The Human Microchipping Market is estimated to be valued at US$ 1.71 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Human microchipping involves implanting microchips under human skin for various applications like medical records management, access control, transaction processing etc. These microchips are passive radio-frequency identification (RFID) transponders that can be read through radio waves by scanners. Growing adoption of digital healthcare and shift towards decentralization of medical records has increased demand for microchipping as a secure means of medical records management and patient identification. The technology also enables remote monitoring of patients suffering from chronic diseases.

 

Market Dynamics:

Growing adoption of digital healthcare technologies due to COVID-19 pandemic is driving the demand for human microchipping. The pandemic has highlighted weaknesses in centralized management of medical records and remote patient monitoring. Microchipping provides an effective solution for decentralized yet secure management of patient records and real time tracking of vitals. This is expected to boost the market growth over the forecast period. Furthermore, ongoing innovations to introduce advanced features like multilingual patient records, real time alerts and activity tracking in microchips is also fueling the market. However, privacy and security concerns regarding implantation of tracking devices under human skin restricts the widespread adoption of human microchipping. Ongoing research to develop biodegradable microchips that dissolve after intended use can help address these privacy concerns and further promote the market in coming years.
 

Segment Analysis

The Human Microchipping market can be segmented into Healthcare, Financial Services, and Security sectors. The Healthcare sector dominated the microchipping market in 2023 with an estimated share of over 40% as microchips are increasingly being used for medical records and health monitoring. Implantable chips help monitor blood pressure, glucose levels, deliver insulin etc.

 

PEST Analysis

Political: Countries are framing data privacy laws to restrict unnecessary tracking through chips. European Union's GDPR regulates personal data collection.
Economic: The growing spending on healthcare and digital technologies will boost industry growth. Cost reductions may encourage adoption.
Social: Concerns around surveillance, security, and privacy are challenges faced. However, benefits of convenience and safety outweigh risks for some.
Technological: Advancements in miniaturization, encryption, secure cloud storage are expanding applications. 5G networks enable real-time monitoring.

 

Key Takeaways

The Global Human Microchipping Market Growth is expected to witness high, exhibiting a CAGR of 7.0% over the forecast period, due to increasing demand for healthcare monitoring and financial transactions.

The North American region dominated the market with over 35% share in 2023 due to the early adoption of technology and supportive regulatory environment in the US and Canada for select uses. The Asia Pacific region is expected to witness the fastest growth due to a large population, increasing healthcare spend and proliferation of technologies.

Key players operating in the Human Microchipping market are VeriChip Corporation, Biohax International AB, Dangerous Things LLC, Three Square Market, Kaspersky Lab, McAfee Corp., Symantec Corporation, ARM Holdings plc, NXP Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., BioTeq Limited, Chip In S.A., Tyco International Ltd., Xerox Corporation. VeriChip Corporation dominated with innovative healthcare applications of its FDA-approved implantable microchips. Biohax also had a significant market share for its range of discreet skin safe microchips.
 

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