(PharmaNewsWire.Com, July 19, 2019 ) Technological advancements, increasing public-private funding, easy development of customized medical products, and growing applications in the healthcare industry. Moreover, direct digital manufacturing, the expiry of key patents in the coming years, and the growing demand for organ transplant provide significant growth opportunities in the industry.
The 3D printing medical devices market is expected to reach $1.88 billion by 2022 from $0.84 billion in 2017, at a CAGR of 17.5% from 2017 to 2022.
Market Dynamics
+ Drivers
+ Technological advancements in 3D printing + Increasing public-private funding for 3D printing activities + Easy development of customized medical products using 3D printing + Growing applications of 3D printing in the healthcare industry
Technological advancements in 3D printing, increasing public-private funding for 3D printing activities, and growing applications of 3D printing in the healthcare industry are the major drivers for the market.
The overall 3D printing medical devices industry is witnessing a new phase of technological developments, with the launch of technologically advanced products. In June 2017, 3D Systems (US) launched the Simbionix SPINE Mentor, a hands-on simulated training tool for minimally invasive surgical procedures. The Simbionix SPINE Mentor is a combination of medical tools and 3D printing to develop hybrid spinal surgery training solutions. Moreover, companies are also focusing on launching planning systems using 3D printing with the aim to enhance the medical surgery procedures. Moreover, launching innovative products in the market helps companies gain a competitive advantage and drive the uptake of their products.
3D printing techniques have empowered medical practitioners, researchers, and medical device manufacturers due to their use in dental & orthodontic treatments, orthopedic implants, tissue engineering, and drug development. Among all the healthcare applications, 3D printing is highly successful in dental practices, prosthetics, and Hearing Aids as this technology is not only cost-effective but also provides a high degree of customization as per individual needs. Thus, the increasing adoption of 3D printing across various healthcare industries is driving market growth.
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