3D Printed Medical Devices Market 2019 Global Analysis, Opportunities and Forecast to 2024
Seattle, WA -- (SBWire) -- 11/11/2019 --NEWS RELEASE CMI-Global 3D Printed Medical Devices Market – Insights
Medical devices that are manufactured using 3D printing technology are called as 3D printed medical devices. The manufacturing of 3D printed medical devices involves multiple steps that depend upon the type of printing and the complexity of the equipment. Successive layers of objects are attached through a 3D digital file to create these devices. 3D printed medical devices can be tailored to suit the patient's unique needs and to manufacture anatomical models for medical education and training purposes. 3D printing technology can be used to manufacture various medical products such as implants, surgical instruments, and external prosthetics.
Global 3D Printed Medical Devices Market – Drivers
Increasing technological developments in 3d printing and high healthcare expenditures in majority of economies are major factors that boost growth of the global 3d printed medical devices market over the forecast period. For instance, Stratasys Ltd. is focusing on development of extensive detailed prototypes or molds made of flexible and transparent materials for detailed study of chronic diseases. Furthermore, increasing geriatric population susceptible vulnerable to diseases such as osteoarthritis, gangrene, diabetes, and chronic heart disorders has led to high demand for molds made of flexible and transparent materials. Moreover, increasing number of road and other accidents is also expected to boost growth of the global 3d printed medical devices market.
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Global 3D Printed Medical Devices Market – Restraints
However, major regulatory bodies have imposed stringent regulations on the manufacturing of 3d printed medical devices. Moreover, production of these devices is also associated with high cost and their use with low reimbursement policies. These factors are expected to hinder growth of the market.
Global 3D Printed Medical Devices Market Regional Analysis
The market in North America is expected to hold dominant position in the global 3d printed medical devices market over the forecast period. This is attributed to high presence of major market players and early adoption of advanced medical technologies in the economies of the U.S. and Canada.
The market in Europe is expected to account for the second-largest market share over the forecast period. This is attributed to high geriatric population in the region and increasing approval of 3d-printed medical devices.
Asia Pacific is expected to witness significant growth in the global 3d printed medical devices market, owing to increasing disposable income and growing awareness of 3d printed medical devices among the populace.
Global 3D Printed Medical Devices Market Competitive Landscape
Key players operating in the market are focused on product launch to expand their product portfolio. For instance, in November 2016, 3D Systems extended its anatomical modeling service aimed at including pliable MultiJet Printing (MJP) material for patient-specific 3D modelling and printing services.
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Key players are involved in gaining approval from regulatory authorities for devices and software, in order to competitive edge in the market. For instance, in June 2019, Materialise NV, a global 3D printing software solution company, received the U.S. Food and Drug Administration clearance its Mimics Enlight cardiovascular planning software suite. This software suite is based on company's Mimics Innovation suite to help clinicians produce patient-specific 3D models for more than 20 years.
Key players in the market are involved in various business strategies such as collaboration and partnership to develop novel products for patients. For instance, in April 2019, Fluidda and Materialise NV entered into partnership to develop tailored solutions in the respiratory care, building on its image-based software.
Key players in the market are involved in introducing innovative technologies to gain competitive edge in the market. For instance, in November 2018, Materialise NV introduced 3D printing innovations, which is expected to increase efficiency and productivity in 3D printing process.
Key players operating the 3D medical devices market include, Cyfuse Biomedical K.K., Concept Laser GmbH, 3T RPD, Ltd., 3D Systems, Inc., Stratasys Ltd., EOS GmbH Electro Optical Systems, Arcam AB, FabRx Ltd., Bio3D Technologies, EnvisionTEC, and Prodways.
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