3D printing is essential for medical device manufacturing and dental device manufacturing. Therefore, the devices that can provide 3D prints always have a strong demand in the medical sector. A new report on the global 3D printing medical devices market, published by Market Research Future (MRFR), reckons that this market could meet growth at 18% CAGR between 2018 and 2023.
The underlining market driver for the global 3D Printing Medical Devices Market Growth is the capability that makes 3D printing medical devices useful not just for the medical sector but also for other products that include automotive parts, food, and household items. This 3D printing technology is useful for different therapies that include the limb prosthetics creations along with plastic tracheal splints creation and titanium replacements for hips & jaws. Advanced technology and easy use of 3D printing devices help doctors to plan surgery properly. Medical devices that can be developed via 3D printing devices include custom made knee & hip implant, hearing aids, and prostheses.
Other market drivers include growing technological advancement in 3D printing, easy development of medical devices, increasing investment by the government in the healthcare sector, numerous technological innovations in medical sector, increasing scope of biomedical application, surging investment in research & development (R&D), and growing application of 3D printing device in healthcare industry. However, factors that may hinder the market growth include biocompatibility issues of 3D printed medical devices, high cost of printers, limited technical expertise in medical devices, and unfavorable reimbursement policies.
Prominent players in the global 3D printing medical devices market include 3D Systems Corporation (USA), 3T RPD Ltd. (UK), Arcam AB (Arcam AB), Bio3D Technologies (Singapore), Cyfuse Biomedical K.K. (Japan), EnvisionTEC (USA), Laser Blechbe- & -verarbeitungs GmbH (Germany), Materialise NV (Belgium), Organovo Holdings Inc. (USA), Oxford Performance Materials Inc. (USA), Prodways Group (France), Renishaw PLC (UK), SLM Solutions Group AG (Germany), and Stratasys Ltd. (USA).
The global 3D printing medical devices market segmentation encompasses application, component, end-users, technology, and type. MRFR’s take on the market explores various facets of the market in-depth.
The application-based segmentation of this market covers clinical study devices, external wearable devices, implants, and tissue engineering. The external wearable devices segment is expected to hold the largest market share during the forecast period.
Regarding component, the market has been segmented into 3D bioprinter, 3D printer, materials, software & services, and system. During the forecast period, the software & services segment can hold the largest market share due to the increase in advancements in the software solutions that are useful for manufacturing high-quality 3D-printed medical products.
As per end-users, the market has been segmented into academic institutions, contract research organization, hospitals, medical & surgical centers, and pharma & biotech companies. During the forecast period, the medical & surgical centers segment has been expected to hold the largest market share due to the increase in the patient population and a decrease in surgical risks as well as infection risks.
In the context of technology, the 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. During the forecast period, the photopolymerization segment is expected to hold the largest market share.
By type, the market has been segmented into prosthetics & implants, surgical guides, surgical instruments, and tissue engineering product. During the forecast period, the surgical guide segment is expected to hold the largest market share as 3D printing surgical guide is useful for surgical planning. The demand for the surgical guide is increasing as it provides accurate implant restoration.
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A geographical outlining of the global 3D printing medical devices market covers the Americas (North America & South America), Asia Pacific, Europe, and the Middle East & Africa (MEA).
The Americas segment holds the largest market share in the global market as North America alone holds the potential to become the largest regional market. North American is greater than South American market due to technological advancement and the availability of advanced medical facilities. Other factors responsible for the market growth include increasing demand for organ transplant and increasing investment from the government to develop advances 3D Printing technologies & applications.
Europe is the second-largest regional market due to favorable government investments, changing lifestyles of consumers, the subsequent increase in patient population as well as the number of surgeries, and rise in R&D. Due to reasons that are same as the Americas, Western Europe is expecting better growth than the Eastern Europe.
During the forecast period, the Asia Pacific region can arise as the fastest growing regional market due to the growing prevalence of chronic ailments that include blood pressure disorders, diabetes, and more. Other factors responsible for the market growth include the increase in the geriatric population and increasing investments in the healthcare sector by the government. The crucial country-specific markets in this region are Australia, China, India, Japan, and South Korea.