Global 3D Printed Medical Device Market By Components (3D printing equipment, Materials, Services & software) By Technology (Electron Beam Melting (EBM), Laser Beam Melting (LBM), Photo polymerization, Droplet Deposition (DD) Or Extrusion-Based Technologies, Three-Dimensional Printing (3DP) or Adhesion Bonding) By Product (Surgical Guides, Surgical Instruments, Prosthetics And Implants, Tissue Engineering Products) By Application (External wearable devices, Clinical Study Devices, Implants surface texture – Complex geometry) and Region – Global Forecast 2016 to 2024.
3D printing also known as additive manufacturing is a procedure of creating three dimensional hard objects using digital file. The formation of a 3D printed object is completed by means of additive processes. 3D printing is now majorly being used in various industrial sectors including manufacturing, healthcare and automotive all over the world.
The Global 3D Printed Medical Device Market is envisioned to reach USD 2.20 Billion over the forecast period i.e. 2015-2021, exhibiting a compound annual growth rate (CAGR) of 25.6%. Geographically, the global 3D printed medical device market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World.
Growth drivers and challenges
Technical innovations in 3D printing, increasing government support, and increasing applications of 3D-printed organs in organ transplantation surgeries are expected to be the main growth drivers of global 3D printed medical device market over the forecast period i.e. 2015-2021.
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In addition to that, escalating demand of organ transfer coupled with mergers and collaborations in 3D printing market are believed to garner the global 3D printed medical device market during 2015-2021.
However, high cost involved in 3D printing system and specific skills required to operate 3D printing technology are few of the major challenges which are expected to hamper the growth of global 3D printed medical device market in future.
With 37% of share in 2015, North America dominated the global 3D printed medical device market. The market in the region is anticipated to flourish owing to growing awareness in patients, expanding health care spending and rising expenditure on research and development.
Europe is the second largest 3D printed medical devices market behind North America. The market in the region is expected to augment from rising demands of customized medical instruments and devices.
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The Asia-Pacific 3D printed medical device market is estimated to nurture at highest CAGR over the period of 2015-2021 sparked by expanding government budget to improve establishment of 3D printing research centers in countries such as India and China.
The global 3D printed medical devices market encompasses some of the key players including Stratasys Inc., Envision TEC, Materialise NV, Robohand, Worrell, Rainbow Biosciences, etc.
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