Human Microchipping Global Market Report 2024

The human microchipping market size has grown strongly in recent years. It will grow from $1.71 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The historic growth can be attributed to advancements in semiconductor technology, increased concerns about security and identity theft, rising demand for medical implants, exploration of microchipping for employee identification, and regulatory approvals.

The human microchipping market size is expected to see strong growth in the next few years. It will grow to $2.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. Forecasted growth can be attributed to integration with emerging technologies, increased integration of microchips with healthcare systems, growing demand for seamless payment methods, increasing adoption of microchipping technology, and development of smart city infrastructure. Major trends include enhanced biometric authentication, microchips in wearable devices and medical implants, augmented reality integration, environmental sustainability, and personalized healthcare.

The rising preference for contactless transactions is anticipated to drive the expansion of the human microchipping market in the foreseeable future. Contactless transactions involve secure purchasing methods where direct physical contact between the seller's point-of-sale (POS) terminal and the buyer's card is not required. The COVID-19 pandemic notably accelerated the adoption of contactless payments, spurred by heightened concerns regarding hygiene and germ transmission. Human microchipping plays a pivotal role in enabling contactless or digital payments through near-field communication (NFC) or radio-frequency identification (RFID) technology. These microchips can be implanted into various parts of the body, facilitating seamless contactless payments. For example, Finder.com shared a report in July 2023 indicating that approximately 93% of Britons utilized online banking in 2022, with an additional 5.3 million Britons (10%) intending to acquire digital-only bank accounts in 2023. Furthermore, projections suggest that the number of digital-only bank account holders will reach 22.6 million (43%) by 2026. Hence, the increasing demand for contactless transactions is propelling the growth of the human microchipping market.

Prominent entities in the human microchipping sector are actively developing cutting-edge technologies, including payment implants, to cater to evolving consumer demands. These implants function as antennas, providing a secure and highly convenient payment solution accepted worldwide. For instance, in June 2021, Walletmor Ltd., a UK-based financial services company specializing in payment implants, unveiled the Walletmore payment implant. This biopolymer payment device can be discreetly implanted beneath the skin's surface. Notably, the Walletmor payment implant distinguishes itself through its compact size, akin to that of a small safety pin and measuring approximately half a millimeter in thickness. To utilize the implant, individuals are required to create an account on the European Card platform and transfer funds into it. Walletmor stands out due to its enhanced security features, ensuring that the implant remains untraceable, uncompromised, and uncopyable.

In December 2022, Cantaloupe Inc., a leading US-based technology firm, completed the acquisition of Three Square Market for $4 million. This strategic move is set to strengthen Cantaloupe's foothold in the micro market industry by providing enhanced service capabilities. Moreover, the acquisition facilitates an immediate expansion of Cantaloupe's global presence, allowing the company to introduce its complete product lineup to new international markets. Three Square Market, also headquartered in the US, specializes in human microchipping and implanted microchip solutions, bringing valuable expertise and technology to complement Cantaloupe's offerings.

Major companies operating in the human microchipping market report 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.

North America was the largest region in the human microchipping market in 2023. 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. The countries covered in the human microchipping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Human microchipping involves the implantation of microscopic integrated circuits, typically beneath the skin, to fulfill various purposes. This technology offers advantages such as seamless access to health information during emergencies, automated device management, and enhanced convenience in daily activities.

The primary types of human microchips include implantable and non-implantable variants. Implantable microchips are electronic devices inserted subcutaneously (under the skin) in humans or animals. These devices utilize various technologies such as RFID (radio frequency identification) and NFC (near-field communication) for applications including medical identification and monitoring, personal identification and access control, financial transactions, among others. End users of this technology encompass sectors such as healthcare, financial services, retail and logistics, government and law enforcement, among others.

The human microchipping market research report is one of a series of new reports that provides human microchipping market statistics, including human microchipping industry global market size, regional shares, competitors with a human microchipping market share, detailed human microchipping market segments, market trends and opportunities, and any further data you may need to thrive in the human microchipping industry. This human microchipping market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The human microchipping market consists of revenues earned by entities by providing services such as microchip implantation, integration, data management, and research and development. The market value includes the value of related goods sold by the service provider or included within the service offering. The human microchipping market also includes sales of syringes, RFID (Radio Frequency Identification) devices, silicate glass, bio-safe encasement, and antenna wire coils. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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