Biohacking Garners Traction as Pharma Companies Accelerate Drug and Vaccine R&D
Rising chronic disease prevalence and rapidly increasing awareness about the concept and medical benefits of biohacking are collectively fuelling the growth of global biohacking market. Rising sales of smart medical devices and expanding market of smart drugs will also be significantly responsible for biohacking market growth in the near future. The market is further likely to be shaped up as demand for implantable devices continues to soar. With minimally invasive interventions gaining popularity, there are strong indications of development of promising growth prospects for the global biohacking market.
Technological sophistication of healthcare industry has brought in some of the most desirable next-gen technologies such as Internet of Things (IoT) to the medical world. This would remain an important factor driving the market for biohacking in future. Growing awareness about the role of biohacking in enhancing human performance and boosting life expectancy is substantially paving the way for numerous research activities in the biohacking space, thereby bolstering market growth. As the health & wellness industry begins to realise the potential of biohacking in pushing trends such as neuro-nutrition, biohacking is likely to gain ground in the near future.
COVID-19 Impact on Biohacking Market
Research reveals that the COVID-19 pandemic has unlocked new markets for production of suitable drugs or vaccines, which is more likely to be utilising biohacking techniques for desired outcome. The coronavirus crisis has been giving a sharp thrust to pharmaceutical companies to grow, which have been actively working on ambitious drug and vaccine projects with a sole aim to contain the viral outbreak. Such demanding R&D projects are creating a wealth of opportunities for innovations in biohacking market landscape.
Extensive Application Range Drives Demand for Biohacking
Biohacking for health and happiness refers to the quest to enhance self and radically extend life span. The desire to feel better through modifications on one’s body with the hope of boosting physical and cognitive performance can be fulfilled with the help of biohacking techniques. The demand will thus grow strong over the next few years, highlighted by the various innovations leading to a greater number of potential applications.
The global biohacking market will witness lucrative opportunities, as the market consists of a broad option of services such as improved body functioning by implementing dietary and lifestyle changes, wearable technology in monitoring and regulating physiological data and some extremes such as genetic engineering and implant technology. This has raised demand for better, faster and smarter human brain and body functionality.
Embedded technologies (or biohacks) currently being developed or are already available in the market are - electronic tattoos or biostamps, password pills, memory chips, magnetic implants, and guiding/GPS systems. The demand for improved and enhanced products in healthcare is thus on a constant rise.
However, the global biohacking market might continue to face certain hindrance that will likely affect the market growth. Ethical issues, funds, expertise, and further research will hamper the market growth during the forecast period.
Demand for Improved Memory to Bring Lucrative Opportunities for Smart Drug Segment
The smart drugs segment is expected to lead the global market as these drugs are popularly used for improving memory, function, motivation, and creativity in individuals. The rise in demand for memory boosting supplements for young children will bolster the demand for smart drugs. The market is also driven by rising demand for nutrient-rich diets to improve the quality of sleep and manage stress.
Pharmaceutical and biotechnology companies will continue to rise as the top end users of biohacking techniques. As the global pandemic has led government and regulatory bodies to invest in research and development activities to innovate better drugs and vaccines, these companies will continue to thrive at a robust rate in the near future. The rise in adoption of wearable analytical and technological devices will also support the market.
Lack of Supportive Regulatory Framework a Key Restraint for Market Growth in Short Term
As biohacking has gained momentum, it has also attracted increased federal scrutiny. Biohacking is extremely sensitive and vulnerable and governments are wary of potential risks viz. bioterrorism, thus passing strict laws to regulate it closely. In August 2019, California State introduced a law to forbid the use of CRISPR gene-editing kits outside professional labs. Australia has some of the world’s most stringent regulations in place, with the Office of the Gene Technology Regulator (OGTR) monitoring the use of genetically modified organisms (GMOs) and risks to public health and safety. Potential investors in industry are therefore seeking a more balanced approach towards a high-potential innovation such as biohacking for the benefit of science and society.
North America to Lead Global Market
North America is expected to lead the global market for biohacking as this region is technologically advanced and has been an early tech adopter when it comes to healthcare technology. The advanced healthcare infrastructure and strategic presence of key players in the region will further support the market growth. Strong and competitive presence of key players in synthetic biology and biotechnologies will also fuel the growth of biohacking market.
Increasing R&D Investments to Meet the Rising Demand for Biohacking Technologies
The key players in global biohacking landscape are expanding their market presence by strategic initiatives and new product developments. Rising demand for better lifestyle choices is forcing players to invest more in R&D to stay ahead of the competition. Some of the most prominent companies active in biohacking market include Apple Inc., Fitbit, Inc., HVMN, Inc., MOODMETRIC, Synbiota Inc., The ODIN, Grindhouse Wetware, SynBioBeta LLC, and Thync Global Inc. Apple Inc. recently launched its latest watchOS7 series (2020) that can be used to monitor a patient’s sleeping patterns.
Key Elements Included In The Study: Global Biohacking Market
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