Microchips in Medicine Market Size & Share, by Application (Drug Administration, Home Monitoring); End-user (Hospital, Research Centers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3734
  • Published Date: Apr 04, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Microchips in Medicine Market size is anticipated to surpass USD 3 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of microchips in medicine was USD 1 Billion. The reason behind the growth is impelled by the increasing popularity of microchip implants in healthcare to improve patient outcomes. Moreover, microchip implants are increasingly being used in medical applications such as medical record tracking, medical device monitoring, and drug delivery, which may significantly drive market growth. As of today, more than 50,000 people around the world have chosen to receive implants that contain microchips.

The increasing trend of digitalization in healthcare is believed to fuel the market growth. This has led to an increase in the need for medical data storage and processing is increasing, which has increased the demand for microchips in the medicine sector. These microchips help in storing and processing medical data, which can then be used for clinical decision-making and patient monitoring.


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Microchip-in- medicne-market-Overview
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Microchips in Medicine Market: Key Insights

 Base Year

2022

 Forecast Year

2023-2035

 CAGR

~6%

 Base Year Market Size (2022)

~ USD 1 Billion

 Forecast Year Market Size (2035)

~ USD 3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Microchips in Medicine Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rising Prevalence of Cancer Worldwide– With the increasing prevalence of cancer and other chronic conditions, medical microchips are being used to detect, diagnose, and treat these conditions. These chips can be implanted in the body and help to monitor vital signs, detect cancer cells, and deliver targeted drug treatments.
    Cancer is considered to be one of the leading causes of death worldwide according to the World Health Organization, resulting in nearly 10 million deaths in 2020.
  • Increasing Adoption of Chips in Eye Implants and Surgeries- For instance, an empathetic bionic eye implant was performed at Moorfields Hospital in London in January 2022, allowing a Blind UK patient to see signals. The patient received a "revolutionary" new bionic chip that detects visual signals.

Challenges 

  • An Absence of Awareness Regarding the Potential Benefits of Microchips in Medicine among People - People are often unaware of the potential benefits of microchips in medicine, such as the ability to store medical records or track patient data. Additionally, there are other alternatives available, such as wearable technology, which may be more attractive to potential customers.
  • High Cost of Production
  • Lack of Skilled Labor for the Production of Microchips


Microchips in Medicine Segmentation

Application (Drug Administration, Home Monitoring)

The drug administration segment is estimated to hold 55% share of the microchips in medicine market in the coming years owing to the increasing demand for smart drug delivery systems, which are driven by growing awareness about the benefits of using microchips in drug delivery systems. Extreme flexibility in drug delivery is made possible by microchip technology, which consists of drug-filled sockets that release the medicine at predetermined intervals.

Additionally, the advantages of using smart drug delivery systems such as improved flexibility, accuracy, and safety of drug delivery are further driving the growth of the segment.

End-User (Hospital, Research Centers)

The hospital segment is set to garner a notable share of 59% shortly on account of rapid advances in medical technology. Hospitals are increasingly looking to upgrade their medical equipment, and microchips are essential components of many of these devices. Moreover, as medical technology continues to advance, microchips will become even more important in enabling hospitals to provide the best possible care to their patients.

Our in-depth analysis of the global market includes the following segments:

           End-User

  • Hospital
  • Research Centers

           Application

  • Drug Administration
  • Home Monitoring

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Microchips in Medicine Industry- Regional Synopsis

North American Market Forecast

Microchips in Medicine market in North America is predicted to account for the largest share of 35% by 2035 impelled by the growing spending in healthcare. In comparison to other countries, the United States spends a lot more money on healthcare, and personal healthcare spending in the country increased by an average of over 4% year between 2014 and 2020. This may significantly lead to an increase in demand for advanced medical technologies that rely on microchips which would offer a way to monitor and control diseases more efficiently. In 2021, the United States spent more than 2% on health care, amounting to roughly USD 4 trillion per person.

Europe Market Forecast

The Europe microchips in medicine market is estimated to be the second largest, during the forecast timeframe led by the rapid and early adoption of microchips in healthcare. For instance, the use of futuristic microchips implanted under the skin of the hand has been implemented by thousands of Swedes in 2018. There are approximately 2,900 Swedes who have chosen to implant microchips between their thumbs and index fingers.

Research Nester
Microchip-in- medicne-market-Region
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Companies Dominating the Microchips in Medicine Landscape

top-features-companies
    • Thermo Fisher Scientific Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Applied Microarrays Inc.
    • RELX Group
    • QIAGEN
    • Agilent Technologies, Inc.
    • INTROMEDIC
    • Otsuka America Pharmaceutical, Inc.
    • Medtronic Plc
    • Illumina, Inc.
    • Bio-Rad Laboratories, Inc.

In-the-news

In The News

  • Thermo Fisher Scientific, Inc., announced it has acquired Belgium-based PharmaFluidics, a manufacturer of micro-chip-based chromatography columns. The acquisition will enable Thermo Fisher to expand its portfolio of chromatography and mass spectrometry solutions. It will also provide customers with access to advanced technology for analyzing complex samples.
  •  Medtronic plc has announced Cosmo Pharmaceuticals and NVIDIA are planning to integrate their AI technology into its intelligent endoscopy module, GI Genius. By using AI-assisted technology, physicians will be able to detect potentially cancerous polyps more quickly and accurately, leading to better patient outcomes.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 3734
  • Published Date: Apr 04, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing popularity of microchip implants in healthcare to improve patient outcomes and the increasing trend of digitalization in healthcare are the major factors driving the growth of the market.

The market size of Microchips in Medicine is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2035.

The major players in the market are Applied Microarrays Inc., RELX Group, QIAGEN, Agilent Technologies, Inc., INTROMEDIC, Otsuka America Pharmaceutical, Inc., Medtronic Plc, Illumina, Inc., Bio-Rad Laboratories, Inc.

The drug administration segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Microchips in Medicine Market Report Scope
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