Press release
Growing Demand For Contactless Transactions Fuels Growth In The Human Microchipping Market: A Significant Driver Propelling The Human Microchipping Market In 2025
Human Microchipping Market Growth
What Is the Human Microchipping Market Size and Projected Growth Rate?
The market for human microchipping has seen robust growth in the past few years. Its size is expected to expand from $1.85 billion in 2024 to $1.99 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.8%. The surge during the historical period is linked to advancements in semiconductor tech and miniaturization, as well as heightening worries over identity theft, data leaks, and unauthorized access. Increased demand for medical implants and devices and companies adopting microchipping for staff identification and access control have also fueled this growth, along with regulatory approval.
A strong surge in the size of the human microchipping market is anticipated in the coming years. The market is predicted to ascend to a valuation of $2.64 billion by 2029, boasting a compound annual growth rate (CAGR) of 7.4%. This expected growth in the predicted timeframe can be linked to several factors. These include the synergy with emerging technological advancements, more extensive integration of microchips within the healthcare sector, a rising need for flawless, user-friendly payment methods, heightened adoption rates of microchipping technology, and advancing smart city infrastructure. The upcoming trends for the period include improved biometric verification, microchips incorporated in wearables and medical prosthetics, integration with augmented reality, environmental sustainability, and custom-made healthcare.
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What Are the Major Segments in the Human Microchipping Market?
The human microchipping market covered in this report is segmented -
1) By Type: Implantable Microchips, Non-Implantable Microchips
2) By Technology: RFID (Radio Frequency Identification), NFC (Near Field Communication), Other Technologies
3) By Application: Medical Identification And Monitoring, Personal Identification And Access Control, Financial Transactions, Other Applications
4) By End User: Healthcare, Financial Services, Retail And logistics, Government And Law Enforcement, Other End-Users
Subsegments:
1) By Implantable Microchips: RFID Microchips, NFC Microchips, Biometric Microchips
2) By Non-Implantable Microchips: Wearable Microchips, Portable Microchips, External RFID Tags
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What Are The Driving Human Microchipping Market Evolution?
The escalating needs for non-contact transactions are projected to augment the expansion of the human microchipping market in the future. Which implies a secured method of conducting a sale where there's no direct connection required between the seller's point-of-sale terminal and the buyer's card. The adoption of such non-contact payments was greatly influenced by the COVID-19 outbreak due to increased stress about sanitation and the spread of germs. Human microchipping plays a role in executing these non-contact or digital payments through near-field communication or radio-frequency identification technology. By injecting these microchips into a person's hand or any other body part, such transactions can be made feasible. For instance, a report by Finder.com, an independent comparison website based in Australia, in July 2023 showed about 93% of Brits utilized online banking in 2022 and another 5.3 million Brits, or 10%, plan to establish a digital-only bank account in 2023. Moreover, it is projected that the proportion of digital-only bank account users will reach 22.6 million, comprising 43%, by 2026. Hence, the surge in non-contact transaction requisites is fueling the expansion of the human microchipping market.
Which Firms Dominate The Human Microchipping Market Segments?
Major companies operating in the human microchipping market are Johnson Controls International PLC, Texas Instruments Inc., STMicroelectronics N.V., NXP Semiconductors, Xerox Corporation, ARM Holdings Plc, Neuralink Corporation, Kaspersky Lab, Cherry Biotech SAS, VivoKey Technologies, Avid Identification Systems Inc., EpiCenter, Micronit Microtechnologies B.V., Applied Digital Solutions, Grindhouse Wetware, Dangerous Things LLC, Digiwell, Baja Beach Club, BioTeq Ltd., Somark Innovations, Walletmor Ltd., Chip AG, Biohax International AB, VeriChip Corporation
What Trends Are Driving Growth in The Human Microchipping Market?
The significant corporations in the human microchipping industry are on the forefront of technology advancement, introducing innovations like neuron spike detection to revolutionize brain-computer interface (BCI) capabilities. This progress aims to enable effortless interaction between humans and devices and enhance the operational proficiency of neuroprosthetic devices for people with motor impairments. Neuron spike detection is a key component in deciphering and registering the electrical impulses produced by neuron cells, assisting in comprehending brain functions and BCI effectiveness more accurately. In 2024, Neuralink Corporation, an American tech company expertized in BCI technology, successfully implanted a BCI named Telepathy into the human brain. This cutting-edge, wireless tool consists of a chip and over 1,000 ultra-slim, flexible electrode arrays that are surgically implanted in the cerebral cortex. Telepathy is designed to identify neuronal electrical activity related to motion, and it translates these nerve signals into commands for computer instruction, pioneering a new era of rapid, thought-based communication. Some highlights of this device are neuron spike detection, wireless capabilities, a flexible electrode array for minimal disruptiveness, and accurate robotic implantation. These are all geared towards enhancing communication abilities for individuals living with severe disabilities.
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Which Is The Largest Region In The Human Microchipping Market?
North America was the largest region in the human microchipping market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the human microchipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Human Microchipping Market?
2. What is the CAGR expected in the Human Microchipping Market?
3. What Are the Key Innovations Transforming the Human Microchipping Industry?
4. Which Region Is Leading the Human Microchipping Market?
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