Global Statistics Representing 3D Printing Medical Devices Market Scenario
3D printing, also known as additive manufacturing, is the process of creating three-dimensional solid objects from digital files/designs. It enables the creation of complex functional shapes by cutting out or hollowing a piece of metal or plastic. In 3D printing, an object is created by laying several successive layers of materials till the object is created. Medical printing devices offer an array of benefits to users across the healthcare lifecycle. 3D printing facilitates improved treatment outcomes, procedural efficiency, and minimizes reintervention costs, offering potential benefits as a widespread care pathway for complicated injuries.
Medical and surgical centers are projected to drive the demand for 3D printing medical devices during the forecast period, 2019–2026. Additionally, the rapid adoption of technological advancements such as portable, multi-material, colored 3D printers, and others in the medical industry is also propelling the demand for 3D printed devices. Moreover, with novel applications in surgical implants and prosthetics, 3D printing technology is revolutionizing the medical field – offering medical practitioners an opportunity to develop customized and patient-specific implants.
Market Trends in 3D Printing Medical Devices
The 3D printing medical devices market is expected to grow at a CAGR of 17.3% during the forecast period, 2019–2026.
Intended Audience Trends
The global 3D printing medical devices market can be segmented by component, technology, application, and region.
On the basis of component, the global 3D printing medical devices market can be segmented into printers, materials, and software & services. Medical printers are likely to gain traction in the 3D printing medical devices market, owing to the increasing demand for 3D printed medical devices for creating patient-specific organ replicas, which are utilized by surgeons to practice before performing complicated operations.
Based on technology, the global 3D printing medical devices market can be segmented into electron beam melting, selective laser melting, selective laser sintering, photopolymerization, direct metal laser sintering, and others. Photopolymerization and laser melting techniques are expected to drive the 3D printing medical devices market. Photopolymerization is a 3D printing technology where liquid drops of plastic are exposed to a laser beam of UV light; during this process, the light converts the liquid into a solid.
By application, the global 3D printing medical devices market can be segmented into orthopedic & cranial implant, dental restorations, surgical instruments, tissue fabrication, and external prosthesis. 3D-printable prosthetics and orthopedic implants are expected to experience strong growth in the 3D printing medical device market. These technological applications are expected to change the aspect of medicine as doctors, physicians, surgeons, and other related experts are able to develop prosthetics that are patient-specific or customized according to the patient’s requirement. Such devices can be printed by anyone and anywhere to design and custom print design parts, which has made prosthetics more accessible and affordable to wearers around the globe.
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Geographically, the global 3D printing medical devices market has been segmented to North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
North America is expected to witness dynamic growth owing to the rising demand for 3D printing medical devices, coupled with the growing awareness about these devices in the region. For instance, FORECAST 3D, a U.S.-based service bureau, announced the acquisition of 12 HP Jet Fusion 3D printers with the capacity to offer full-run 3D manufacturing. Additionally, in June 2018, the University of California (UCSF) partnered with the Chinese 3D printer manufacturer, INTAMSYS to launch the 3D printed orthopedics research initiative with cost-effective technical orthopedic implants.
Europe is projected to witness significant growth in the 3D printing medical devices market due to technological advancements, a strong and stable R&D environment, and innovation. In April 2017, Adidas announced its partnership with the Silicon Valley 3D printing company Carbon to create ‘Futurecraft 4D’ shoes, which have 3D printed soles produced with the digital light synthesis technology.
Asia Pacific is likely to experience considerable growth in the 3D printing medical devices market during the forecast period, 2019–2026. According to the EU, the value chain for 3D printed medical devices is gaining momentum with government efforts in promoting technological possibilities of orthopedics. Additionally, countries such as India and China are gaining prominence based on a rapidly growing aging population, and rising need for advanced healthcare, among others.
The LAMEA region is expected to witness moderate market growth with several vendors expanding their operations and the implementation of favorable regulations in Latin America and the Middle East and Africa. In Dubai, hospitals have made it compulsory for doctors to use 3D printing to successfully operate on patients who have suffered a cerebral aneurysm in four veins, using a 3D printed model of arteries to map out how to safely navigate the blood vessels.
Some of the key players in the global 3D printing medical devices market are 3D Systems Corporations, Bio3D Technologies, Cyfuse Medical K.K., EnvisionTEC, Arcam AB, Materialise NV, Organovo Holdings, Inc., Oxford Performance Materials, Inc., SLM Solutions Group AG, and Stratasys Ltd.
3D Printing Medical Devices Market Segmentation