According to a new report published by UnivDatos Markets Insights, the microchips in medicine market was valued at more than USD 1 billion in 2020 and is expected to grow at a CAGR of around 11% from 2022-2028. The analysis has been segmented into Application (Drug Administration, Home Monitoring, Drug Delivery, and Others); End-User (Hospital, Research Centers, and Others); Region/Country.
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The microchips in medicine market report have been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the microchips in medicine market. The microchips in medicine market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the microchips in medicine market at the global and regional levels.
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Market Overview
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. Further, rising life-threatening diseases, such as specific types of cancers, neurological disorders, and pediatric and rare diseases are the major factors for the high demand for these microchip-based medicines which will drive the growth of the market during the forecast period. 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.
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.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The microchips in medicine market has been significantly affected during these times owing to the delay in research & development projects.
The global microchips in medicine market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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 hospital, research centers, and others. Among these, the research centers held a significant share in the market in 2020. This is mainly due to rising patients administration in the hospitals with various neurological diseases, chronic disease, and rare disorders boost the 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.
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Microchips in Medicine Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the 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.
The major players targeting 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.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the microchips in medicine market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the microchips in medicine market?
• Which factors are influencing the microchips in medicine market over the forecast period?
• What are the global challenges, threats, and risks in the microchips in medicine market?
• Which factors are propelling and restraining the microchips in medicine market?
• What are the demanding global regions of the microchips in medicine market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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