Experiments are always conducted in medical science and every experiment impacts healthcare sector in some way. The purpose of such experiments is sometimes biohacking that is defined as the use of function-enhancing drugs or the use of external or internal implants to improve cognitive function, memory, and creativity in individuals. Nootropic drugs are an important component of biohacking as they are useful for enhancing intelligence and focus. This is also called do-it-yourself (DIY) biology. Market Research Future (MRFR) has published a research report regarding global biohacking market that observes massive growth for this market with 19.72% CAGR (Compound Annual Growth Rate) for this market between 2017 and 2023. In terms of cash, this market is expected to be worth the US $ 16,142.38 mn during the forecast period.
The key factors driving the growth of global biohacking market Sizeinclude awareness of biohacking, demand for smart devices & drugs, increasing use of radiofrequency identification (RFID) technology in medical devices in various industries, and prevalence of chronic ailments. The factors that can hamper market growth include growing geriatric populace, lack of cybersecurity practices, and a sharp rise in chronic ailments.
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The global biohacking market has been segmented on the basis of application, end user, product, type, and lastly, region. The segmentation based on application covers diagnosis & treatment, drug testing, forensic science, genetic engineering, synthetic biology, and others. Based on the end user, this market has been segmented into forensic laboratories, pharmaceutical & biotechnology companies, and others. The product-based segmentation segments the market into sensors, smart drugs, strains, and others. By type, the market segmentation comprises of inside biohacking and outside biohacking.
The regional segmentation of the global biohacking market segments the market into continent-based regional markets known as The Americas (North America & South America), Asia Pacific, Europe, and the Middle East & Africa (MEA). The Americas are the largest regional market, and by the end of the forecast period, the value of this regional market is expected to be worth the US $ 10573.53 mn. The factors driving the market growth in this region include awareness among youth, availability of advanced medical facilities, the presence of several biotechnologies and synthetic biology companies in North America. North America alone holds the potential to be the largest market due to its strong economies are known as the United States of America (USA) and Canada. Many key market players are based in the USA. In this region, the availability of advanced medical facilities makes North America a bigger market than South America.
Europe is the next biggest regional market due to the high density of population and the availability of maximum advanced medical facilities after North America. During the forecast period, the European market is expected to grow due to these reasons. Due to the reasons same as The Americas, Western Europe as a market is bigger than Eastern Europe. In this region, the key country-specific markets France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Western Europe and then by Eastern Europe.
During the forecast period, Asia Pacific is expected to emerge as the fastest growing market with 19.91% CAGR due to the huge patient pool that requires constant monitoring. Rising economies like China and India are also boosting the market by revamping the healthcare infrastructure. Other significant country-specific markets in this region include Australia, Japan, and South Korea, followed by the rest of the Asia Pacific region.
The MEA region shows limited market slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability, poor access to treatment, poor healthcare facilities, and healthcare not considered a priority by most governments.
The key players in the global biohacking market include Apple (USA), Fitbit Inc. (USA), HVMN Inc. (USA), MoodMetric (USA), The Odin (USA), Thync Global Inc. (USA), and Synbiota (Canada).
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