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Biohacking is a quite a broad term since its definition differs slightly from the common ones.
SEATTLE, WASHINGTON, UNITED STATES, January 11, 2022 /EINPresswire.com/ -- "Biohacking Market 2022 analysis by Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges and Investment Opportunities), Size, Share and Outlook" has been added to Coherent Market Insights.
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Biohacking is a quite a broad term since its definition differs slightly from the common ones. The dictionary defines it as 'an innovation of science, technology or medicine which attempts to enhance the functioning of the organism'. This then implies that the practice of biohacking encompasses a lot more than enhancing one's fitness, mental state or physical strength. Rather, biohacking is biological test that aims to modify the systems within the human body. These systems are usually controlled by natural mechanisms such as neurotransmitters, hormones, and enzymes.
Some of the examples of biohacks include using nutritional supplements, exercising, applying electronic exercisers, calorie restriction, fasting, supplements and detoxification. All these practices aim to improve the fitness and health; however, some of these practices have been shown to be effective in preventing health problems such as obesity, cancer, cardiovascular diseases, and diabetes.
The global biohacking market is estimated to be USD 15755.29 Million in 2021 and is expected to reach USD 45951.81 million by 2028 to grow at a CAGR of 17% during the forecast period (2021 –2028).
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High demand for smart devices is expected to drive the market growth
Growing demand for smart devices is driving growth of the market over the forecast period. For instance, in December 2020, InsideTracker launched its mobile app, InsideTracker that provides a platform for people to receive real-time information and recommendations, the app integrates data from an individual’s blood biomarkers, DNA, and activity trackers. Through activity trackers, InsideTracker users can track their resting heart rate and sleep data, including their REM sleep time and deep sleep time, and receive a more in-depth and precise understanding of their health and performance.
Biohacking Market – Regional Analysis:
North America is expected to hold leading position with the largest share in the global biohacking market, due to different strict state legislations in the U.S., governing experimentations in biology, thus making it easier for the bio hackers to share tips and techniques to help non-experts conduct structured experiments on themselves outside of a controlled experimental environment. At the same time Europe has emerged as the second largest market in the biohacking sector, due to the growing prevalence of chronic disease such as diabetes in this region, caused due to overweight and obesity, unhealthy diet, and lack of physical inactivity which makes diabetes one of the most common chronic disease in the Europe region. According to the report published by World Health Organization (WHO) in 2019, currently over 60 million people suffer with diabetes in the Europe. Moreover, diabetes is a major risk factor for the cardiovascular diseases.
Impact of Coronavirus (COVID-19) Pandemic on the global biohacking market
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it as a public health emergency in 2020. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, the number of COVID-19 cases reported in the U.S. as of June 3, 2021 are approximately 32,963,318 with around 589,555 deaths. The coronavirus or COVID-19 outbreak that started from Wuhan, China, and has spread across continents, affecting various industries globally. There was sever disruption in supply of key materials such as probes required for interventional ablation due to regulations such as quarantine and lockdowns in various countries. The coronavirus crisis has given a boost to the pharmaceutical companies to grow due to growing demand for drugs to treat the infection, the companies been actively working on ambitious drug and vaccine projects. Such demanding R&D projects are creating a bright opportunities for innovations in biohacking market landscape.
Global Biohacking Market: Restraint
Strict regulations for genetic engineering experiments, lack of investment required for research, and lack of professionals as well as lack of cyber security practices are hindering growth of the market. As biohacking devices use web services to communicate with each other and feed data directly to patient’s medical records, there is a high chances that hacker could alter the information that gets fed into the medical record. All these factors are restricting growth of the market.
Major players operating in the global biohacking market include Thync Global Inc., Apple Inc., HVMN, Synbiota, MoodMetric, THE ODIN, and Fitbit, Inc.
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The following are the study objectives for this report:
•SWOT Analysis focuses on worldwide main manufacturers to define, assess, and analyse market competition. By kind, application, and region, the market is defined, described, and forecasted.
• Examine the global and main regional market potential and advantage, opportunity and challenge, constraints and risks.
• Determine whether trends and factors are driving or limiting market growth.
•By identifying high-growth categories, stakeholders would be able to analyse market potential.
•Conduct a strategic study of each submarket's growth trends and market contribution.
•Expansions, agreements, new product launches, and acquisitions in the market are all examples of competitive developments.
• To create a strategic profile of the main players and analyse their growth plans in depth.
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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