April 20, 2024
Human Microchipping Market

The Human Microchipping Market Poised to Grow Significantly Owing to Increasing Adoption by Healthcare Providers and Pet Owners

The human microchipping market involves implanting of microchips under human skin for identification and medical purposes. Microchips help in tracking medical records, monitoring medical conditions and locating missing people. The growing concerns regarding safety and identification of individuals is driving the adoption of microchipping in humans.

The Global Human Microchipping Market Share is estimated to be valued at US$ 1.97 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period from 2024 to 2030. Key players operating in the human microchipping market are Zoetis, Merck, IDEXX Laboratories, Heska Corporation, bioMérieux, Neogen Corporation, URIT Medical Electronic Co., Randox Laboratories, DiaSys Diagnostic Systems, Nova Biomedical, Bioptik Technology, SD Biosensor, TaiDoc Technology Corporation, Woodley Equipment Company, i-SENS, EKF Diagnostics, Infopia, Roche Diagnostics, Abbott Laboratories, Diamond Diagnostics.

Key Takeaways
Key players: Zoetis, Merck, IDEXX Laboratories are the leading players in the market and are investing heavily in R&D to develop advanced microchips for identification and medical monitoring.

Key opportunities: Growing importance of contactless identification systems due to COVID-19 is creating lucrative opportunities for growth. Also, increasing pet adoption is driving the need for pet identification microchips.

Global expansion: Players are expanding their presence globally especially in Asia Pacific and Latin America to tap the high growth opportunities. Merging with regional players is a key strategy adopted by multinational companies.

Market drivers
Increasing safety concerns regarding animals and individuals is a major driver. Microchipping helps in quick identification in case of accidents, disasters or individuals with medical conditions. Growing investment by governments and organizations worldwide in digital identification is positively impacting the market. Advancements in microchip technology to include additional health metrics are further fueling the adoption.

PEST Analysis
Political: Governments are actively working on setting regulations around privacy and data sharing policies for microchip implants in humans. Some nations have banned mandatory microchipping while others are exploring options for voluntary adoption with consent.
Economic: Growing concern around identity theft, data security and employee monitoring is driving businesses to evaluate microchip solutions for secure building access, cashless payments and digital credentials. This is boosting investments in research and development of safer, more user-friendly microchip implants.
Social: While some view microchipping as an enhancement of human abilities, others raise issues around bodily integrity, surveillance and the risks of centralizing personal data. Addressing ethical standards and allaying privacy fears will be crucial for social acceptance of widespread microchipping.
Technological: Major industry players are working to miniaturize microchip components and introduce less invasive implantation methods like microneedle patches. Advances in encryption, wireless charging and compatible mobile interfaces are also expanding the applications of human microchips beyond medical uses.

The geographical regions accounting for the lion’s share of the human microchipping market in terms of value are North America and Western Europe. This is owing to the early adoption of RFID microchip implants by organizations and individuals for secure access control and payments in these developed markets. Meanwhile, the Asia Pacific region is poised to be the fastest growing regional market during the forecast period on account growing investments to develop India and China as global R&D hubs for microchip technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it