February 22, 2024
Human Microchipping Market

The Human Microchipping Market Is Estimated To Witness High Growth Owing To Growing Concerns Regarding Personal Identity Protection

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Human microchipping involves implanting computer chips into humans for various purposes such as personal identification, medical records access, and more. These RFID microchips contain digital information to uniquely identify individuals and help access and share their personal details. They are implanted under the skin, usually between the thumb and forefinger, using a hypodermic-style injection. Areas of application include medical diagnostics, payment systems, access control, and real-time location tracking.

Market Dynamics:

The growing concerns regarding personal identity protection and access to medical records are expected to drive the growth of the human microchipping market over the forecast period. For instance, implanted microchips help prevent issues such as identity theft, fraudulent use of credit cards, and unauthorized access to office or residential buildings. They can also store critical medical histories of individuals, including allergies, blood types, and ongoing medical conditions to help healthcare providers during emergencies when the patient is unable to communicate. Furthermore, companies are focusing on innovation and introducing technologically advanced RFID microchips with enhanced data storage and security features. For example, in 2021, Biohax International AB launched BIChips, an implantable microchip that can be read wirelessly to securely share data. However, privacy and security concerns around individual profiling and surveillance through implanted microchips may hinder the market growth.

SWOT Analysis

Strength: The human microchipping market has potential for tracking applications such as medical records and employee identification systems. It enables enhanced security and convenience. The technology offers improved efficiency and simplifies complex workflows.

Weakness: There are privacy and security concerns associated with embedding microchips in humans. Implanting chips could pose risks to health and safety. Technological challenges and the initial costs involved restrict wider adoption.

Opportunity: Growing applications in healthcare such as monitoring patients remotely and enabling medical interventions automatically present opportunities. Tracking valuable assets and preventing identity thefts also create scope. Supportive regulations can boost the market size.

Threats: Resistance from civil society organizations against mandatory chipping raises threats. stringent regulations and vulnerabilities to cyber-attacks pose challenges. Alternative identification technologies threaten market leadership.

Key Takeaways

The Global Human Microchipping Market Size  is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing demand for improved security and convenience. North America dominates currently due to supportive regulations and rapid technology adoption in the region.

Regional analysis

North America is currently the largest market for human microchipping, accounting for over 30% share. Favorable regulations and increasing focus on employee safety and health monitoring drive the market in the region. Asia Pacific is poised to grow at the fastest pace, led by countries such as China and India. Developing economies offer increased scope due to the large population and improving healthcare systems.

Key players

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., and STMicroelectronics N.V. The players focus on new product development and mergers to strengthen their market positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it