Global Human Microchipping Market Size To Worth USD 2.56 Billion By 2033 | CAGR of 6.07%
The Global Human Microchipping Market Size was Valued at USD 1.42 Billion in 2023 and the Worldwide Human Microchipping Market Size is Expected to Reach USD 2.56 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Biohax International AB, VeriChip Corporation, Three Square Market, Dangerous Things LLC, McAfee Corp., Kaspersky Lab, ARM Holdings plc, Symantec Corporation, Texas Instruments Inc., NXP Semiconductors N.V., and Others Key Vendors.
New York, United States , May 15, 2024 (GLOBE NEWSWIRE) -- The Global Human Microchipping Market Size is to Grow from USD 1.42 Billion in 2023 to USD 2.56 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.07% during the projected period.
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Human microchipping is the implantation of miniature integrated circuits, typically beneath the skin, to perform several purposes. Human microchipping offers advantages such as quick access to health information during emergencies, automated device maintenance, and enhanced convenience in daily activities. Furthermore, human microchipping involves implanting small RFID (Radio-Frequency Identification) or NFC (Near-Field Communication) chips beneath the epidermis. These chips, which are generally the size of a grain of rice, can store personal information, and medical data, and even serve as access keys to various facilities. The healthcare business is a significant driver of the human microchipping market. Microchips are utilized in the healthcare business for various purposes, such as patient identification, access control, and medication administration. Microchips can be used to identify patients in healthcare facilities and other contexts, thereby improving patient safety and security. Microchips might also be used to control access to restricted areas in hospitals and other medical facilities, thereby decreasing unlawful entry. Microchips can also be used to manage patients' medications, increasing compliance and avoiding prescription errors. However, a prominent issue that is expected to restrict the growth of the global human microchipping market throughout the forecast period is the risk of cyberattacks masquerading as individuals or eavesdropping on their actions.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "*Global Human Microchipping Market* Size, Share, and COVID-19 Impact Analysis, By Technology (RFID, NFC, and Others), By Type (Non-Implantable Microchips, Implantable Microchips), By Application (Personal Identification and Access Control, Medical Identification and Monitoring, Financial Transactions, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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*The RFID segment is anticipated to hold the greatest share of the global human microchipping market during the projected timeframe. *
Based on the technology, the global human microchipping market is divided into RFID, NFC, and others. Among these, the RFID segment is anticipated to hold the greatest share of the global human microchipping market during the projected timeframe. RFID (Radio Frequency Identification) technology is becoming increasingly popular in the human microchipping business. RFID employs electromagnetic waves to identify and track items. These chips can wirelessly communicate data to RFID readers and scanners and are assigned a unique identification number. RFID chips enable higher security for access control and personal identification.
*The implantable microchips segment is anticipated to grow at the fastest pace in the global human microchipping market during the projected timeframe. *
Based on the type, the global human microchipping market is divided into non-implantable microchips and implantable microchips. Among these, the implantable microchips segment is anticipated to grow at the fastest pace in the global human microchipping market during the projected timeframe. Implantable microchips are tiny electronic devices that can be inserted beneath the skin, typically in the hand, wrist, or arm. They are commonly known as RFID (Radio-Frequency Identification) implants or biochips. They are becoming increasingly well-known for their ability to improve security, speed up procedures, and elevate consumers' standards of living. The growing usage of implantable microchips in healthcare is one of the primary drivers of this development.
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North America is expected to hold the largest share of the global human microchipping market over the forecast period. Technological innovation has long been at the forefront in North America, particularly in the United States. Prominent technology firms and startups from Silicon Valley and other tech hotspots throughout the continent have made significant investments in the development and research of microchipping technologies. Because of its innovative leadership, North America has been able to shape the human microchipping market, introducing new applications and driving growth.
Asia Pacific is predicted to grow at the fastest pace in the global human microchipping market during the projected timeframe. In the Asia-Pacific area, human microchipping is growing in popularity, especially in China, Japan, and South Korea. These countries have led the way in technical innovation, including the usage of microchips in fields such as payments and healthcare.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Human Microchipping Market includes Biohax International AB, VeriChip Corporation, Three Square Market, Dangerous Things LLC, McAfee Corp., Kaspersky Lab, ARM Holdings plc, Symantec Corporation, Texas Instruments Inc., NXP Semiconductors N.V., and Others.
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*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global human microchipping market based on the below-mentioned segments:
*Global Human Microchipping Market, By Technology*
· RFID
· NFC
· Others
*Global Human Microchipping Market, By Type*
· Non-Implantable Microchips
· Implantable Microchips
*Global Human Microchipping Market, By Application*
· Personal Identification and Access Control
· Medical Identification and Monitoring
· Financial Transactions
· Others
*Global Human Microchipping Market, Regional*
· *North America*
· US
· Canada
· Mexico
· *Europe*
· Germany
· Uk
· France
· Italy
· Spain
· Russia
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· *South America*
· Brazil
· Argentina
· Rest of South America
· *Middle East & Africa*
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of the Middle East & Africa
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