Biohacking: Industry Disruptor, Social Movement Gaining Ground
Changes Expected in Healthcare, Tech, Wellness, and Beauty Industries Within 5 years
WELLESLEY, Mass., February 28, 2019 (Newswire.com) - As a form of do-it-yourself (DIY) biology, biohacking represents a new frontier in the development of drugs, therapeutics, chronic disease management tools, wellness products and technology that can fight world poverty, hunger and disease. Consequently, biohacking is a market expected to see exceptionally high growth over the next five years, according to a new BCC Research report called “Biohacking.”
While the term “biohacking,” may sound like a futuristic concept, it refers to work that is being done right now, today. Biohacking is both an emerging industry and a social movement, in which individuals, communities and small group organizations use biology concepts to solve small and large problems themselves, instead of waiting for research institutions—often removed from the site of a problem and therefore unaware of what kind of solution is really needed—to take action.
Top competitors in the biohacking market include Fitbit Inc., Apple, Synbiota, THE ODIN, and HVMN Inc.
Report Highlights
- Market trend. North America leads the market in the biohacking volume, as there are 44 biohacking labs throughout the continent, 31 labs in Europe and 17 across Asia, South America and Oceania.
- Market analysis. In 2017, pharmaceutical and biotechnology companies held the highest share of globally generated biohacking revenue and is expected to be valued at $13.4 billion by 2023.
- Growth drivers. Globally, happiness has become a significant indicator of overall well-being. The desire to move towards solving one’s own problems and getting out of the clutches of big pharma and other large corporations is a huge motivator for people to try biohacking.
“Biohacking gives everyone the ability to deconstruct and reconstruct biology using simple kits or supplements to achieve their immediate outcomes and also solve larger issues. Biohacking is here to stay. The future is DIY,” said BCC Research analyst Smruti Munshi.
Biohacking as a Social Movement
One of the reasons biohacking is viewed as a social movement is because of its DIY nature. Individuals, communities and small companies work around patent norms and develop low-cost, easy-to-use alternatives so that things like medical care, access to quality food and water, optimal health and more are no longer the purview of the rich or the insured.
Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.
Source: BCC Research
