May 27, 2024
Human Microchipping Market

Human Microchipping Market Is Gaining Traction for Convenience by Advanced Technology

The human microchipping market involves implantation of radio frequency identification (RFID) transponders to humans. Microchips are often used for identification and tracking purposes. They help access doors, store medical records and payment details. The process involves injecting a grain-sized microchip under the skin which transmits signals to nearby scanners. The key advantages include convenience, security and improved healthcare through access to medical history. The rising adoption of electronic health records and digital IDs is spurring the demand for microchips.
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The Global Human Microchipping Market Share 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 2024 to 2030.

Key Takeaways

Key players: 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, and Diamond Diagnostics.

Growing demand: Rapid urbanization, rising focus on livestock management, increasing demand for pet insurance and growing animal adoption are fueling the demand for microchips globally. The market is driven by the advantages of microchips in applications such as identification and medical records access.

Global expansion: Key players are expanding their human microchipping offerings and presence globally. Growing penetration of technology and increasing availability of advanced microchips especially in developing countries will further support the market growth during the forecast period on a global scale.

Market Key Trends

Digital ID transition is a key trend in the human microchipping market. Governments worldwide are pushing for digitization of IDs supported by electronic chips for secure authentication. This is expected to boost the demand for microchips. Another major trend involves implanting microchips with payment functions to replace physical cards and reduce reliance on cash. Overall, the advanced functionality and growing adoption of microchips for various daily and medical purposes will continue driving the market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low investment required for entering the market but presence of established players creates barriers.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many players offering microchips.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and insignificant switching costs.

Threat of new substitutes: Threat is moderate as new identification technologies can replace microchips.

Competitive rivalry: Intense competition among leading players to acquire higher market share by expanding their product portfolios and focusing on R&D.

Geographical Regions
North America accounts for the major share in terms of value contributed owing to extensive adoption of microchips in pets owned by households and companion animals in animal shelters. The region is estimated dominate the market during the forecast period as well owing to high per capita health spending on animal healthcare and increasing pet ownership across countries like US and Canada.

Fastest Growing Region
Asia Pacific region is poised to grow at the fastest rate during the forecast period owing to increasing pet adoption especially in China and India, growing awareness about pet care & wellness and improving healthcare infrastructure and expenditure across emerging economies. Rising number of veterinary practices and availability of low-cost microchips is also expected to drive the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it