Global 3D Printing Medical Device Market: Snapshot
3D printing or an additive manufacturing is a process that uses a layer by layer method approach to create a real or physical object from a digital design. The technology is still in its early stage in healthcare and holds strong potential for a wide variety of medical applications. The global market for 3D printing medical devices has witnessed massive advancements in the past few years and several new 3D printing technologies, materials, and devices have entered the global marketplace.
The market has also seen a vast rise in its application areas in the recent years and continues to expand at a healthy rate. The market is also driven by the vast technological advancement in witnessed in the medical industry in the recent years. In addition, strategic investments done by leading players in the market have also increased the demand for the 3D printing medical devices. Also, 3D printed prosthetics and implants, dental restorations, surgical instruments, and tissue fabrication are in great demand.
The global 3D printing medical device market was valued at US$823.0 mn in 2016 and is anticipated to expand at a CAGR of 17.7% from 2017 to 2025.
Software and Services to Gain Increased Demand
By component, the global 3D printing medical device market is segmented into printer, material, software and services. Of these, the segment of software and services contributed the largest share to the global market in 2016 and is anticipated to grow at a decent compound annual growth rate during forecast period owing to increased support and maintenance services provided by this segment. This is the result of already installed printers in the market, and to provide installation services, support and maintenance of these printers, there is a growing demand for software and services segment. Over the forecast period, the materials segment is anticipated to grow at a prominent rate.
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North America to Remain Leading Force in Global 3D Printing Medical Device Market
Geographically, the 3D printing medical device market by region has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. In 2016, North America occupied the largest share of the market globally. The vast technological advancement in the region’s medical industry is a key driving factor for the strong growth of the market across North America.
Moreover, research and development initiatives by US government and the presence of some of the world’s leading players are also anticipated to offer prominent opportunities for the growth of the 3D printing medical device market in forthcoming years. Moreover, the developing countries such as Canada and others in this geography are undergoing transformation in terms of investments by market players, which is complementing the growth of 3D printing medical device market.
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Asia Pacific is expected to observe strong growth in the adoption of 3D-printed medical devices during the forecast period. This growth is majorly expected to stem from the South East Asian region. In South East Asia, application of 3D printing medical device has significantly increased due to increasing adaption rate for 3D printing medical device. Apart from this, the growing demand for 3D printing medical devices due to increasing population from countries such as China, Japan and India has also triggered the demand for 3D printing medical device.
Some of the leading companies in global 3D printing medical device market Arcam AB, 3D Systems Inc., Organovo Holdings, SLM Solutions Group AG, Cyfuse Biomedical K.K., EOS GmbH Electro Optical Systems, EnvisonTec, FabRx Ltd.,Materialise NV, and Concept Laser.