Biohacking also referred to as Do-It-Yourself (DIY) biology is a broad term that includes a wide range of activities. The range of activities includes performing various science experiments on yeast or any other organisms for tracking sleep patterns and diet to change its biology. Biohacking is one of the major revolutionary processes in the field of synthetic biology. It is performed by individuals called biohackers, who looks for the innovation and development of new techniques for enhancing different aspects of synthetic biology. They conduct lab experiments for exploring new possibilities in genetic engineering, biotechnology, and molecular biology.
Biohacking manages one’s biology with the help of electronic, medical, and nutritional techniques. For instance, biohackers insert microchips in the human body for monitoring heart rate and stress level. In addition to this, several revolutionary products such as brain sensors, magnetic fingers, smart drugs, RFID implants, health trackers, and body sensors are the outcome of biohacking. The tremendous potential of biohacking for tracking one’s biological performance is innovative and ever-growing making it more approachable for the current generation. In addition to this, it also helps to keep track of blood sugar levels, steps, and burning calories with the movement of the body, making it more demandable at present time.
COVID-19 Crisis Surging Demand for Biohacking Market
Growing awareness of biohacking in the health & wellness space and rising trends towards neuro-nutrition are the leading driving factors for the biohacking market globally. The COVID-19 outbreak has impacted the market in many ways. The crisis has led to a huge rise in demand for the pharmaceutical industry. On the line of this, major companies have conducted research and development activities for producing vaccines or drugs to stop the crisis. These activities are anticipated to boost the demand for the market. In addition to this, the growing demand for medical devices for tracking human health is further complementing the growth of the market.
The increasing prevalence of diseases and the growing geriatric population has propelled the market, especially for biotechnology & pharmaceutical companies. Moreover, increasing market growth is attributed to the rising adoption of wearable analytical and technological devices. The strategic presence of leading market players in developed countries such as the US and Canada coupled with technological advancements is responsible for exponential growth in the regions. The Asia-Pacific region is also expected to witness substantial growth owing to favorable government policies complemented by the rising investments from the market players.
Key Developments in Biohacking Market
- North American region is continuously dominating the market holding the largest market share on the account of government permission for experimentations in biology allowing biohackers to perform their task freely.
- The COVID-19 crisis has led to a substantial rise in the development and growth of the pharmaceutical industries owing to several R&D activities conducted by the companies to develop a suitable vaccine or drug.
- Key market players are now aggressively focusing on product launches and expansion strategies to strengthen their position in the market. For instance, watchOS4, a popular launch by Apple featuring continuous glucose monitor has achieved huge success among iPhone users.
Deep-dive Insights on Biohacking Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/biohacking-market