(Australia-NewsWire.Com, February 27, 2018 ) The global 3D printing medical devices market is projected to reach USD 1.88 Billion by 2022 from USD 0.84 Billion in 2017, at a CAGR of 17.5% during the forecast period. Technological advancements, increasing public-private funding, easy development of customized medical products, and growing applications in the healthcare industry are the major factors driving the growth of the market.
This report broadly segments the market into component, technology, type, and region.
On the basis of components, the 3D printing medical devices market is segmented into software & services, equipment (3D printers and 3D bioprinters), and materials (plastics, metal & metal alloys powder, bioprinting biomaterials, and others). In 2017, the software & services segment is expected to account for the largest share of the market. Whereas, the 3D printing equipment segment is poised to witness the highest growth rate during the forecast period.
Based on technology, the global market is segmented into five broad categories, namely, electron beam melting, laser beam melting, photopolymerization, droplet deposition (DD) or extrusion-based technologies, and three-dimensional printing (3DP) or adhesion bonding or binder jetting. The photopolymerization technology segment is estimated to command the largest share of the global market in 2017. This is attributed to the widespread application of this technology across the medical industry, for manufacturing surgical guides (orthopedic, dental, and CMF guides), prosthetics and implants, porous scaffolds, and dental restorations.
The 3D-printed medical products market is further segmented on the basis of type into four major categories, namely, surgical guides, surgical instruments, prosthetics & implants, and tissue engineering products. The surgical guides segment is expected to account for the largest share of the 3D printing medical device market in 2017. The increasing use of the digitally driven process for accurate surgical planning is the key factor contributing to its market growth.
Geographically, emerging Asian countries offer high-growth opportunities for market players. As of 2017, the Asia-Pacific 3D printing medical devices market is expected to grow at 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 market in Asia-Pacific.
However, the stringent regulatory process and the dearth of trained professionals are factors that are expected to limit market growth to a certain extent.
A majority of the leading players, including Stratasys, Ltd. (Israel & U.S.), 3D Systems Corporation (U.S.), EnvisionTEC GmbH (Germany), Materialise NV (Belgium), EOS GmbH (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), Renishaw plc (U.K.), Prodways Group (France), and 3T RPD Ltd. (U.K.) are developing advanced 3D printed products and materials. Companies also focus on upgrading their product offerings and expanding their distribution networks to gain a larger share of the market through partnerships and collaborations.
About Us: Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. We’re associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.