Northrook, IL -- (SBWire) -- 03/12/2020 --The Growth of the 3D Bioprinting Market is mainly driven by the technological advancements in 3D bioprinters and biomaterials, increasing use of 3D bioprinting in the pharmaceutical and cosmetology industries, and rising public and private funding to support bioprinting research activities. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities, especially in emerging markets, which are expected to witness the highest growth.
The 3D bioprinting market is projected to reach USD 1,647.4 million by 2024 from USD 651.6 million in 2019, at a CAGR of 20.4% from 2019 to 2024.
Opportunity: Growing Demand for regenerative medicine & stem cell research.
Increasing stem cell research activities and financial support from several public-private organizations are driving the growth of the stem cell and regenerative medicine industry across the globe. A supportive regulatory environment in emerging countries, the presence of a large number of stem cell product pipelines, and applications of regenerative medicine in treating diseases are the key factors contributing to the increasing adoption of stem cell and regenerative medicine worldwide. 3D bioprinting is used in various applications in regenerative medicine. It is used in the development of body parts such as cartilage, heart, and liver, among other organs, for the treatment of different disease conditions. Likewise, stem cells are also used on a large scale for bioprinting different bones and tissues. These cells can adapt easily to growth factors and develop into the required 3D structures.
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Challenge: Socio Ethical concerns related to the use of 3D bioprinted products.
3D bioprinting makes use of living cells for the development of products used in a wide range of medical applications. It is used on a large scale in developing tissues and organs, with the aim to meet the growing demand for organ transplantation across the globe. However, the use of bioprinted products inside the human body creates biosafety concerns and can also violate religious beliefs. Additionally, the source of biomaterials being used for developing 3D bioprinted products and concerns related to waste elimination are two other major factors hindering the adoption of 3D bioprinting among individuals.
The Asia Pacific market is estimated to grow at the highest CAGR of 23.1% during the forecast period, driven by the increasing research activities, growing demand for organ transplants, an increasing number of initiatives by market players for expanding their presence in the APAC, and higher adoption of stem cell research in several APAC countries. China and India are expected to offer significant growth opportunities for players operating in the 3D bioprinting market, owing to the growing support from government bodies, increasing demand for cosmetic surgeries, and the presence of less-stringent regulations and data requirements (as compared to developed countries) in their respective healthcare systems.
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Key Market Players
Organovo Holdings, Inc. (US), CELLINK (Sweden), Allevi Inc. (US), Aspect Biosystems Ltd. (Canada), EnvisionTEC GmbH (Germany), Cyfuse Biomedical K.K. (Japan), Poietis (France), TeVido BioDevices (US), Nano3D Biosciences, Inc. (US), ROKIT Healthcare (South Korea), Digilab, Inc. (US), regenHU (Switzerland), GeSiM (Germany), Advanced Solutions Life Sciences (US), and Regenovo Biotechnology Co., Ltd. (China).
3D Bioprinting Market: Future of Bioprinting, It Is Creating Real Change in the Healthcare Industry
APAC is estimated to grow at the highest growth rate during the forecast period.