Market Trends of Biohacking Industry
Implantable Devices and Wearables Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The sensors used to diagnose, monitor, or treat diseases in the healthcare industry are known as medical sensors. The increasing use of health sensor technology in the treatment and maintenance of diseases is the major factor driving the segment's growth. Additionally, the increasing prevalence of diseases and the need for implants and wearables to monitor the conditions is expected to increase segmental growth. For instance, according to the August 2022 report of the British Heart Foundation (BHF), an estimated 7.6 million people are living with heart or circulatory disease in the United Kingdom, and factors such as aging and growing population and improved survival rates from heart and circulatory diseases are further expected to increase the burden of cardiovascular diseases in the United Kingdom. Hence, with the rising burden of CVDs, the studied market is expected to grow over the forecast period.
Various product launches and approvals are expected to increase segmental growth. For instance, in April 2022, Biotricity launched the commercial sales of its FDA-cleared, wireless wearable cardiac monitoring device, Biotres. Biotres is the company's revolutionary technology in remote patient monitoring and the delivery of real-time diagnostic data. The sensor in the device is designed to continuously record electrocardiogram (ECG) data for early detection of cardiac arrhythmias, disrupting the conventional one-lead patch Holter monitor. Similarly, in May 2021, WISE Srl CE marking of its WISE Cortical Strip (WCS), a single-use medical device intended to be used on the surface of the brain for intraoperative neurophysiological monitoring (IONM). The sensor works through the surface of the brain for IONM. Thus, the product launches are expected to drive segmental growth with their adoption for constant monitoring.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
The North America region is expected to grow due to primary factors such as increasing incidences of chronic diseases and the initiatives by key market players such as product launches. As per the Alzheimer's Association 2022 Alzheimer's Disease Facts and Figures, in 2022 around 6.5 million Americans aged 65 and older were living with Alzheimer's dementia in the United States. By 2050, the number of people aged 65 and older with Alzheimer's dementia is projected to increase to 12.7 million. This high burden of Alzheimer's disease surges the demand for biohacking in the treatment of the disease condition, thereby leading to the growth of the studied market in the country. Additionally, the prevalence of cardiovascular diseases among the Canadian population is expected to contribute to the demand for biohacking. As per the Canadian Institute for Health Information data published in July 2022, about 2.4 million Canadians will have heart disease in 2022. Such prevalence of chronic cardiovascular diseases in Canada is expected to contribute to the growth of the market.
Product approvals and launches are expected to increase market growth. For instance, in May 2023, Neuralink received Food and Drug Administration (FDA) clearance for the human clinical trial. Similarly, in September 2022, MycoLab USA LLC launched the GOT MOLD Test Kit. Similarly, in September 2021 BrainTap launched the Biohacking Bundle with exclusive content from renowned health & wellness visionaries in the biohacking and longevity space. Thus, these product approvals and clinical trials provide insight into the demand for such products, which is expected to increase the adoption and further increase market growth in the region.
