Human Microchipping Market is Estimated to Witness High Growth Owing to Increased Adoption for Pet Identification and Medical Purposes
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Human Microchipping Market |
The
global human microchipping market has been witnessing significant growth due to
growing awareness about its medical and identification benefits. Microchips are
about the size of a grain of rice and contain a unique identification number
that can be scanned by microchip scanners. It is implanted under the skin
between the shoulder blades of animals as well as humans using a safe,
one-time, non-surgical procedure. Microchipping helps in identifying lost or
stolen pets by scanning the identification number which links to the pet's
owner details in a database. For humans, it is used for medical purposes such
as storing important medical records, tracking emergency medical contact
details and listing any medical conditions or allergies. The Global Human
Microchipping Market is estimated to be valued at US$ 1.97 Bn in 2024 and is
expected to exhibit a CAGR of 9.6% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the human microchipping market are Zoetis, Merck,
IDEXX Laboratories, Heska Corporation, bioMérieux, Neogen Corporation, URIT
Medical Electronic Co., Randox Laboratories, DiaSys Diagnostic Systems, Nova
Biomedical, Bioptik Technology, SD Biosensor, TaiDoc Technology Corporation,
Woodley Equipment Company, i-SENS, EKF Diagnostics, Infopia, Roche Diagnostics,
Abbott Laboratories, Diamond Diagnostics.
The key opportunities in the market include increasing adoption of
microchipping technology in humans working in high-risk industries and elderly
care facilities for identification and safety purposes. Governments in some
countries have also started supporting microchipping programs for homeless
populations for better healthcare access.
Technological advancements such as development of RFID microchips with enhanced
data storage, long-range radio frequencies and encryption are expanding the
application areas of human microchipping. Miniaturization of microchip sizes is
also enabling implantation at different body sites.
Market Drivers
The growing focus on personal identification and safety is a key factor driving
the adoption of human microchipping globally. Microchips help in identifying
the victims of accidents and natural disasters quickly using handheld scanners.
Additionally, the rise in pet adoption rates coupled with awareness about lost
pet identification using microchipping is supporting the growth of the overall
market. Favorable government initiatives and healthcare digitalization trends
are also fueling investments in microchipping technologies.
Current challenges in the human microchipping
market
The Global
Human Microchipping Market Share is still in a nascent stage and faces
several challenges that are restricting its growth. Some of the key challenges
are:
1. Ethical and Privacy Concerns: There are significant ethical and privacy
concerns associated with implanting microchips in humans. Many privacy
advocates argue that this could lead to uncontrolled tracking of individuals
and infringe on their personal freedom and privacy.
2. Regulatory Hurdles: Most countries currently do not have appropriate
regulations governing the use of microchips in humans. Developing comprehensive
regulations around implant safety, data usage and individual consent is complex
and time-taking.
3. Potential Health Risks: Long term health impacts of microchips implanted
under the skin are still unknown. More research needs to be done to ensure they
do not cause toxic reactions, infections or interfere with medical devices.
4. Lack of Standards: Absence of industry-wide standards for design,
functionality and compatibility is restricting wider adoption. Each vendor
employs proprietary protocols, posing integration challenges.
5. High Costs: Production costs of bio-compatible microchips that can safely
interface with the human body are currently high, limiting volume deployment.
Cost reductions will enable scaling up.
SWOT Analysis
Strengths: Expanding applications in medical ID, access control & tracking;
Rising focus on digital healthcare platforms; Growing adoption by enterprises
for workforce management
Weaknesses: Ethical concerns around privacy & security; Lack of regulatory
frameworks in most countries; High costs of technology; Health risks not fully
understood
Opportunities: Integration with IoT & wearables; Emerging applications in
payment systems & crypto-currencies; Potential in precision medicine &
disease monitoring
Threats: Stringent regulations can stall market growth; Slow consumer
acceptance; Competition from alternative technologies like RFID & connected
devices
Geographical regions: North America currently accounts for the largest share of
around 35% of the global market in terms of value. This is attributed to
presence of key players and early technological adoption.
Asia Pacific is projected to be the fastest growing regional market for human
microchipping during the forecast period. Countries like China, India &
South Korea are witnessing rising penetration of technology driven solutions in
industries like healthcare, retail & manufacturing.
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