A study by Market Research Future (MRFR) reports that the global 3D printing medical devices market is likely to witness exponential growth over the forecast period 2018 to 2023. The market is likely to expand at an approximate CAGR of 29.9% over the forecast period.
In dental and medical device manufacturing, 3D printing medical devices has a critical role to play. Apart from the healthcare industry, 3D printing medical devices find wide application in other sectors as well that include automotive parts, food, and household items. Several therapies also make use of the 3D printing technology which includes the formation of limb prosthetics, plastic tracheal splints, titanium alternatives for hips & jaws etc. Owing to the simplified usage of the devices and progressive technology many doctors opt for 3D printing devices before conducting surgery of any part of the body. 3D printing medical devices help in eliminating errors in such cases.
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Growth in the worldwide 3d printing medical device companies is likely to propel at an increasing rate owing to the progressive technology, surging government spending in healthcare sector, increasing usage of 3D printing medical devices in the healthcare sector, and the simplified process of manufacturing the 3D printing medical devices. The cost effectiveness of the 3D printing medical device makes it popular amongst major medical device manufacturers. They use it in manufacturing prostheses, custom made knee, hip implant, and hearing aids. The 3D printing medical devices market has the potential to grow exponentially due to the constant technological upgradations taking place in the industry, fast paced customer base, investment in research and development, and growing scope for biomedical application options.
However, the high-priced printers, restricted technical skills in medical devices, biocompatibility concerns related to 3D printed medical devices, and often unfavorable reimbursement policies are likely to hinder the market growth substantially.
Segmentation:
The global market for 3D printing medical devices has been segmented into types, component, technology, application, end-users, and regions.
Based on types, the global 3D printing medical device market has been segmented into prosthetics & implants, surgical guides, surgical instruments, and tissue engineering product. The surgical guide segment has been assessed to account for the largest market share in the type segment over the forecast period, due to its advantage of providing accurate implant restoration, resulting in a rise in the demand for the surgical guide has been increasing, and this is a crucial factor driving the growth of this market segment.
Based on the component, the market for 3D printing medical devices has been segmented into the 3D bioprinter, 3D printer, materials, software & services, and system. Software & services segment is projected to account for the largest market share in the component segment over the forecast period, due to the increase in advancements in the software solutions for manufacturing high-quality 3D-printed medical products.
On the basis of technology, the 3D printing medical device market has been segmented into 3D printing, droplet deposition, electron beam melting (EBM), laminated object manufacturing (LOM), laser beam melting, photopolymerization, poly-jet technology, and others. Photopolymerization segment has been assessed to account for the largest market share in the technology segment over the forecast period.
Based on application, the global market for 3d printing medical device has been segmented into clinical study devices, external wearable devices, implants, and tissue engineering. The external wearable devices segment assessed to account for the largest market share in the application segment over the forecast period.
By end-users, the market has been segmented into academic institutions, contract research organization, hospitals, medical and surgical centers, and pharma and biotech companies. The medical and surgical centers segment has been assessed to account for the largest market share in the end-user segment over the forecast period, due to the increase in the patient population and decrease in surgical and infection risks.
Based on the region, the market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
Competitive Analysis
The advancement of the market is spurred by the initiatives of the leaders in the global market, who are dedicating resources to the development of the overall market. The scale of innovation being observed in the market is another reason that is adding to the advancement of the global market in the future. The detrimental impact on the environment by the business practices is estimated to be a key component in the future growth strategies of the market. The funding scenario in the market is estimated to be optimistic and conducive to the development of the stakeholders in the market. The government policies in several regions are very conducive to the development of the market in the upcoming period. The advancement of production technology and processes is estimated to augment the global market. The establishment of clear long-term objectives by market titans is estimated to set the tone for the continuing expansion of the market. The identification of areas for sustainable enhancement in the supply chain is estimated to further fortify the market.
The prominent contenders in the 3D printing medical device market are Stratasys Ltd., Bio3D Technologies, EnvisionTEC, Organovo Holdings, Inc., 3D Systems Corporations, Oxford Performance Materials, Inc., Materialise NV, Arcam AB, Cyfuse Medical K.K.EOS GmbH Concept, SLM Solutions Group AG, Laser GmbH, Renishaw plc, Prodways Group, 3T RPD Ltd.
LIST OF TABLES
Table 1 Global 3D Printing Medical Devices Market Synopsis, 2020-2027
Table 2 Global 3D Printing Medical Devices Market Estimates and Forecast, 2020-2027 (USD Million)
Table 3 Global 3D Printing Medical Devices Market, by Region, 2020-2027 (USD Million)
Table 4 Global 3D Printing Medical Devices Market, by Types, 2020-2027 (USD Million)
Table 5 Global 3D Printing Medical Devices Market, by Components , 2020-2027 (USD Million)
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