Major players of the 3D Printing Medical Devices Market are facing hurdles keeping their production facilities operational due to the paucity of adequate personnel and resources amidst the COVID-19 (Coronavirus) outbreak. Get a first-hand peek into the key drivers and threats to the 3D Printing Medical Devices industry to make your company future-ready post the pandemic. Avail our market reports at unbelievable prices to capitalize on opportunities.
3D Printing Medical Devices Market Overview
As per Market Research Future (MRFR) analysis, the global 3D printing medical devices market is projected to grow at a CAGR of 18% from 2018 to 2023 (forecast period).
3D printing plays a vital role in the development of medical and dental devices. 3D printing is the most commonly used medical device and, due to its versatility, can also be used for other items, including food, household items, and automotive parts. The 3D printing technology is used to treat various types of therapies, such as hip and jaw titanium replacements, limb prosthetics and plastic tracheal splints, etc. Due to advanced technology and easy use of devices, many doctors prefer 3D printing devices before surgeries of any organ part that may minimize error. A computer-aided design drawing or a magnetic resonance image is a 3D object created from a digital 3D image. The 3D object is formed by creating successive layers of material in which each layer is connected to the previous layer until the object is complete. Various types of materials are used to create a 3D image.
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3D Printing Medical Devices Market Dynamics
The global market for 3D printing medical devices is expected to expand due to growing government spending in the healthcare sector, rising technological developments in 3D printing, easy production of medical devices, and the growing use of 3D printing devices in the healthcare sector. 3D printing plays a crucial role in the medical and dental manufacturing market. This is a very cost-effective and preferred choice for medical device manufacturers for all kinds of medical devices such as prostheses, hearing aids, custom knee, and hip implants. The 3D printing medical devices are expected to show substantial growth during the forecast period due to various technological developments in this field. In addition, a variety of other factors, such as investment in R&D, rapidly growing consumer base, increasing the reach of biomedical applications, have driven market growth.
However, some aspects that may hinder future market growth are unfavorable reimbursement policies, high printer costs, biocompatibility issues for 3D printed medical devices, and limited technical knowledge in medical devices.
3D Printing Medical Devices Market Segmentation
The global market for 3D printing medical devices has been segmented into types, components, technology, application, and end-users.
Based on types, the global market for 3D printing medical devices is classified into the segments of surgical guides, prosthetics & implants, surgical instruments, and tissue engineering products. The Surgical Guide is predicted to hold the largest share of the 3D printing market for medical devices in the forecast period. The 3D printing surgical guide is part of operation preparation and offers precise restoration of the implant. The demand for a surgical guide is therefore growing which is a significant factor driving the growth of this market segment.
Based on components, the global market for 3D printing medical devices is divided into materials software & services, 3D printer, and 3D bioprinter. Software & services are projected to register for the largest market share in 3D medical device printing in the forecast period. Growing development of software solutions for the production of high-quality 3D-printed medical products is a primary driver of the growth of the services and software segment.
On the basis of technology, the market for 3D printing medical device is segmented into 3D printing, droplet deposition, laser beam melting, photopolymerization, laminated object manufacturing (LOM), electron beam melting (EBM), polyjet technology and others. Photopolymerization is projected to maintain the largest market share in the 3D printing medical device.
Depending on the application, the global 3D printing medical device market is segmented into external wearable devices, implants and tissue engineering, and clinical trial devices. The external wearable devices segment retains the largest share of the 3D printing medical devices market in the forecast period.
Depending on end-users, the global 3D printing medical device market is categorized into hospitals, medical and surgical centers, pharmaceutical and biotech firms, academic institutions, and contract research organizations. The segment of medical and surgical centers accounts for the largest share of the 3D printing medical devices market due to an increasingly growing patient population and reduced risk of surgery and infection.
3D Printing Medical Devices Market Regional Analysis
The market has been segmented by area across the Americas, Europe, the Asia Pacific and the Middle East and Africa. The market for 3D printing medical device in the Americas has been further broken down into North America and South America, with the North American market split into the USA and Canada. The European market for 3D printing medical devices has been segmented into Western Europe and Eastern Europe. Western Europe has also been listed as Germany, France, the United Kingdom, Italy, Spain, and the rest of Western Europe. The market for 3D printing medical devices in the Asia Pacific has been segmented into China, Japan, India, Australia, South Korea, and the rest of the Asia Pacific. The market for biomaterials in the Middle East and Africa has been segmented into the Middle East and Africa.
North America dominates the market for global 3D printing medical devices over the forecast period. The largest share is due to a growing demand for organ transplantation across the region. Some of the aspects responsible for market growth in this region are attributed to increased government spending to develop advancements in 3D printing technologies and applications.
The second-largest 3D printing medical devices market is projected to be the European market. Market growth in this region can be ascribed to government funding and support for the healthcare sector, combined with increased research and development. In addition, an increasing number of surgeries due to changing lifestyles are leading to the growth of the market in the region.
The Asia Pacific is predicted to be the fastest-growing 3D printing medical device market in the forecast period due to the rising prevalence of chronic diseases, increasing investment in healthcare, growing geriatric population, and the proliferation of market players in the region.
The market in the Middle East and Africa is projected to register for the smallest share of the market for global 3D printing medical devices due to underdeveloped healthcare, lack of technological expertise and inadequate medical facilities.
3D Printing Medical Devices Market Key Players
Some of the prominent players in the market for 3D printing medical devices are SLM Solutions Group AG, 3D Systems Corporations, Stratasys Ltd., EnvisionTEC, Arcam AB, Organovo Holdings, Inc., Materialise NV, Oxford Performance Materials, Inc., Bio3D Technologies, Prodways Group, Cyfuse Medical K.K.EOS GmbHConcept, Laser GmbH, 3T RPD Ltd, Renishaw plc.
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