(PharmaNewsWire.Com, May 27, 2021 ) According to the new market research report “3D Printing Medical Devices Market by Component (3D Printer, 3D Bioprinter, Material, Software, Service), Technology (EBM, DMLS, SLS, SLA, DLP, Polyjet), Application (Surgical Guides, Prosthetics, Implants), User (Hospital, ASCs) – Global Forecast to 2026″, published by MarketsandMarkets™, the global market is projected to reach USD 5.1 billion by 2026 from USD 2.4 billion in 2021, at a CAGR of 16.3% during the forecast period.
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The growth of this market is mainly driven by the growing number of 3D printer vendors across major markets, increasing adoption of patient-specific medical devices. Moreover, rising R&D investments by the key players operating in the market to develop advanced 3D Printing Medical Devices coupled with growing funding & grants for commercialization and development of 3D Printing Medical Devices are other important factors to drive the market growth in the near future.
COVID-19 Impact on the global 3D Printing Medical Devices market
As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to sell and implement the 3D Printing Medical Devices diminished as hospitals became primarily focused on the COVID-19 pandemic. The pandemic has led to a significant increase in the demand for ventilators. The closure of manufacturing facilities due to lockdowns and disrupted supply chains slightly impacted the growth of the 3D Printing Medical Devices market at the regional level in 2020.
The software and services of component segment to hold major market share by 2026
Based on the component, the 3D Printing Medical Devices market is segmented into equipment, materials, and software & services. The equipment segment is further divided into 3D printers and 3D bioprinters. Among the components, the software & services segment held a major share of the market in 2020.
This segment includes services such as tooling and parts production, rapid prototyping, software services, contract manufacturing of 3D-printed products, preclinical testing, system maintenance, creation of a 3D digital model using 3D software programs such as CAD or scanning software, and expert services for training programs. The increase in the number of training activities focusing on the developing expertise of healthcare professionals on 3D printing technology is a key factor encouraging the growth of this segment during the forecast period.
Based on application, the custom prosthetics and implants segment is expected to account for the largest share of the 3D printing Medical Devices market in 2020
Based on application, the market has been segmented into surgical guides, surgical instruments, standard prosthetics and implants, custom prosthetics and implants, tissue-engineered products, hearing aids, wearable medical devices/implantable medical devices, and other medical devices. Among these, custom prosthetics and implants sub-segment dominated the market in 2020. The major share of the segment is attributed to the growing number of orthopedic and CMF procedures.
The external power supply segment is expected to register the highest growth rate during the forecast period
Based on technology, the 3D Printing Medical Devices market has been segmented into electron beam melting (EBM), laser beam melting (LBM), photopolymerization, droplet deposition or extrusion-based technologies, three-dimensional printing (3DP) or adhesion bonding, and other technologies. Significant market growth and a large share of laser beam melting (LBM) segment can primarily be attributed to the availability of printer in desktop and production grade configurations to cater to hospitals, medical devices OEMS, and physician clinics
North America is expected to dominate the global 3D Printing Medical Devices market in 2020
North America, comprising the US and Canada, accounted for the largest share of the market in 2020. Increasing number of vendors manufacturing 3D Printing Medical Devices and a growing number of approvals for 3D Printing Medical Devices are the major factors driving market growth in North America. Customers in North America are moving towards outsourcing for curbing manufacturing expense, which is increasing demand for 3D Printing Medical Devices. This trend will have a positive impact on the Medical Devices market.
Stratasys Ltd. (US & Israel), 3D Systems Corporation (US), GE Additive (US), Materialise NV (Belgium), Renishaw plc (UK), SLM Solutions Group AG (Germany), Desktop Metal, Inc. (US), Prodways Group (France), Carbon, Inc. (US), CELLINK (Sweden), Organovo Holdings, Inc. (US), EOS (Electro Optical Systems) GmbH (Germany), Biomedical Modeling, Inc. (US), Formlabs, Inc. (US), 3T Additive Manufacturing Ltd. (UK), DENTSPLY Sirona, Inc. (US), DWS Systems SRL (Italy), Roland DG (Japan), HP, Inc. (US), and regenHU (Switzerland) among others are some of the major players operating in the global 3D Printing Medical Devices market.
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