Microchips in Medicine Market Analysis

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

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of microchips in medicine is evaluated at USD 1.13 Billion.

The 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. 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.

North America industry is predicted to account for the largest share of 35% by 2036, impelled by growing spending in healthcare in the region.

Thermo Fisher Scientific Inc., Applied Microarrays Inc., RELX Group, QIAGEN, Agilent Technologies, Inc., INTROMEDIC, Otsuka America Pharmaceutical, Inc., Medtronic Plc, Illumina, Inc., Bio-Rad Laboratories, Inc.

Microchips in Medicine Market Analysis