3D Printing Medical Devices Market to grow at healthy CAGR by 2023. Increase in Research & Development Activities Makes North America a Lucrative Market For the Global 3D Printing Medical Devices Sector, according to "3D Printing Medical Devices Industry 2020 Global Market Forecast to 2023 Report" published by Market Research Future.
3D Printing Medical Devices Market Overview
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 18% over the forecast period.
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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 devices market 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.
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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.
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3D Printing Medical Devices Market Segmentation
The worldwide 3D printing medical devices market has been segmented based on component, types, application, end-users, and technology.
Based on component, the global 3D printing medical device market has been segmented into materials software & services, system, 3D printer, and 3D bio printer. Software & services holds the largest share of 3D printing medical device market in forecast period.
Based on types, the global 3D printing medical device market has been segmented into surgical instruments, surgical guides, tissue engineering product, and prosthetics & implants.
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Based on application, the global 3D printing medical device market has been segmented into clinical study devices, external wearable devices, tissue engineering, and implants.
Based on end-users, the global 3D printing medical device market has been segmented into medical, hospitals, biotech and pharma companies, surgical centers, contract research organization, and academic institutions.
Based on technology, the global 3D printing medical device market has been segmented into droplet deposition, 3D printing, laser beam melting, photopolymerization, polyjet technology, laminated object manufacturing (LOM), electron beam melting (EBM), and others.
3D Printing Medical Devices Market Regional Analysis
Geographically, the global 3D printing medical device market has been segmented into Europe, the Americas, Asia-Pacific, and the Middle East & Africa.
North America is likely to lead the global 3D printing medical device market over the forecast period. Factors affecting the growth in this region include surging government outlay towards research and development activities and expanding demand for organ transplant surgeries in the region. Europe holds the second position in the global 3D printing medical devices market. The Europe market has favorable government spending in the research and development activities. The growing prevalence of diabetes registers Asia-Pacific as one of the most lucrative markets while the Middle East & Africa records the least market share owing to the inadequate healthcare facilities available in the region.
3D Printing Medical Devices Market Key Players
The global 3D printing medical device market has been dominated by key players such as 3T RPD Ltd., 3D Systems Corporations, Bio3D Technologies, Arcam AB, Cyfuse Medical K.K.EOS GmbHConcept, EnvisionTEC, Materialise NV, Laser GmbH, Oxford Performance Materials, Inc., Organovo Holdings, Inc., Prodways Group, Renishaw plc, SLM Solutions Group AG, and Stratasys Ltd.
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