(PharmaNewsWire.Com, June 12, 2021 ) The 3D bioprinting market is projected to reach USD 1,647 million by 2024 from USD 651 million in 2019, at a CAGR of 20.4% from 2019 to 2024. The growth of this market is attributed to the growing research and development activities in the field of 3D bioprinting, the rising demand for organ transplantation across the globe, and increasing adoption of 3D bioprinting technology for drug discovery process. However, a lack of sufficient evidence for the efficacy of 3D bioprinting and the preference for alternative procedures are hindering the growth of the market.
Prominent players in the 3D bioprinting market include Organovo Holdings Inc. (US), CELLINK (Sweden), Allevi Inc. (US), Aspect Biosystems Ltd. (Canada), EnvisionTEC GmbH (Germany), Cyfuse Biomedical K.K. (Japan), Poietis (France), TeVido BioDevices (US), Nano3D Biosciences, Inc. (US), ROKIT Healthcare (South Korea), Digilab Inc. (US), regenHU (Switzerland), GeSiM (Germany), Advanced Solutions Life Sciences (US), and Regenovo Biotechnology Co., Ltd. (China).
An analysis of market developments between 2016 and 2019 revealed that several growth strategies such as product launches and enhancements, partnerships, agreements, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the 3D bioprinting market. Collaborations and partnerships, as well as product launches to deliver novel technology in the market, were the most widely adopted growth strategies by market players.
CELLINK (Sweden): CELLINK has emerged as a market leader, owing to its vast product portfolio and intense focus on technological advancements and expanding its geographical reach. The company offers 3D bioprinters as well as bioinks in the market. CELLINK is the world’s first manufacturer and provider of bioinks. CELLINK has continued to invest in the development of new bioinks, software, and hardware, which is helping the company witness immense growth in the market. In 2018, CELLINK launched ~15 new inks.
Organovo Holdings Inc. (US): until 2017, Organovo was a leading player in the 3D bioprinting market. However, in FY 2018, the company registered an operating loss due to high investments in R&D and failure in their research trials. The company is focusing on research collaborations to deliver novel products in the market. For instance, in 2017, the company collaborated with the University of Virginia to develop 3D bioprinted tissues for volumetric muscle loss injury.
North America is expected to account for the largest share of the 3D bioprinting market in 2019
The 3D bioprinting market is segmented into North America, Europe, Asia Pacific, and Rest of the World (Latin America, and the Middle East and Africa). North America is projected to hold the largest share of the regional market for 3D bioprinting products in 2019. Significant government and private investments in developing advanced 3D bioprinting technologies and applications; and the high adoption rate of these technologies are responsible for the large share of North America in the 3D bioprinting market.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
