Human Microchipping to Boost Security Will Grow at 11.5% Owing to Enhanced Safety Concerns
The Human Microchipping Market involves the implantation of tiny RFID microchips under the skin for security and identification purposes. Microchip implants currently available are about the size of a grain of rice and allow for contactless identification and tracking of individuals. Main applications include medical implants to store patients' medical records, payments and loyalty programs to replace physical cards and keys, and employee security cards for accessing buildings and systems.
Advantages of Human Microchipping Market Demand over traditional identification methods include convenience of not having to carry additional cards or wear security badges, enhanced security through encrypted verification, and automation of various tasks through contactless communication between chips and compatible scanners. With growing concerns around personal security, data theft, and infrastructure access control, the adoption of human microchipping solutions is expected to rise substantially in the coming years.
Global Human Microchipping Market Size Is Estimated To Be Valued At US$ 1.71 Bn In 2023 And Is Expected To Reach US$ 2.75 Bn By 2030, Exhibit At A Compound Annual Growth Rate (CAGR) Of 7% From 2023 To 2030
Key Takeaways
Key players operating in the human microchipping market are Biohax, Dangerous Things, Three Square Market and Grindhouse Wetware.
Growing demands for contactless identification and authentication across various industries is expected to drive significant adoption of microchip implants. Applications areas include health care for patient identification and medical records, finance for mobile payments and loyalty programs, corporate security for building access and IT authentication.
Technological advancements including development of miniaturized and multifunctional chip designs, cryptographic security enhancements, and wireless communication protocols are supporting new use cases and helping address privacy concerns around human microchipping.
Market Trends
The trend of body hacking and bioengineering through microchipping to enhance human capabilities is gaining popularity among early adopters. Companies are exploring applications around tracking vitals, managing health conditions, and accessing augmented reality interfaces through microchip implants.
Convergence of microchips, blockchain and other encryption technologies is allowing for decentralized identification without reliance on centralized databases. This brings more control and privacy to individuals regarding access and use of their embedded identification data.
\Impact of COVID-19 on Human Microchipping Market Growth
The outbreak of COVID-19 pandemic has significantly impacted the growth of the human microchipping market worldwide. As the virus spread rapidly across countries, governments imposed nationwide lockdowns to curb the spread of infection. This led to closure of manufacturing units and disruption in the supply chain networks. Companies halted new installations of microchips in humans due to risks associated with surgical procedures during the pandemic. The demand for microchips from sectors like healthcare, financial services declined sharply as priority shifted to dealing with the health crisis.
However, as lockdowns eased in late 2020, the market saw a revival with development of advanced safety protocols for installations. The pandemic accelerated digital transformation and increased focus on contactless identification solutions. This boosted demand for identity verification microchips to ensure safety of high-risk groups. Ongoing development of microchips with health monitoring abilities is anticipated to open new growth avenues in the post-pandemic era. Continuous innovations to enhance convenience and security features while minimizing risks will be crucial for the long term prospects of this industry.
Geographical Concentration
In terms of value, North America dominates the human microchipping market currently. This can be attributed to the strong presence of global players and availability of advanced healthcare infrastructure to support installations. The United States accounts for the largest share, driven by rising adoption among early technology adopters. Heavy investments in research and product development by American companies have led to innovative solutions. On the other hand, the Asia Pacific region is emerging as the fastest growing regional market globally. Countries like China, India, Japan and South Korea are generating high demand supported by increasing digitization spending, growing affluence and rising chronic disease burden. Governments are undertaking initiatives to encourage deployment of contactless ID systems across sectors.
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