The device, developed by Swiss scientists, is just 1.4cm long, and can check up to five different substances in the blood around the clock - and transmit the results to a doctor's computer.
The inventors said the tiny "lab-on-a-chip" could be used to give an early warning of a heart attack, or monitor cancer patients having chemotherapy.
Giovanni de Micheli of the Ecole Polytechnique Federale de Lausanne said the chip can be "programmed" by coating it with chemicals which react with substances that doctors want to monitor, Sky News reported.
A patch on the surface of the skin powers the chip and transmits the information via Bluetooth to a smartphone or a tablet, which then relays it on to the doctor.
Sandro Carrara, another of the inventors, said the chip had huge potential.
"This device can predict a heart attack in advance by several hours thanks to the metabolites released by the heart when it is suffering," he said.
The prototype is being unveiled at DATE 13, (Design Automation & Test in Europe) Europe's largest electronics conference.
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