIYbio communities have emerged where non-professional individuals are involved in biological experimentation themselves. This approach leads to increased commercialization of biohacking tools, which can be easily used by common people. Simple testing kits and devices for health tracking are gaining popularity in the global biohacking market.
Ethical and Legal Issues Regarding Human Enhancement
While futuristic human enhancement through biohacking seems tempting, there are serious ethical concerns regarding human enhancement. Altering human body and physiology without proper understanding and long term testing can have unknown risks. Many countries have strict regulations against any manipulations that may harm human health or violate individual rights. Legal uncertainties around certain kinds of biohacking experimentation can hamper the market growth.
Concerns Around Misuse of Emerging Technologies
There are risks of biohacking tools and knowledge being misused. Concerns have been raised regarding possible use of DIY biology for bioterrorism or other illegal purposes. Lack of oversight in certain parts of biohacking community also raises questions on ensuring the safety of people and environment. These security and misuse issues, if not addressed properly, can negatively impact consumer confidence and trust in this industry.
Personalized and Preventive Healthcare
Biohacking can improve healthcare systems by enabling more personalized and preventive care approaches. Devices for real-time health monitoring, early disease detection using personalized biomarkers, and gene editing based therapies offer enormous opportunities. As healthcare demand increases worldwide, biohacking market targeting individual health and wellness can witness growth.
Integration with Other Emerging Technologies
Convergence of biohacking with diverse technologies like AI, IoT, 3D bioprinting and others provides opportunities for innovation. Application of biosensors for smart farming, use of synthetic biology in production of novel materials, and developing living therapeutics and implants are some promising areas. Successful integration of biohacking with other exponentially advancing technologies can offer market growth opportunities.
Link: https://www.coherentmarketinsights.com/market-insight/biohacking-market-4533
Key Development
- On March 6, 2024, Biohacking Conference is set to celebrate its 10th anniversary from May 30 to June 1, 2024. The event will venture to Dallas, Texas, transforming the Sheraton Dallas Hotel into a hub for a three-day exploration of human potential and longevity under the theme "Live Beyond 180."
- In May 2022, Biohackers Magazine, a prominent publication within the Lifespanning Media family, announced its media partnership with the prestigious 10th Annual Biohacking Conference hosted by Dave Asprey in Dallas. This dynamic partnership signifies a achievement in its joint endeavor to propel the worldwide well-being and longevity movement forward.
Key Players: Thync Global Inc., The ODIN, HVMN Inc., Apple Inc., Fitbit, Inc., Synbiota, Moodmetric, InteraXon Inc., Modern AlkaMe, NeuroSky, Inc., BehavioSec, Dangerous Things, 23andMe, Inc., Ancestry.com LLC, Nightingale Health Ltd., Kickstarter PBC, Bulletproof 360
