A recent report published by Infinium Global Research on 3D printing medical device market provides an in-depth analysis of segments and sub-segments in global as well as regional 3D printing medical device market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional 3D printing medical device market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global 3D printing medical device market. According to the report, the global 3D printing medical device market is projected to grow at a CAGR of 17.5% over the forecast period of 2018-2024.
3D printing is a relatively new and rapidly expanding method of manufacturing that find numerous applications in healthcare. 3D printing medical devices play a very crucial role when it comes to medical and dental device manufacturing. It is very cost-effective, efficient and customizable option for the medical devices industry for devices including dental implants, hearing aids, and prostheses. Another application of 3D printing in the medical field is creating patient-specific organ models that surgeons can use it for practice before performing complicated operations. This technique has proven to speed up procedures and minimize trauma for patients during diagnosis. On the other hand, 3D printing technology is being widely used in tissue engineering. Such tissues can be used in regenerative medicine, vascular and musculoskeletal biology, dermatology, ophthalmology and even cancer.
Technological advancements in the 3D printing and easy development of customized medical products using 3D printing drives the growth of the 3D printing medical device market. In addition, 3D printed prosthetics and implants, dental restorations, surgical instruments, and tissue fabrication are strengthening the growth of the 3D printing medical device market. Moreover, more than 20 different implants ranging from cranial implants to hip, knee, and spinal implants approved by the Food and Drug Administration (FDA) are produced with the help of several 3D printing technologies. Numerous factors are influencing the global 3D printing medical device market. Factors such as the advancement in the 3D printing technology and improvement in the healthcare infrastructure is helping to grow this market rapidly. Additionally, continuous growth in the percentage of the aging population and intensive focus on the research and development in this sector is catalyzing the growth of this market. FDA guidelines enable 3D printed medical devices manufacturers to easily navigate the time-consuming FDA approval process which in turn mainstream the manufacturing of 3D printed medical devices.
However, the stringent regulatory process of 3D-printed medical devices and copyright and patent violation concerns are likely to retard the growth of the 3D printing medical device market. Furthermore, new advances in 3D printing have led to a drop in the cost of equipment with improved technology and a wide range of engineering materials available. Hence, this technique is becoming more popular in the research and development departments worldwide. On the other hand, increasing demand for an organ transplant is anticipated to create several growth opportunities for the key players in the global 3D printing medical device market over the years to come.
Among the geographies, North America dominated the global 3D printing medical device market. The growth in the North American region is due to technological advancements in this sector. Moreover, Asia Pacific is expected to observe strong growth in the adoption of 3D medical devices. On the other hand, the growing demand for 3D printing medical devices due to the increasing population from countries such as China, Japan, and India has also triggered the demand for 3D printing medical device in Asia-Pacific region. Moreover, research and development initiatives by US government and the presence of some of the world’s leading players are also anticipated to offer prominent opportunities for the growth of the 3D printing medical device market in forthcoming years. Europe is a matured regional market for 3D printing medical devices and is expected to see rapid growth in the future. FDA-registered, ISO 13485-certified facilities are located in both North America and Europe to provide valuable expertise in 3D printing, engineering, quality control, and regulatory requirements. 3D Systems has helped industry leaders to develop a diverse portfolio of innovative 3D printing medical devices for several application in the medical sector.
The report on global 3D printing medical device market covers segments such as technology, application, and end user. On the basis of technology, the global 3D printing medical device market is categorized into electron beam melting, selective laser melting, photopolymerization, direct metal laser sintering, laminated object manufacturing, and laser beam melting. On the basis of application, the global 3D printing medical device market is categorized into the surgical guide, medical implant, surgical instrument, and bioengineering. On the basis of the end user, the global 3D printing medical device market is categorized into medical and surgical centers, pharma and biotech companies, and academic institutions.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer a substantial potential for the growth in the 3D printing medical device market. As a result, the APAC region is projected to experience a growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global 3D printing medical device market such as 3D Systems Corporation, EnvisonTec, Stratasys Ltd, Arcam AB, Cyfuse Biomedical KK, Organovo Holdings, EOS GmbH, FabRx Ltd., Materialise NV, and Concept Laser.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global 3D printing medical device market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of 3D printing medical device market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the 3D printing medical device market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the 3D printing medical device market to understand the present and future trends in this market and formulate their strategies accordingly.
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