by The biohacking market involves technologies that are used to “hack” or modify the human body and includes devices such as body implants, neuro-modifications and genetic editing tools. Biohacking tools aim at monitoring various health parameters like brain activity, heart rate and blood parameters and allow tracking the same outside formal healthcare setups. Advances in self-tracking technologies have led to an increased demand for wearable devices and biosensors that can monitor vitals and help individuals take charge of their health through timely interventions.
The global biohacking market is estimated to be valued at US$ 21567.42 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the biohacking market is an increasing focus on data-driven health and wellness. Tools enabled by IoT, artificial intelligence and sensors are allowing individuals to quantify diverse physiological metrics and leverage insights to gain a deeper understanding of how their lifestyle impacts well-being. This has given rise to the phenomenon of the quantified self where people track various health parameters and correlate them with activities of daily living. As access to personal health data grows, the demand for biosensors, body mods and genetic kits that uncover new metrics will continue rising over the forecast period.
Porter’s Analysis
Threat of new entrants: Low startup costs and availability of technology lowers the threat of new entrants in the biohacking market.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of various products whereas larger organizations have moderate bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute materials and technologies.
Threat of new substitutes: Threat of substitutes is moderate as new advanced technologies can disrupt the existing market.
Competitive rivalry: The biohacking market experiences high competitive rivalry due to presence of numerous regional and global players.
Key Takeaways
The Global Biohacking Market Size is expected to witness high growth. The global biohacking market is estimated to be valued at US$ 21567.42 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
North America currently dominates the biohacking market owing to supportive government funding for research activities and presence of key players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period. Growth in industries such as healthcare, food processing along with research funding support from governments will drive the growth of biohacking market in the region. Countries such as China, India are opening new opportunities.
Key players: Key players operating in the biohacking market are Fisk Alloy, Inc., Southwire Company, AFL Global, MWS Wire Industries, Copperhead Industries, Shanghai Metal Corporation (SMC), Zhejiang Baichuan Conductor Technology Co., Ltd, Zhangjiagang jinxin metal wire Co., LTD, Nehring Electrical Works, General Clad Co., Ltd, and Jiangsu Greenshine Wire & Cable Co.,Ltd. Fisk Alloy and Southwire Company together control around 30% of the overall market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
