Global 3D Bioprinting Market share is projected to touch a value of USD 1,923.02 Million by 2023, states Market Research Future (MRFR) in its report. The market can display a CAGR of 24.59% during the forecast period due to its growing applications in tissue engineering and organ transplantation.
3D bioprinting encompasses an array of 3D printing methods to combine cells and biomaterials to produce biomedical parts. Although the technology is in high use for research and development purposes, its application in the production of tissues and organs is likely to garner high demand.
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The prevailing pandemic, COVID-19, has generated the demand for companies to maintain a digital asset. In situations like these, the 3D printer aids to meet the requirement, which is expected to boost the 3D bioprinting market growth.
Market Dynamics
The cost-economical nature of 3D bioprinting is expected to brighten the bioprinting future. This is buttressed by the use of small implants and prosthetics used in the treatment of dental or craniofacial disorders. Furthermore, the presence of numerous players in the 3D bioprinting market can keep production costs low and augur well for the market in the forthcoming years.
However, lack of awareness of the technology and shortage of skilled professionals can act as growth deterrents in the market.
Drivers
Growing Demand for Organ Transplantation to Boost the Market
Growing demand for organ transplantation is projected to drive the market by 2023. The rising investments in 3D bioprinting via public and private means to widen its scope is likely to boost the market growth. Moreover, the cost-effectiveness of 3D bioprinted products is expected to develop the industry in the forecast timeframe.
Opportunities
Growing Application of 3D Bioprinting in Cosmetic Industry to Offer Lucrative Opportunities
The extensive usage of 3D bioprinting in the cosmetic industry is expected to offer various growth opportunities to the key players. The growing R&D, partnerships, and acquisitions are likely to augment the market in the coming period.
Restraints
Lack of Expertise to Hinder Market Growth
One of the major factors hindering the market growth is the lack of expertise and awareness is expected to obstruct the market growth during the forecast period.
Challenges
Socioethical Concerns Due to the usage of 3D Bioprinted products
The application of bioprinted products inside human bodies can grow biosafety concerns, which may also question some religious beliefs that can hinder the market growth. In addition, the concerns associated with waste elimination is expected to further restrict the market growth.
Cumulative Growth Analysis
Market is Expected to Grow Significantly in the Forecast Period
The market is anticipated to grow significantly in the coming period, at a rapid pace. The on-going technical development, the growing awareness, and the increasing 3D bioprinting applications are predicted to underpin the trade expansion at a global front.
Market Segmentation
The 3D bioprinting market is segmented by technology, material, application, and end-user.
By Technology
Inkjet 3D Bioprinting Segment to Exhibit Higher CAGR
Based on technology, the global market for 3D bioprinting is segmented into inkjet 3D bioprinting, microextrusion bioprinting, magnetic 3D bioprinting, and laser-assisted bioprinting. Among all, the microextrusion bioprinting segment is projected to witness a CAGR of 25.24% during the forecast period. This can be attributed to its growing applications in bioprinting. On the other hand, inkjet 3D bioprinting can exhibit 26.44% CAGR owing to being a viable alternative for scaffold fabrication.
By Material
Hydrogels to Thrive at a CAGR of 26.63% by 2023
By material, the global market for 3D bioprinting is segmented into living cells, extracellular matrices, and hydrogels. The hydrogels segment is expected to generate USD 652.54 million by 2023 at a CAGR of 26.63% during the forecast period.
By Applications
Research Applications Segment to Exhibit Higher CAGR due to its Growing Application in Regenerative Medicines
Based on applications, the global market for 3D Bioprinting market is segmented into research and clinical applications. The research applications segment is expected to exhibit a CAGR of 24.74% by 2023 owing to applications in 3D cell culture and regenerative medicine. The clinical applications segment is likely to hold the market value of USD 507.55 million by 2023 while expanding at a CAGR of 24.19% during the assessment period.
By End-Users
Pharmaceutical & Biotechnology Segment to Grow Due to Growing Demand for Personalized Medicines
Among end-users, the global market for 3D bioprinting market is segmented into pharmaceutical & biotechnology companies and research organizations & academic institutes. Pharmaceutical & biotechnology companies are projected to display a CAGR of 24.98% till 2023 owing to the trend in personalized medicines.
Regional Analysis
North America is expected to hold the Largest Market Share in the Global 3D Bioprinting Market
As per the 3D bioprinting industry analysis conducted by MRFR, the Americas is expected to acquire the market value of USD 689.91 million by 2023. This can be attributed to growing investments in research and development and the presence of advanced healthcare infrastructure. The demand for organ transplant is likely to rise to grow the regional market in the coming period. In addition, the on-going development of 3D printed pills, which can be customized as per the person’s age and body weight, is expected to offer various opportunities for expansion for the 3D bioprinting market.
The APAC is projected to acquire the market value of USD 507.18 million by 2023 at a CAGR of 27.25% during the forecast period. The APAC region is anticipated to grow at a rapid pace due to the development in 3D printing, incorporation of the latest technologies in the healthcare sector, and abundance of opportunities. In addition, increasing government funding to accelerate the pace of 3D printing technology is projected to augment the 3D bioprinting market size.
The Europe 3D bioprinting market is expected to acquire a market value of USD 649.91 million by 2023 due to the rising focus on health and wellness. Increased demand for cosmetic surgery can play a salient role in the market’s progress in the region. Furthermore, agreements between established players to expedite the evolution of technology can net novel results. This is exemplified by the deal signed between BASF SE and Poietis to improve skincare products by the former.
Competitive Landscape
Growing Initiatives to Expand Customer Base to Grow Competition
The growing collaboration and rising partnerships among key players is expected to strengthen the competitiveness of the global market for 3D bioprinting. The renowned players of the market are taking initiatives to grow their consumer base by incorporating innovation in their products.
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