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(Health-NewsWire.Net, October 20, 2020 ) The 3D Printing Medical Devices Market is projected to grow from an estimated USD 0.84 billion in 2017 to USD 1.88 billion by 2022, at a CAGR of 17.5% during the forecast period.
3D printing is a process that creates a three-dimensional object by building successive layers of raw material. Each new layer is attached to the previous one until the object is complete. In the healthcare industry, the 3D printing process is used in a wide range of applications, such as producing dental crowns and bridges; developing prototypes; and manufacturing surgical guides, implants, and hearing aid devices.
The 3D printing market is witnessing a new phase of technological developments, with the launch of technologically advanced products. In June 2017, 3D Systems (US) launched the Simbionix SPINE Mentor, a hands-on simulated training tool for minimally invasive surgical procedures.
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The Simbionix SPINE Mentor is a combination of medical tools and 3D printing to develop hybrid spinal surgery training solutions. Moreover, companies are also focusing on launching planning systems using 3D printing with the aim to enhance medical surgery procedures.
Moreover, launching innovative products in the market helps companies gain a competitive advantage and drive the uptake of their products.
In recent years, there has been a significant increase in public-private funding to support various initiatives in the 3D printing industry. In June 2017, the government of Quebec, Canada contributed around USD 2.299 million to establish a medical 3D printer center in Quebec.
This medical center provides point-of-care 3D printing services for developing customized prosthesis. Thus, increasing research and funding activities are expected to boost the development of 3D printing products and technologies, thereby driving the growth of the 3D printing medical devices market.
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3D printing techniques have empowered medical practitioners, researchers, and medical device manufacturers due to their use in dental & orthodontic treatments, orthopedic implants, tissue engineering, and drug development.
Among all the healthcare applications, 3D printing is highly successful in dental practices, prosthetics, and hearing aids as this technology is not only cost-effective but also provides a high degree of customization as per individual needs. Thus, the increasing adoption of 3D printing across various healthcare industries is driving the market growth.
Geographical Region Covered
In 2016, North America accounted for the largest share of the market due to factors such as increasing government initiatives and rising demand for organ transplants. However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period.
The establishment of new 3D printing research, training, and education centers, and rising efforts by leading market players for expanding their distribution networks in emerging Asian countries are factors propelling the growth of the 3D printing medical devices market in Asia-Pacific.
Leading Companies in 3D Printing Medical Devices Market
Major players in 3D printing medical devices market include Stratasys, Ltd. (Israel & US), 3D Systems Corporation (US), EnvisionTEC GmbH (Germany), Materialise NV (Belgium), EOS GmbH (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), Renishaw plc (UK), Prodways Group (France), and 3T RPD Ltd. (UK).
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