How big is the human microchipping market today, and what are its future growth expectations?
The human microchipping market size has grown strongly in recent years. It will grow from $1.85 billion in 2024 to $1.99 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to breakthroughs in semiconductor technology and miniaturization, rising concerns about identity theft, data breaches, and unauthorized access, increasing demand for medical implants and devices, companies started exploring microchipping as a means of employee identification and access control, regulatory approval.
The human microchipping market size is expected to see strong growth in the next few years. It will grow to $2.64 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to integration with emerging technologies, increased integration of microchips with healthcare systems, growing demand for seamless and convenient payment methods, increasing adoption of microchipping technology, the development of smart city infrastructure. Major trends in the forecast period include enhanced biometric authentication, microchips embedded in wearable devices and medical implants, augmented reality integration, environmental sustainability, personalized healthcare.
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Which industry factors have accelerated the human microchipping market’s expansion?
The growing demand for contactless transactions is expected to propel the growth of the human microchipping market going forward. Contactless transactions refer to a safe way of making a purchase when the seller’s point-of-sale (POS) terminal and the buyer’s card don’t have to come into direct contact. The COVID-19 pandemic significantly accelerated the adoption of contactless payments due to heightened concerns about hygiene and germ transmission. Human microchipping is used in contactless or digital payments using near-field communication (NFC) or radio-frequency identification (RFID) technology. Contactless payments can be made possible by implanting these microchips into a person’s hand or other bodily part. For instance, in July 2023, according to a report shared by finder.com – Make a decision on your personal finance comparisons, an Australia-based independent comparison website, an estimated 93% of Brits were using online banking in 2022 and another 5.3 million Brits (10%) intend to get a digital-only bank account in 2023. Further, the number of digital-only bank account holders is predicted to be 22.6 million (43%) by 2026. Therefore, the growing demand for contactless transactions is driving the growth of the human microchipping market.
What are the primary segments of 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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Human Microchipping Market Report 2025, Human Microchipping Market Size And Statistics
Which firms are leading 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 market trends are set to define the future of the human microchipping market?
Major companies operating in the human microchipping market are developing advanced technologies, such as neuron spike detection, to enhance brain-computer interface (BCI) capabilities, facilitate seamless communication between humans and machines, and improve the functionality of neuroprosthetic devices for individuals with mobility impairments. Neuron spike detection is crucial for identifying and measuring the electrical signals produced by neurons, enabling a better understanding of brain activity and the functionality of BCIs. For instance, in January 2024, Neuralink Corporation, a US-based technology company specializing in brain-computer interface technology, implanted the human brain-computer interface named Telepathy. This wireless device incorporates a chip and over 1,000 ultra-thin, flexible electrode arrays that are surgically inserted into the cerebral cortex. Designed to detect neuronal electrical activity associated with movement, telepathy translates these neural signals into commands for computer control, facilitating thought-based communication at unprecedented speeds. Key features include neuron spike detection, wireless functionality, a flexible electrode design for minimal invasiveness, and precise robotic implantation, all aimed at enhancing communication for individuals with severe disabilities.
Which geographic trends are shaping the human microchipping market, and which region has the highest market share?
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.
What Does The Human Microchipping Market Report 2025 Offer?
The human microchipping market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Human microchipping refers to a process that involves the implantation of microscopic integrated circuits, typically under the skin, to serve various purposes. The utilization of human microchipping offers advantages such as seamless access to health information during emergencies, automated management of devices, and enhanced convenience in everyday activities.
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Human Microchipping Market Report 2025, Human Microchipping Market Size And Statistics
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