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Biohacking Global Market Report 2022: Ukraine-Russia War Impact
Major players in the biohacking market are Thync Global Inc. , Fitbit Inc. , OsteoStrong, HVMN Inc. , Thriveport LLC, Apple Inc. , Kaatsu Global, TrackMyStack, Interaxon Inc, SynBioBeta LLC, Elysium Health, InteraXon Inc.
New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biohacking Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06365020/?utm_source=GNW
, Behavioral Tech, Synbiota, and Primal Life Sciences.
The global biohacking market is expected to grow from $18.80 billion in 2021 to $23.20 billion in 2022 at a compound annual growth rate (CAGR) of 23.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The biohacking market is expected to grow to $51.53 billion in 2026 at a CAGR of 22.1%.
The biohacking market consists of sales of biohacking services by entities (organizations, sole traders, partnerships) that are used to improve the qualities or capabilities of living organisms.Biohacking, also known as human augmentation or human enhancement, is a type of do-it-yourself biology that aims to improve ability, fitness, and wellbeing through intentional interventions.
Meditation and intermittent fasting are two common biohacking practices that have been practiced since ancient times.
The main product types of the biohacking market are wearables, implants (chips), gene modification kits, smart drugs, supplements, mobile apps, and other products.Wearables refer to the category of electronic devices that can be worn as accessories.
These devices help in body tracking and checking the condition of the body.The different components include solutions and services that are used in several applications, such as synthetic biology, genetic engineering, forensic science, diagnosis and treatment, and drug testing.
It is employed in pharmaceutical and biotechnology companies, hospitals and clinics, forensic laboratories, research and academic institutes, and other end users.
North America was the largest region in the biohacking market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the biohacking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising prevalence of chronic diseases is expected to propel the growth of the biohacking market going forward.Chronic diseases are conditions or illnesses that often last for three months or longer and have the potential to get worse over time.
Biohacking methods such as improving the nutrition of the body, intermittent fasting, hydrogen inhalation therapy, and others can help to fight cancer and other chronic diseases.For instance, according to the World Health Organization, a US-based specialized agency responsible for international public health, chronic disease prevalence has risen by 57% in the year 2020.
Also, 19.3 million new cancer cases were registered, and almost 10.0 million cancer deaths occurred in 2020. Therefore, the rising prevalence of chronic diseases is driving the growth of the biohacking market.
Increasing adoption of biohacking practices by consumers is expected to propel the growth of the biohacking market going forward.Biohacking practices such as meditation and intermittent fasting help with increasing mental focus, provide increased drive and energy, and help the body work efficiently, making it easier to fight illness.
For instance, according to WebWire, a US-based online news channel, the size of the meditation market in the US is predicted to reach $2.08 billion by 2022. Therefore, the increasing adoption of biohacking practices by consumers is driving the growth of the biohacking market.
Product advancement is a key trend gaining popularity in the biohacking market.Major companies operating in the biohacking sector are focused on new product advancements to strengthen their position in the market.
For instance, in January 2022, Velovita, a US-based biohacking solutions provider, introduced Zlem, a dietary supplement bio-hacking formula for quality sound sleep and weight management.Zlem is a potent supplement with more than 20 ingredients that can help users sleep better and burn fat that has accumulated in the body while resting at night.
This product also helps the body get rid of impurities and gives users a balanced, healthy state of mind every morning.
The countries covered in the biohacking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The biohacking report is one of a series of new reports that provides biohacking statistics, including biohacking industry global market size, regional shares, competitors with a biohacking share, detailed biohacking segments, market trends and opportunities, and any further data you may need to thrive in the biohacking industry. This biohacking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06365020/?utm_source=GNW
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