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3D Printing Medical Device Market Future Trends and Scope Analysis by 2018-2024
Posted: Nov 24, 2018
Our latest research report entitled 3D Printing Medical Device Market (by technology (electron beam melting, selective laser, direct metal laser sintering), application (surgical guide, medical implant, surgical instrument), end user (medical and surgical centers, pharma, biotech companies)) provides complete and deep insights into the market dynamics and growth of 3D Printing Medical Device. Latest information on market risks, industry chain structure 3D Printing Medical Device cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential 3D Printing Medical Device growth factors.
The forecast 3D Printing Medical Device Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, 3D Printing Medical Device on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to the report, the global 3D printing medical device market is projected to grow at a CAGR of 17.5% over the forecast period of 2018-2024.
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3D printing is a relatively new and rapidly expanding method of manufacturing that find numerous applications in healthcare. 3D printing medical devices play a very crucial role when it comes to medical and dental device manufacturing. It is very cost-effective, efficient and customizable option for the medical devices industry for devices including dental implants, hearing aids, and prostheses. Another application of 3D printing in the medical field is creating patient-specific organ models that surgeons can use it for practice before performing complicated operations. This technique has proven to speed up procedures and minimize trauma for patients during diagnosis. On the other hand, 3D printing technology is being widely used in tissue engineering. Such tissues can be used in regenerative medicine, vascular and musculoskeletal biology, dermatology, ophthalmology and even cancer.
Technological advancements in the 3D printing and easy development of customized medical products using 3D printing drives the growth of the 3D printing medical device market. In addition, 3D printed prosthetics and implants, dental restorations, surgical instruments, and tissue fabrication are strengthening the growth of the 3D printing medical device market. Moreover, more than 20 different implants ranging from cranial implants to hip, knee, and spinal implants approved by the Food and Drug Administration (FDA) are produced with the help of several 3D printing technologies. Numerous factors are influencing the global 3D printing medical device market. Factors such as the advancement in the 3D printing technology and improvement in the healthcare infrastructure is helping to grow this market rapidly. Additionally, continuous growth in the percentage of the aging population and intensive focus on the research and development in this sector is catalyzing the growth of this market. FDA guidelines enable 3D printed medical devices manufacturers to easily navigate the time-consuming FDA approval process which in turn mainstream the manufacturing of 3D printed medical devices.
However, the stringent regulatory process of 3D-printed medical devices and copyright and patent violation concerns are likely to retard the growth of the 3D printing medical device market. Furthermore, new advances in 3D printing have led to a drop in the cost of equipment with improved technology and a wide range of engineering materials available. Hence, this technique is becoming more popular in research and development departments worldwide. On the other hand, increasing demand for organ transplant are anticipated to create several growth opportunities for the key players in the global 3D printing medical device market over the years to come.
Among the geographies, North America dominated the global 3D printing medical device market. The growth in the North American region is due to technological advancements in this sector. Moreover, Asia Pacific is expected to observe strong growth in the adoption of 3D medical devices. On the other hand, the growing demand for 3D printing medical devices due to increasing population from countries such as China, Japan and India has also triggered the demand for 3D printing medical device in Asia-Pacific region. Moreover, research and development initiatives by US government and the presence of some of the world’s leading players are also anticipated to offer prominent opportunities for the growth of the 3D printing medical device market in forthcoming years. Europe is a matured regional market for 3D printing medical devices and is expected to see rapid growth in the future. FDA-registered, ISO 13485-certified facilities are located in both North America and Europe to provide valuable expertise in 3D printing, engineering, quality control, and regulatory requirements. 3D Systems has helped industry leaders to develop a diverse portfolio of innovative 3D printing medical devices for several application in the medical sector.
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Major Key Players Mentioned in this Premium Report
The report provides profiles of the companies in the global 3D printing medical device market such as 3D Systems Corporation, EnvisonTec, Stratasys Ltd, Arcam AB, Cyfuse Biomedical KK, Organovo Holdings, EOS GmbH, FabRx Ltd., Materialise NV, and Concept Laser.
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