Microchips in Medicine Market: Current Analysis and Forecast (2022-2028)

Microchips in Medicine Market: Current Analysis and Forecast (2022-2028)

Medical implant makers incorporate chemicals or medications with the purpose of increasing efficacy and morbidity. Microchips are a novel technology that enables the on-demand delivery of diverse medications over long durations using several reservoirs with discrete pharmacological doses. The global microchips in medicine market is growing at a tremendous rate owing to rising life-threatening diseases, such as specific types of cancers, neurological disorders, and pediatric and rare diseases. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed and 606,520 cancer deaths in the United States

The microchips in medicine market is expected to grow at a steady rate of around 11% owing to the increasing growing investment and clinical trials of these medicines. Furthermore, growing technological advancements in microchips in medicine technology is expected to significantly influence the market growth over the forecast period.

• Based on application, the market is segmented into drug delivery, home monitoring, and others. Among them, the drug delivery category is to witness higher CAGR during the forecast period owing to the growing demand for enhanced drug delivery systems, which have advantages such as improving the consumption of active pharmaceutical ingredients, reducing dosage frequency, and minimizing adverse/side effects which will further drive the growth of the segment.
• On the basis of end-user, the market is categorized into hospitals, research centers, and others. Among these, the hospital held a significant share of the market in 2020. This is mainly due to rising patient administration in hospitals with various neurological diseases, chronic diseases, and rare disorders boosting segmental growth. For instance, according to the Brain Aneurysms Foundation, about 30,000 people in the United States suffer a brain aneurysm rupture each year.
• For a better understanding of the market adoption of the microchips in medicine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. owing to the continuous technological developments by key players, high investment in R&D, availability of technologically advanced healthcare infrastructure, rising need for technology in medicine development for diagnosis purposes, and the presence of several government initiatives in the U.S. and Canada support research in drug development and treatment of various life-threatening diseases.
• Some of the major players operating in the market include INTROMEDIC; Otsuka America Pharmaceutical, Inc.; Applied Microarrays, LLC; QIAGEN; Agilent Technologies, Inc.; Medtronic; Illumina, Inc.; BGI; Macrogen, Inc.; Bio-Rad Laboratories, Inc.