by The 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 chip just under the skin that acts as a unique identification number for the individual. Such chips use Radio Frequency Identification (RFID) technology to store and transmit biometric and medical data of the individual. Microchips make it easier for hospitals and doctors to access important medical records of a patient in case of emergencies. Microchipping can also help track employees in organisations and prevent crimes by functioning as access cards.
Market key trends:
One of the key trends fueling the growth of the human microchipping market is the increasing adoption of microchipping technology by various industries to improve efficiency and security. For instance, companies are microchipping their employees voluntarily for security purposes like building access or payroll purposes. In healthcare industry, microchips help access important medical records and history of patients instantly in emergency situations. With rising concerns about security and data theft, microchipping is emerging as a reliable identity verification method. Further, innovations like developing miniaturized and wireless microchips are also supporting the increased adoption of this technology.
Porter’s Analysis
Threat of new entrants: Low capital requirement for technology adoption poses threat of new entrants. However, established players hold majority market share limiting opportunities for new players.
Bargaining power of buyers: Buyers have high bargaining power given the availability of alternatives. Buyers can switch to competitors offering better technology, safer implantation and pricing.
Bargaining power of suppliers: Suppliers have moderate bargaining power given the availability of raw material suppliers and chip manufacturers. However, technology providers and implantation specialists hold advantage.
Threat of new substitutes: Alternatives like wearable devices offer substitution threat. However, microchipping offers advantages like access control and medical records that limit full substitution.
Competitive rivalry: Intense due to presence of global technology giants and growing demand. Players compete on technology, security, applications and pricing.
SWOT Analysis
Strength: Growing demand for identification and security applications. Established global presence and technology leadership of key players.
Weakness: Ethical concerns regarding privacy and security risks limit widespread adoption. Significant investment required for new technology development.
Opportunity: Scope for new applications in healthcare, finance and retail verticals. Emerging markets growth present expansion opportunity.
Threats: Stringent regulations around data privacy and safety. Competition from alternative identification technologies.
Key Takeaways
The Global Human Microchipping Market Growth is expected to witness high, exhibiting CAGR of 7.0% over the forecast period, due to increasing demand for identification and security applications in industries like healthcare, finance and retail.
Regionally, North America dominates currently due to presence of technology leaders and early adoption. Asia Pacific expected to exhibit fastest growth over forecast period led by China, India and other developing nations increasing investment in emerging technologies.
Key players operating in the Human Microchipping Market are VeriChip Corporation (a subsidiary of PositiveID Corporation), Biohax International AB, Dangerous Things LLC, Three Square Market, Kaspersky Lab, McAfee Corp., Symantec Corporation, ARM Holdings plc (a subsidiary of SoftBank Group Corp.), NXP Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., BioTeq Limited, Chip In S.A., Tyco International Ltd. (a subsidiary of Johnson Controls International plc), Xerox Corporation. Major players focus on technology innovation, new applications and strategic partnerships for market dominance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
