3D Printing Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 08/08/2017 -- 3D printing is a process of creating a solid three dimensional physical object from a digital design. It involves the process of additive manufacturing where an object is formed by adding materials layer by layer. 3D printing is emerging as an efficient and cost effective manufacturing option for medical devices industry for certain key functions such as dental implants, hearing aids, custom made knee, surgical instruments and many more. In addition, it also helps surgeons to plan and strategize surgeries in advance, which in turn supports in reducing the operational risks involved during complex and critical surgical procedures, risk of infection, and decrease the time duration of anesthesia exposure. 3D printing is poised to disrupt the medical devices market by encouraging new entrants, enabling precision planning for surgeries and optimizing device design and development.
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Continuous technological developments in healthcare, increasing demand for patient-specific products in dental, orthopedics and many more, reduced cost as compared to traditional product manufacturing, private and government funding to support the development of products and technologies, enhanced productivity leading to reduced waiting periods for devices are key factors driving the growth of the 3D printing medical devices market. Furthermore, strong push towards mergers and acquisitions to increase market share, expiry of key patents, and rising demand for organ transplantation at affordable prices are offering high-growth prospects for the various market players. However, the strict regulatory process for the approval of 3D-printed medical devices, lack of trained professionals and high cost of 3D-printed organs and tissues are some of the key restraints hampering growth of 3D printing medical devices market.
3D printing medical devices market can be categorized on the basis of component such as 3D printing equipment, materials, software and services. 3D printing equipment can further be classified into 3D printers and 3D bio printers. Also, materials can further be classified into thermoplastics, photopolymers, biomaterials and other materials. On the basis of technology 3D printing medical devices market can be categorized into photo polymerization, droplet deposition, laser beam melting, and electron beam melting. On the basis of medical application, 3D Printing Medical Devices Market can be categorized into surgical instruments, prosthetics and implants, tissue engineering products, surgical guides. On the basis of geography, the 3D printing medical devices market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Presently the global 3D printing medical devices market in terms of global revenue share is dominated by North America. Large number of factors such as increasing government initiatives to support the development of new 3D printing technologies and applications, and rising number of collaborations among manufacturers and software developers to develop advanced 3D printing solutions are driving the growth of the market in North America. The Asia-Pacific market and Middle East and Africa market is expected to register highest growth in forecast period. It is mainly due to increasing technology advancements in healthcare sector and various government initiatives to boost overall healthcare infrastructure.
The key players in the 3D printing medical devices market include EnvisionTEC GmbH, 3D Systems Corporation, EOS GmbH Electro Optical Systems, Stratasys Ltd, Materialise NV, Renishaw plc, 3T RPD, Ltd., Concept Laser GmbH, Bio3D Technologies, Arcam AB, and Prodways. These companies have invested heavily in the 3D Printing Medical Devices technologies to develop new products catering to the healthcare industry. New product launches and product enhancements are the primary growth strategies adopted by major players to develop their positions in the global 3D printing medical devices market. Strategies such as partnerships, agreements, and collaborations; expansions; and acquisitions were also adopted by a significant number of market players to strengthen their product portfolios and expand their geographic presence in the market.
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