Press release
Human Microchipping Market on Track for Strong Growth, Estimated to Grow at 7.4% CAGR Through 2029
Human Microchipping
What Is the Expected CAGR for the Human Microchipping Market Through 2025?
The size of the human microchipping market has seen considerable growth in the recent past. The market, which was worth $1.85 billion in 2024, is projected to increase to $1.99 billion in 2025, expanding at a compound annual growth rate (CAGR) of 7.8%. This historic growth could be chalked up to numerous factors such as advances in miniaturization and semiconductor technology, heightened worries about unauthorized access, data breaches, and identity theft, a surge in demand for medical implants and devices, corporate exploration of microchipping for employee identification and access control, and regulatory approvals.
What's the Projected Size of the Global Human Microchipping Market by 2029?
In the coming years, the market for human microchipping is anticipated to experience robust expansion. By 2029, it's expected to reach $2.64 billion in size, with a compound annual growth rate (CAGR) of 7.4%. This predicted growth during the forecast period can be credited to several factors such as the alignment with evolving technologies, the rising incorporation of microchips in healthcare systems, an upswing in demand for simple and efficient payment methods, mounting adoption of the technology of microchipping, and the progression of smart city infrastructure. The forecast period is also expected to see key trends like bettered biometric authentication, microchips being integrated into wearable devices and medical implants, augmentation of reality integration, emphasis on environmental sustainability, and personalized healthcare.
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Top Growth Drivers in the Human Microchipping Industry: What's Accelerating the Market?
The surge in the need for non-physical interactions is anticipated to spur the human microchipping market's expansion. These contactless exchanges denote a secure way to proceed with purchases without the need for physical interaction between the seller's point of sales terminal and the buyer's card. There was a considerable escalation in the use of contactless payments in the wake of the COVID-19 pandemic due to the increased concern about sanitation and transmission of germs. Human microchipping has a role in contactless or digital payments through the utilization of near-field communication (NFC) or radio-frequency identification (RFID) technology. With these microchips implanted into a person's body, typically the hand, contactless transactions are made possible. For instance, in July 2023, Finder.com, an independent Australian comparative website cited that a projected 93% of Brits were involved in digital banking in 2022, while an additional 5.3 million British individuals (10%) aim to acquire a digital-only bank account in 2023. Moreover, the total count of digital-only bank account owners is expected to reach 22.6 million (43%) by 2026. Thus, the rising necessity for contactless transactions is catalyzing the human microchipping market's expansion.
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What Trends Will Shape the Human Microchipping Market Through 2029 and Beyond?
Prominent entities in the human microchipping market are pioneering cutting-edge technologies such as neuron spike detection. This technology aids in boosting brain-computer interface (BCI) competencies, enhancing the interaction between humans and machines, and optimizing neuroprosthetic devices that help people with mobility restrictions. The role of neuron spike detection is essential in observing and quantifying the electrical signals generated by neurons, thus providing a deeper insight into brain functionality and the working of BCIs. For example, in January 2024, Neuralink Corporation, an American tech firm with expertise in brain-computer interface technology, installed a human brain-computer interface device called Telepathy. The wireless device consists of a chip and more than 1,000 ultra-thin, supple electrode arrays surgically placed into the cerebral cortex. Created to identify neuronal electrical activity linked to movement, Telepathy converts these neural signals into instructions for computer regulation, enabling thought-driven communication at unprecedented velocity. Its notable attributes comprise neuron spike detection, wireless feature, a flexible electrode structure for minimal invasiveness, and precise robotic implantation, which altogether enhance communication for individuals with severe disabilities.
What Are the Main 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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Which Top Companies are Driving Growth in the Human Microchipping Market?
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
Which Regions Will Dominate the Human Microchipping Market Through 2029?
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.
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