Microchips in Medicine Market 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:
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