(PharmaNewsWire.Com, February 11, 2020 ) 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 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.
Major factors driving the growth of this industry are 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. However, stringent regulatory process and the dearth of trained professionals may hinder the growth of this market during the forecast period.
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.
3D printing is a process that creates a three-dimensional object by building successive layers of raw material. Each new layer is attached to the previous one until the object is complete. In the healthcare industry, the 3D printing process is used in a wide range of applications, such as producing dental crowns and bridges; developing prototypes; and manufacturing surgical guides, implants, and hearing aid devices.
On the basis of components, the 3D printing medical devices market is segmented into software & services, equipment (3D printers and 3D bioprinters), and materials (plastics, metal & metal alloys powder, bioprinting biomaterials, and others). In 2017, the software & services segment is expected to account for the largest share of the market. This can primarily be attributed to the increasing focus of market players to develop novel software solutions for 3D printing.
Geographical Region Covered
The 3D printing medical devices market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the market in 2017. As of 2017, the Asia Pacific 3D printing medical devices market is expected to grow at the highest CAGR during the forecast period. The establishment of new 3D printing research, training, and education centers, and rising efforts by leading market players for expanding their distribution networks in emerging Asian countries are factors propelling the growth of the market in Asia Pacific.
Major players in 3D printing medical devices market include Stratasys, Ltd. (Israel & US), 3D Systems Corporation (US), EnvisionTEC GmbH (Germany), Materialise NV (Belgium), EOS GmbH (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), Renishaw plc (UK), Prodways Group (France), and 3T RPD Ltd. (UK). Product approvals, launches, and acquisitions were the key strategies adopted by players to grow and expand their presence in the 3D printing medical devices market.
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