Overview:
Experiments in various segments of the healthcare sector have revealed long back that treatments affect each differently. This has given rise to self-monitoring which as a consequence, is also impacting the research & development section of the healthcare industry. This technology is gaining precedence as biohacking or do-it-yourself (DIY) biology, a leap that the synthetic biology is taking to the next level where it can answer a lot of unsolved questions based on readings gathered from a wide array of the source.
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The technology is a blend of medical, nutritional, and electronic technique which brings down the cost of research considerably by creating several opportunities to have lab experiments done on a smaller scale, yet with an unwavering focus. The technology includes wearables or chip inserted in the body to monitor various activities taking place inside the body. Its impact on biotechnology, molecular biology, genetic engineering, and other segments are significant. Market Research Future (MRFR) reveals that the market is going to reach to a valuation of USD 25103.13 million by 2023. It is climbing an excellent CAGR of 19.42% during the forecast period (2017-2023).
The comprehensive study of the said market reveals that the prevalence of chronic diseases and advents in technology are going to impact substantially. In the U.S., the American Cancer Association reveals that 13% of the population are diagnosed with cancer before they reach age 20. On the other hand, the American Diabetic Association reveals a daunting 9.3% is suffering from diabetes. These figures are enough to indicate possibilities that the market can have to expand. Advanced technologies are also triggering further growth. Integration of radio frequency identification (RFID) and the inclusion of the internet of things (IoT) is gaining a strong foothold which would considerably inflate the market.
However, the market can see sporadic episodes of bottlenecking. Cybercrimes can put up hurdles by leaking personal documents which can adversely impact the progress. At the same time, remote access to healthcare accessories such as insulin pumps, cochlear implants, and pacemakers, if gone to the wrong hands can have fatal consequences. But gadgets are fast becoming the lifeline of the current generation which in a way, would bring out the market from such a situation.
Competitive Analysis
The market, in the future, can receive a boost from several cross-sections such as animal-free leather, electric DNA control, non-browning apples, DNA printing and other. The change can be quite substantial. Various companies are implementing different strategies to gain mileage in the market. Apple’s launch of smartwatch can be considered exemplary in this case.
Major companies profiled in the report include ODIN, HVMN, Inc., Synbiota, Apple, Thync Global Inc., U.S.A., Moodmetric, Fitbit, Inc., and others. ODIN is leading the market from the front with a 25% share of the global market followed by HVMN, Inc., and Synbiota.
Segmentation
The global biohacking market can be segmented by type, product, application, and end-users.
Type-wise segmentation of the market includes outside and inside biohacking where the former can reach a valuation of USD 16,142.38 million with the fastest CAGR of 19.72% during the forecast period.
Product-based segmentation includes smart drugs, sensors, strains, and others. With a projected valuation of USD 11,980.71 million in 2023, smart drug segment is leading the market and is expected to rise further with a CAGR of 19.88% during the review period.
Based on applications, the market consists synthetic biology, genetic engineering, forensic science, diagnosis & treatment, drug testing, and others. Synthetic biology segment expects a valuation of USD 3,255.75 million and a CAGR of 19.81% during the same period.
Based on end-users, the market includes pharmaceutical & biotechnology companies, forensic laboratories, and others. Pharmaceutical & biotechnology companies can rise to a valuation of USD 13,882.08 million during the forecast period.
Regional Analysis
Region-specific segmentation of the market spans across the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas, with an expected market valuation of USD 10573.53 million during the forecast period is expected to retain its top position during the forecast period. Its quadruple leap has been ensured by the presence of several biotechnologies and synthetic biology companies. Awareness among the youths also has a lasting impact which consequently propels the market ahead.
Europe holds the second position. But it is the APAC region that is showing stellar progress and is expecting the fastest growth rate of 19.91% during the forecast period. The region has a huge patient pool that requires constant monitoring. Emerging economies such as China and India are also impacting the market by revamping the entire healthcare infrastructure.
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