Microchips in Medicine Market Size

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.