Transparency Market Research

3D Printing in Medical Applications Market Is Driven by Technological Advances

 

Albany, NY -- (SBWIRE) -- 02/12/2018 -- The 3D printing technology has revolutionized several industries by enabling non-conventional, faster, and economic manufacturing of a variety of products possible. The potential uses of this technology are being uncovered at a rapid pace across the medical industry and many revolutionary medical applications of 3D printing are expected to be uncovered in the next few years. Transparency Market Research states that the global 3D printing for medical applications market will exhibit growth at a promising pace and will enable significant transformations in the field of healthcare in the near future. The market is expected to rise to a valuation of US$965.5 mn by 2019.

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On the basis of key applications, the market for 3D printing in the medical field has been segmented in the report into implants, surgical instruments, bioengineering, and surgical guides. Of these, the segment of implants accounted for the dominant share in the global market, valuing at nearly US$337.3 mn in 2015. The segment is expected to exhibit growth at a significant pace over the report’s forecast period and continue to be the dominant contributor to the global 3D printing in medical applications market over the forecast period as well. The report states that the segment of implants will have an opportunity of US$632.7 mn by 2019, accounting for over half of the overall valuation of the global market by the said year.

The immense growth prospects of the 3D printing technology across the implants application can be attributed to the increased demand for implants for a variety of orthopedic, dental, and cranio-maxillofacial disorders. The sub-segment of dental implants will account for the dominant share of revenue contributed by the segment of implants to the 3D printing for medical applications market over the forecast period.

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Geographically, the report examines the market for 3D printing in medical applications across regions such as North America, Europe, and Asia Pacific. Of these, the market is presently dominated by North America. The region dominates the market owing to the presence of some of the key players in the 3D printing technology in the U.S. The U.S. accounts for a significant share in the global 3D printing in medical applications market and is expected to remain the hub for future developments in the field as well. Thus, the North America 3D printing in medical applications market is expected to retain its command on the global market throughout the report’s forecast period. However, the market in Europe is expected to outpace North America owing to the rising number of 3D printing companies in the region.

Despite being a slow-growth region for several industries owing to recent economic upheavals across several countries in the past few years, the technologically advanced companies in Europe have been focusing hard on technological innovations such as 3D printing. The Europe market for 3D printing in medical applications is expected to be led by Germany, which is expected to outpace Japan in terms of growth rate in the next few years. The market is also expected to gain significant traction in Europe in the next few years owing to the favorable medical reimbursement policies and a substantial rise in funding from government bodies aimed at technological advancements.

Currently, North America holds supremacy in the global red biotechnology market followed by Europe. North America typically is a pioneer in the introduction of new products and is an early adopter of integration of advanced sciences for public welfare. Europe also exhibits strong hold in the global red biotechnology market. Emerging economies in Asia Pacific, Latin America, and the Middle East and Africa are anticipated to emerge as lucrative markets for red biotechnology in the upcoming years, owing to the need for affordable treatment for several diseases and rising healthcare expenditure in these regions.

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Despite the budding stage of the global 3D printing market, companies manufacturing products for medical applications by incorporating the 3D printing technology have significantly increased in number in the recent past. Many new companies are venturing into the market at a rapid pace and are expected to enrich the market through advanced and innovative products in the near future.

Some of the key companies operating in the global 3D printing for medical applications market are Nanoscribe GmbH, 3D Systems Corporation, EnvisionTEC GmbH, Voxeljet Technology GmbH, Stratasys Ltd., and Materialise NV.