Human Microchipping Market is Estimated to Witness High Growth Owing to Increased Adoption for Pet I
Author : Purvaja Jadhao | Published On : 23 Feb 2024
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.
