The global 3D printing medical devices market is expected to witness considerable growth as demand for 3D printers in manufacturing surgical equipment rises. According to the Guardian, the technology is supposed to be worth $ 1.3 billion approximately by 2021.
Key insights into this unique market have been provided by Fortune Business Insights in its report, titled “ 3D Printing Medical Devices Market Size, Share and Global Trend By Products (Dental Products, Cardiovascular Products, Neurological products, Orthopedic Products, Cranio-maxillofacial products), By Technology (Fused Deposition Modelling, Bioprinting, Selective Laser Sintering, Electron Beam Manufacturing, Stereo-lithography), By Application (Medical, Pharmaceutical, Others), By End User (Hospitals, Research Centers), and Geography Forecast till 2026”.
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Fortune Business Insights identifies some key players in the global 3D printing medical devices market.
- Arcam AB (Sweden)
- Renishaw plc (UK)
- Organovo Inc. (USA)
- Concept Laser GmbH (Germany)
- General Electric (USA)
- Cyfuse Biomedical (Japan)
The report analyses various factors that can potentially influence the market. 3D printers, also known as additive manufacturing printers and fabrication printers, design and build three-dimensional models and products of services and components. They build 3D designs and directly create the end product using computer-aided design software.
Growing Application in the Medical Field
While 3D printing is being used in many different fields, its growing application in the medical field has garnered a lot of attention. This bodes well for the global 3D printing medical devices market which stands to gain from increasing utilization of the 3D printing technology. Forbes estimates that as bio-printers become more affordable, cost of medical procedures will see a decline.
Primarily, 3D printing is being used in a few core medical areas which include surgical tools, prosthetics, bio-printing tissues and organoids, and patient-specific surgical models. Moreover, increasing rate of neurological disorders, cardiovascular disorders, and bone and musculoskeletal deformities and injuries is expected to expand the market base of the global 3D printing medical devices market.
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Market Growth Expected to be Restrained
3D printing technology comes with its share of disadvantages. One of its biggest restraining factors is the high cost of 3D printed medical products such as implants and devices. Therefore, for the global 3D printing medical devices market to grow at a faster pace, 3D printed medical products need to become more cost-effective for patients.
Since it’s a relatively new technology, there is limited technical expertise to operate and maintain 3D printers. 3D printers are also not easily available in developing countries. Lastly, 3D printers in any field are not environment friendly as building ending products requires plastic. This can have a negative impact on the growth and development of the global 3D printing medical devices market in the forecast period.
Innovations and Collaborations to Drive the Market Competition
The global 3D printing medical devices market is poised for rapid expansion as market players look to maintain their competitive edge. This is being done through innovative product development and collaborations. For example, recently, the US-based company, UNYQ, launched a 3D printed prosthetic leg socket called UNYQ Socket. In 2018, General Electric and VA Puget Sound Health Care System partnered to develop advanced 3D printed materials for US veterans.
Dental Segment to Lead the Demand
“3D printed dental products are expected to capture the largest market share during the forecast period,” a lead analyst at Fortune Business Insights states. “This segment will be closely followed orthopedic and cardiovascular products. Combination of all three segments will fuel the global 3D printing medical devices market till 2026,” adds the analyst.
North America to Dominate the Market
Being home to some of the most innovative companies involved in 3D printing technologies, North America is expected to have a significant market share in the global 3D printing medical devices market. Moreover, factors such as rising prevalence of cardiovascular diseases, a steadily aging population, and rapid technological advancements in 3D printing in medical field will keep North America in the lead. The global 3D printing medical devices market will get boosted as a result.
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