(PharmaNewsWire.Com, February 03, 2021 ) The 3D printing medical devices market is primarily driven by factors such as technological advancements, increasing public-private funding, easy development of customized medical products, and growing applications in the healthcare industry. On the other hand, factors such as the stringent regulatory process and the dearth of trained professionals are expected to limit market growth to a certain extent.
Major Growth Drivers:
Market growth is largely driven by factors such as technological advancements, increasing public-private funding for 3D printing activities, easy development of customized medical products, and growing applications in the healthcare industry.
Expected Revenue Growth:
The 3D printing medical devices market is projected to grow from an estimated USD 0.84 billion in 2017 to USD 1.88 billion by 2022, at a CAGR of 17.5% during the forecast period.
Accessories to Fuel the Growth of 3D Printing Medical Devices Market :
Various companies are increasingly focusing on developing new 3D-printed products and technologies to cater to the growing demand for 3D printing in the healthcare industry. As traditional manufacturing processes are time-consuming and expensive, major companies are engaged in the development of novel products and technologies, which are affordable and less time-consuming.
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 accounted for the largest share of the 3D printing medical devices market. Whereas, the 3D printing equipment segment is poised to witness the highest growth rate during the forecast period.
Based on technology, the global 3D printing medical devices market is segmented into five broad categories, namely, electron beam melting, laser beam melting, photopolymerization, droplet deposition (DD) or extrusion-based technologies, and three-dimensional printing (3DP) or adhesion bonding or binder jetting. The photopolymerization technology segment commanded the largest share of the global 3D printing medical devices market in 2017.
By type, the 3D-printed medical products market is further segmented into four major categories, namely, surgical guides, surgical instruments, prosthetics & implants, and tissue engineering products. The surgical guides segment accounted for the largest share of the 3D printing medical devices market in 2017. The increasing use of the digitally driven process for accurate surgical planning is the key factor contributing to its market growth.
Asia Pacific is expected to grow at the highest CAGR in the 3D printing medical devices market during the forecast period
Geographically, the 3D printing medical devices market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World (RoW). The Asia Pacific is one of the major high growth revenue-generating regions in the 3D printing medical devices market. 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 3D printing medical devices market in Asia-Pacific.
Stratasys Ltd. (Israel and US), 3D Systems Corporation (US), Materialise NV (Belgium), EnvisionTEC GmbH (Germany), EOS GmbH Electro Optical Systems (Germany), Renishaw plc (UK), Concept Laser GmbH (Germany), 3T RDP, Ltd. (UK), Prodways (France), Arcam AB (Sweden), Anatomics Pty Ltd (Australia), Biomedical Modeling Inc. (US), Carbon, Inc. (US), and SLM Solutions Group AG (Germany), Organovo Holdings, Inc. (US), among others
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