Bio-hacking is also related to several nootropic drugs used to boost intelligence and focus. However, the rise of Iot devices and the use of RFID technology can affect the development of the bio-hacking market. Additionally, poor security systems can trigger adverse results. For instance, if the implants can be hacked, it could create more problems than solutions to the patients. Nonetheless, other factors like the rising elderly population might push the market growth in the next decade.
In 2020, Bio-hacking has become one of the fastest-growing wellness trends supported by ever-changing technology in the health sector. These new trends involve treating medical conditions using drugs and implants to internally and externally improve cognitive functions, sharpen the memory, and enhance creativity.
As shown by different companies all over the world, the global bio-hacking market has a huge potential in the coming years. According to recent research on the market, some of the global leaders include companies like Synbiota, Thync Global Inc, Apple, HVMN Inc, The Odin, Moodmetric, and Fitbit. These companies are investing substantially in the market to trigger growth.
Most of the investments are directed towards different strategies like marketing, innovation, mergers, branding, acquisition, and others. In terms of innovations, these companies are concentrating on products like smart drugs, strains, sensors, and others. When it comes to the applications, the biohacking market features everything, including synthetic biology, forensic science, genetic engineering, drug testing, diagnosis, and treatment.
In 2019, an International bio-hacking company confirmed that they’d be making a cheaper alternative of gene therapy at a considerably low price. That would help numerous patients to be able to afford the treatment and help in the healthier reach of medicine. The drug in question is known as Glybera and can be used to treat hereditary diseases at the cost of $1 million per treatment. This medicine is the first of its kind.
Currently, biohackers all over the world are carrying out experiments on different body parts using gadgets like heart rate monitors and inserting microchips to control stress levels. Nonetheless, bio-hackers are still developing a wide range of other products targeted towards exploring the body. That is helping to take the bio-hacking market to the next level, fueled by several factors like:
With the current generation, more people are optimistic about embracing the bio-hacking market and devices. Even better, thousands of people are already using bio-hacking devices such as heart rate monitors and gadgets tracking things like blood sugar levels, calories, and body movements.
As more people continue becoming familiar with the technology, the bio-hacking market is seeing a significant increase in the market share. The demand for smart devices is also rising alongside the need for effective drugs in a world where chronic conditions are prevalent. However, lack of funds and strict government policies has restrained the global market, forcing many companies to dedicate a lot of funds to cybersecurity.