11 Sep Global 3D Printing Medical Devices Market 2017 to Boom $2,945.5 Million Value by 2024 at a CAGR of 19.5%
3D Printing Medical Devices Market
3D printing is a type of additive manufacturing. But also used interchangeably, 3D printing is a process to produce physical objects from 3D digital file. 3D printing technology is rising due to the increase in demands of the personalized medical care by providing customized medical devices based on the needs of the individuals. 3D printing technology is flourishing in many healthcare areas such as medical, implants, drug manufacturing dental and others. 3D printing is used to make 3D printed models of organs plan and practice of complex surgeries.
A number of factors such as continuous technological advancements in 3D printing, increase in public and private investments to develop new 3D printing technologies, rise in acceptance of 3D-printed implants and organs are propelling the demand of healthcare 3D printing market. In addition, growing demand of organ transplantation, consolidation of industry by mergers and acquisitions to enhance market share is shown in the 3D printing market report. However, high cost associated with advanced 3D printers, lack of both structured regulatory frameworks and reimbursement policies, copyright and patent issues associated with the 3D printing of patented products is expected to hamper the market growth.
The global 3D printing medical devices market is divided into following categories-
- Surgical Guides
- Surgical Instruments
- Droplet Deposition (DD)
- Fused deposition modeling (FDM) technology
- Low-temperature Deposition Manufacturing (LDM)
- Multiphase Jet Solidification (MJS)
- Stereo lithography (SLA)
- Continuous Liquid Interface Production (CLIP)
- Two-Photon Polymerization (2PP)
- Laser Beam Melting
- Selective Laser melting (SLM)
- Selective Laser Sintering (SLS)
- Direct Metal Laser Sintering (DMLS)
- Electronic Beam Melting (EBM)
- Laminated Object Manufacturing
- Raw materials
- Biological Cells
- Specialty Clinics
- Ambulatory Surgical Centers
And lastly, on the basis of geographical regions, the global 3D printing medical devices market have five major regions- Latin America, Europe, North America, Asia-Pacific, the Middle East and Africa. North America is the leading consumer of healthcare 3D printing market, followed by Europe. The 3D printing market size 2018 would expect to exhibit significant growth in the Asia-Pacific and LAMEA regions, owing to the increase in number of start-up companies and its rising awareness. Factors such as increased government funding to enhance healthcare 3D printing market applications, establishment of research and training centers, and raising awareness of 3D printing through conferences and events are propelling the growth of the 3D printing medical devices market in the Asia-Pacific region. However, the dearth of skilled professionals and the high cost of 3D printing systems restricts its demand in the developing Asian countries.
Some of the players in the global 3D printing medical devices market are FabRx Ltd. (UK), Organovo Holdings (U.S.), EOS GmbH Electro Optical Systems (Germany), EnvisionTEC, 3D Systems Inc. (Germany), Bio3D Technologies (Singapore), Arcam AB (Sweden), and Stratasys Ltd. (U.S.). Some of the market developments include 3D systems launching a next-generation dental manufacturing platform based on their Figure 4 technology in 2017.
In medical field 3D printing has led to development of innovative and efficient products. Ever increase in cost pressures on medical device manufacturers and their intense need to introduce innovative products has forced them to adopt 3D printing to reduce the manufacturing life cycle and to eliminate the traditional prototyping process. Increasing medical & pharma business, mainly because of increase in awareness regarding consumer health along with the increase in health issues are boosting the 3D printing market size 2018.