A new Transparency Market Research report states that the global 3D printing in medical applications market stood at US$354.5 mn in 2012 and is predicted to reach US$965.5 mn by 2019. It is predicted to expand at an extraordinary CAGR of 15.40% from 2013 to 2019. The title of the report is “3D Printing in Medical Applications Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
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3D printing has revolutionized the healthcare industry through its advancement in technology. 3D printing industry in medical applications can be segmented viz; technology, applications and raw materials. The technologies that are used in 3D printing for medical application include electron beam melting (EBM), laser beam melting (LBM), photopolymerization and droplet deposition manufacturing (DDM). These technologies vary in their efficiency and accuracy. These technologies are being used to manufacture various medical structures such as surgical guides, medical implants, surgical instruments and bioengineering. The material used to manufacture these bio-models include metal, polymer, ceramic and biological cells. The market is expected to grow at a CAGR of 15.4% from 2013 to 2019. This growth is attributed to rise in demand of quick medical solutions. In addition, government funding, increase in research and development investments and rising application areas of 3D printing in medical industry would also boost the growth of this market.
Laser beam melting (LBM) and photopolymerization has accounted for major share of the market in 3D printing for medical applications. They have proven to be more accurate and efficient for manufacturing various bio-models. The market for LBM and photopolymerization is expected to have the highest growth during the forecasted period. To manufacture various bio-models, the most used raw materials are metal and polymers. These technologies coupled with raw materials are majorly used to manufacture medical implants which include dental, orthopedic and cranio-maxillofacial implants. The medical implants market is expected to grow at the highest CAGR of more than 15% from 2013 to 2019.
Geographically, the North American region constituted the largest market share for 3D printing in medical application in 2012; however, Europe is predicted to foresee the highest growth rate from 2013 to 2019. This growth has been attributed due to increase in government funding in 3D printing market coupled with various small and big mergers and acquisitions of companies for technological advancements. Favorable reimbursement policies in the region will also provide the required impetus for the growth of the market.
The 3D printing in medical application market is predominantly an oligopolistic one and is ruled by players such as EnvisionTEC GmbH, 3D System, Stratasys Inc., Materialise NV and others.