Microchips in Medicine Market Trends

Growth Drivers

• Rising Prevalence of Cancer Worldwide– With the increasing prevalence of cancer and other chronic conditions, medical microchips are being used to detect, diagnose, and treat these conditions. These chips can be implanted in the body and help to monitor vital signs, detect cancer cells, and deliver targeted drug treatments.
  Cancer is considered to be one of the leading causes of death worldwide according to the World Health Organization, resulting in nearly 10 million deaths in 2020.
• Increasing Adoption of Chips in Eye Implants and Surgeries- For instance, an empathetic bionic eye implant was performed at Moorfields Hospital in London in January 2022, allowing a Blind UK patient to see signals. The patient received a "revolutionary" new bionic chip that detects visual signals.

Challenges 

• An Absence of Awareness Regarding the Potential Benefits of Microchips in Medicine among People - People are often unaware of the potential benefits of microchips in medicine, such as the ability to store medical records or track patient data. Additionally, there are other alternatives available, such as wearable technology, which may be more attractive to potential customers.
• High Cost of Production
• Lack of Skilled Labor for the Production of Microchips