Summary

The global microchips in medicine market is expected to grow at a significant rate of around 11% during the forecast period. Microchips is an emerging technology and are considered as future of healthcare, finding its applications in drug delivery, hormone regulation, and others. In addition to this, researchers believe that microchips can be functioned to treat neurological diseases, including epilepsy and bodily paralyses. According to the report by the World Health Organization (WHO), 50 million people suffer with epilepsy globally, out of which 80% people live in middle and low-income countries. In addition to this, the growing investments by pharmaceutical giants is also boosting the growth of the market. For instance, in 2019, Daré Bioscience, Inc. acquired privately held Microchips Biotech, Inc. to secure Microchips’ innovative, drug delivery technology. The technology, which has been validated in a first-in-human clinical study in osteoporosis patients, is designed to store and precisely deliver hundreds of therapeutic doses over months or years in a single implant.
INTROMEDIC; Otsuka America Pharmaceutical, Inc.; Applied Microarrays, LLC; QIAGEN; Agilent Technologies, Inc.; Medtronic; Illumina, Inc.; BGI; Macrogen, Inc.; Bio-Rad Laboratories, Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst application, home monitoring category to witness fastest CAGR during the forecast period.”
Based on application, the market is segmented into drug delivery, home monitoring, and others. home monitoring category to witness the fastest CAGR during the forecast period owing to the growing number of paralyzed patients, immobile people, and the elderly population is expected to fuel the demand for advanced medical devices designed to increase the convenience of patients. For instance, in 2020, The U.S. Census Bureau estimates that the over-65-year-old population will rise by approximately 236 million globally during the next ten years.

“Amongst end-user, the research centers segment is expected to grow with high CAGR during the forecast period.”
On the basis of end-user, the market is categorized into hospital, research centers, and others. Among these, the research centers segment is expected to grow with a high CAGR during the forecast period. It is mainly due to the rising number of research centers and their increasing investment by them. For instance, according to Eurostat, in 2021, the EU spent USD 355.57 billion (€328 billion) on Research and development; R&D expenditure as a percentage of GDP stood at 2.27 % in 2021, compared with 2.02 % in 2011.

“North America to hold a significant share in the market”
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. This growth is attributed due to some major factors such as increased cancer incidence, increased use of cutting-edge technology, and advantageous reimbursement schemes. For instance, the American Cancer Society estimates that every year there are about 43,340 new cases of colorectal cancer recorded in the U.S.
In the upcoming years, Asia Pacific is anticipated to expand at the fastest rate due to factors like mandatory healthcare insurance, developments in technology, and an increase in the incidence of gastrointestinal disorders and stomach cancer. The prevalence of stomach cancer in Japan is third among Asian nations, according to the World Cancer Research Fund International. As a result, Japan will have sufficient growth opportunities due to a high prevalence of the target diseases and expanding government support.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global microchips in medicine market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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