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HEALTHCARE & PHARMACEUTICAL

Microchips in Medicine Market Segmentation by Application (Drug Administration, Home Monitoring, and Others); and by End-User (Hospital, Research Centers, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Microchips in Medicine Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • The U.S. National Library of Medicine published a research paper regarding the current and future applications of medicinal microchips. According to the researchers, microchip technology has the potential to be transformative to the modern healthcare system, improving the quality of life of the patients.

Global Microchips in Medicine Market Highlights over 2022 – 2030

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.

Microchips in Medicine Market Graph

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 

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita Graph

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.

Global Microchips in Medicine Market Regional Synopsis

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.

Microchips in Medicine Market Share Graph

The global microchips in medicine market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

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

By Application

  • Drug Administration
  • Home Monitoring 
  • Others

By End-User

  • Hospital
  • Research Centers
  • Others

Growth Drivers

  • Increasing Adoption of Technology in Healthcare
  • Rising Investment in Medical R&D Activities

Challenges

  • Slow Materialization of Concepts
  • Absence of Researchers in Low-income Economies

Top Featured Companies Dominating the Market

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.

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