The global Human Microchipping Market is estimated to be valued at US$ 1.71 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Human microchipping involves the implantation of a tiny microchip, usually the size of a grain of rice, beneath a person's skin to store information about them. It is seen as an efficient way to safeguard medical records and identity information about individuals, with applications ranging from securely tracking hospital patients to access control systems. Microchips for humans are implanted via a simple medical procedure using a hypodermic-style injection. They do not pose any known health risks and are perceived to offer convenience and security advantages over traditional identification methods.
Market key trends:
One of the key trends driving growth in the human microchipping market is the shifting attitudes towards privacy and security in the digital era. With rising concerns around online identity theft and data breaches, there is increasing interest in microchipping as a more robust authentication method. Additionally, advances in RFID (radio-frequency identification) and NFC (near field communication) technology have made microchips more versatile and compatible with various smart applications. The ability to securely store medical records on a microchip implant is appealing to both patients and healthcare providers. Further innovations expanding the capabilities of human microchips are expected to boost their adoption over the forecast period.
Porter's Analysis
Threat of new entrants: The human microchipping market requires high investment in R&D for new technologies. Also, key players have strong brand image which create entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are few key players operating in the market. However, buyers can switch to alternative technologies easily which puts pressure on pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute components. However, suppliers of specialized components related to RFID chips and biosensors enjoy relatively high bargaining power.
Threat of new substitutes: Alternatives like mobile tracking and wearable devices pose threat of substitution. However, microchipping offers greater accuracy and reliability.
Competitive rivalry: The market is dominated by few global players and witnessing high competitive rivalry. Players compete based on technology, features, security and price.
Key Takeaways
The Global Human Microchipping Market Demand is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing demand for human tracking and monitoring applications.
The market size for 2023 is US$ 1.71 Bn. North America dominated the market in 2023 with over 30% share owing to increasing funding in emerging technologies. Asia Pacific is expected to witness fastest growth due to growing adoption in India and China.
Key players operating in the human microchipping market are VeriChip Corporation, Biohax International AB, Dangerous Things LLC, Three Square Market, Kaspersky Lab, McAfee Corp., Symantec Corporation, ARM Holdings plc, NXP Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., BioTeq Limited, Chip In S.A., Tyco International Ltd., Xerox Corporation. Key players are focused on developing advanced and secure microchips to expand their market share.
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