An ever-increasing awareness about biohacking coupled with the prevalence of chronic disease has contributed to the growth of the biohacking market. The technological disruptions caused by the Internet of Things (IoT) have led to the advent of highly sophisticated medical devices in the industry. There is a desire for minimally invasive procedures, resulting in the continued growth observed in the biohacking market.
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Genetic Engineering Can Maximize Individual’s Physical and Cognitive Performance
Biohacking is the quest to increase one’s lifespan and improve the overall quality of life and happiness. Biohacking techniques can play a vital role in modifying an individual’s body to optimize cognitive and physical functions. The biohacking market offers a numerous services that enhance performance by way of lifestyle or dietary changes, monitoring physiological data, wearable technology monitoring, or even implants and genetic engineering. Embedded technologies in the development phase (or already available) in the biohacking market include password pills, biostamps, magnetic implants, memory chips, and GPS systems.
COVID-19 Vaccine Candidates Need Biohacking Methods Aiding Biohacking Market
The COVID-19 pandemic has had a catastrophic global impact not seen since WW2 and there is a near-limitless demand for medical equipment such as ventilators, medical supplies, and vaccines. The pandemic has provided a shot in the arm for pharmaceutical companies to invest in R&D on ambitious vaccine endeavours with the sole objecting of eliminating COVID-19. A good percentage of these projects necessitate biohacking techniques, creating untold opportunities in the biohacking market.
Schoolchildren Demand Smart Drugs to Cope With Stressful Classwork and Homework
The smart drugs segment is poised to retain a leadership position in the biohacking market as smart drugs improve creativity, motivation, function, and memory. School children require memory boosting supplements to cope with the massive homework assigned to them. Adults have shifted to nutrient-rich diets to regulate their sleep patterns and minimize their stress levels. Biotech and pharmaceutical companies are expected to remain the largest end-users in the biohacking market. COVID-19 has forced regulatory bodies and national governments to bring to market lifesaving vaccines at warp-like speed. The pandemic is anticipated to remain a medium-term challenge as new variants emerge that could potentially breakthrough vaccines –directly benefiting the biohacking market.
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Stringent Regulations Make Biohacking Market Dynamic and Difficult to Compete in
The biohacking market has come under greater federal scrutiny as biohacking is highly sensitive and governments must be constantly vigilant to bioterrorism threats. In 2019, California passed a law forbidding CRISPR gene-editing outside a professional setting. Australia’s Office of the Gene Technology Regulator (OGTR) monitors genetically modified organisms (GMOs) to mitigate public health and safety risks. Investors in the biohacking market must tread carefully and be mindful of adhering to constantly changing regulations.
Companies in the biohacking market aim to strengthen their competitive position by entering into strategic partnerships. A few prominent companies involved in the biohacking market are Apple Inc., Fitbit, Inc., HVMN, Inc., MOODMETRIC, Synbiota Inc., The ODIN, Grindhouse Wetware, SynBioBeta LLC, and Thync Global Inc. In 2020, Apple Inc. released watchOS7 that can closely monitor a wearers sleep patterns.
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