The global microchips in medicine market is estimated to grow at a substantial CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of advanced technology in the medical industry. Although microchips are still in a conceptual stage, they are considered to be the future of healthcare, finding application in drug delivery, hormone regulation, and others. Moreover, scientists believe that microchips can be functioned to treat neurological diseases, including epilepsy and bodily paralyses. According to the report by the World Health Organization (WHO), 50 million people suffer with epilepsy globally, out of which 80% people live in middle and low-income countries.
Furthermore, the growing investment in medical research and development activities, especially in developed economies, is estimated to boost the market. For instance, in the U.S., the medical and health research & development expenditure grew by almost 6% between 2017 to 2018. The market is segmented by application into drug administration, home monitoring, and others, out of which, the drug administration segment is anticipated to hold the notable share in the global microchips in medicine market over the forecast period. This can be attributed to the ease of targeted drug delivery and slow release of drugs, which can be attained through microchips. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global microchips in medicine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of increasing government and private investment in the healthcare sector, coupled with the advancement in technology.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high cases of neurological disorders, along with improving medical services. According to the Pan American Health Organization, 47.4 out of every 100,000 people died due to neurological diseases in the United States, as of 2019.
The global microchips in medicine market is further classified on the basis of region as follows:
Our in-depth analysis of the global microchips in medicine market includes the following segments:
Microchips in medicine is still a concept, which is anticipated to materialize in the upcoming decade. Major medical devices manufacturers, such as, Thermo Fisher Scientific Company, Applied Microarrays Inc., RELX Group, QIAGEN, and Agilent Technologies, Inc., are estimated to invest in the concept in the near future.
FREQUENTLY ASKED QUESTIONS
The growing adoption of technology in healthcare sector is estimated to boost the market growth.
The market is anticipated to attain a substantial CAGR over the forecast period, i.e., 2022 – 2030.
Slow materialization of concepts, and absence of researchers in low-income economies are estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities over the forecast period owing to the advancement in medical technology in the region.
The major medical devices and equipment manufacturers, including Thermo Fisher Scientific Company, QIAGEN, and Agilent Technologies, Inc., are estimated to enter the market in the upcoming years.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user, and by region.
The research centers segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization