According to the business intelligence report titled ‘Global Biohacking Market Size study, by Product (Smart Drugs, Sensors, Strains, Others), by End-User (Forensic Laboratories, Pharmaceutical & Biotechnology Companies, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global biohacking market is estimated to expand with a robust compound annual growth rate of 19.4% during 2020-2027.
 

As per the report findings, rising prevalence of chronic diseases like cancer coupled with escalating demand for effective drugs and smart devices are augmenting global biohacking market size. Additionally, growing awareness regarding biohacking among pharmaceutical companies and forensic laboratories is further adding momentum to the industry expansion.
 

For those unaware, biohacking refers to the utilization of function-improving drugs as well as peripheral or internal implants for enhancing numerous cerebral functions such as retention, cognitive function, and creativity in individuals. Most constructive method in biohacking involves the use of nootropic drugs for improving focus and intelligence. There are various types of products in this field, including strains, sensors, and smart drugs, which find application mainly in pharmaceutical & biotechnology companies and forensic laboratories.
 

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Speaking of the latest developments, the unforeseen advent of the Covid-19 pandemic has compelled science institutes to channel their focus towards research activities for curbing the rapid spread of the virus, and has consequently enhanced the global biohacking market outlook.
 

On the contrary, implementation of stringent regulations regarding genetic engineering experiments, and lack of cyber security practices as well as skilled professionals will continue to impede business development over the forecast period.
 

Elaborating on regional scope, Asia-Pacific, Europe, North America, and Latin America are the key contributors to global biohacking market remuneration. Among these, Europe captures a substantial portion of the overall market share and is anticipated to experience significant expansion through 2027. Increasing government investments towards research & development activities and high concentration of market vendors are fostering the regional industry growth.
 

Meanwhile, Asia-Pacific market is touted to grow tremendously over 2020-2027, on account of rapid development in healthcare infrastructure and rising prevalence of chronic ailments such as cancer.
 

Speaking of the competitive landscape, Fitbit, Inc., Apple, Inc., The ODIN, Synbiota, Inc., Thync Global, Inc., Moodmetric, InteraXon, Inc., and HVMC, Inc. are the top contenders in global biohacking market sphere.