Microchips in Medicine Market size was over USD 1.07 Billion in 2023 and is likely to exceed USD 2.45 Billion by the end of 2036, witnessing over 6.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of microchips in medicine is evaluated at USD 1.13 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.6% |
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Base Year Market Size (2023) |
USD 1.07 Billion |
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Forecast Year Market Size (2036) |
USD 2.45 Billion |
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Regional Scope |
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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:
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End-User |
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Application |
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North American Market Forecast
Microchips in Medicine market in North America is predicted to account for the largest share of 35% by 2036 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.
Author Credits: Radhika Pawar
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