3D Printing Medical Device Market set to expand at a CAGR of 17.7% during the period from 2017 to 2025
Albany, NY -- (SBWIRE) -- 03/14/2018 -- The global market for 3D printing medical device market is witnessing the rise of a number of small- and medium-scale companies, rendering the vendor landscape increasingly competitive, observes Transparency Market Research in a recent report. The market is also witnessing a surge in collaboration initiatives as established healthcare and medical devices companies focus on incorporating innovative technologies in their operations so as to keep attaining sustainable profits and remain competitive. Recently, Philips signed an agreement with the 3D printing medical devices companies Stratasys and 3D Systems in North America to support its progress in the field of patient care and strengthen its clinical experience.
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The report states that the global 3D printing medical device market will expand at a CAGR of 17.7% during the period from 2017 to 2025, rising from a valuation of US$713.3 mn in 2016 to US$3513.0 mn by 2025.
North America to Maintain Leadership Position
Of the key application segments that the 3D printing medical devices market serves, the segments of orthopedic and cranial implants and dental restoration collectively accounted for over 75% of the overall market in 2016. These segments are also expected to remain at the forefront in the next few years and will continue to contribute a big share in the global market revenue over the report's forecast period as well.
Geographically, the market in North America is presently the dominant regional market for 3D printing medical device market. The regional market accounted for over 39% of the global market in 2016 and continues to be a strong and lucrative region for the market. This can be attributed to the vast and strategic investments made by the key players in the region with the view of benefitting from the strong healthcare sector and the presence of several conventional medical device companies.
Market to Benefit from Technological Advancements
Vast technological advancements witnessed in the field of 3D printing in the past few years, in terms of printing technologies, materials, and the devices available, have acted as a springboard for the medical devices industry for the profound modernization that is possible in present-day medical devices through 3d printing. The global market for 3D printing medical devices is predicted to expand at a promising pace in the next few years as the healthcare sector, healthcare practitioners, as well as patients are becoming more adopting of 3D-printed medical devices.
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The rising set of applications of 3D-printed medical devices such as prosthetics and implants, dental restorations, surgical instruments, and tissue fabrication and the great demand for these products across the globe are collectively working in favor of the global 3D printing medical device market. These factors are expected to help the market expand at a promising pace over the report's forecast period.
Stringent Regulations Governing Medical Device Approvals to Emerge as Challenge for Market
However, the 3D printing medical device market is restricted by stringent regulations that generally govern the medical devices industry. FDA regulations led by the U.S. government, for instance, assess products thoroughly to determine the safety and effectiveness of 3D-printed medical devices in comparison to their conventionally manufactured counterparts. While this factor is expected to restrict the expansion of the market to a certain extent, the increased use of 3D-printed model devices for training and learning purposes and the rising demand to cut-down the socio-economic burden of healthcare on government funds could emerge as promising growth opportunities.