3D Printing Medical Devices Market Size Incredible Possibilities And Growth Analysis
Posted: Aug 02, 2019
Technological advancements, increasing public-private funding, easy development of customized medical products, and growing applications in the healthcare industry. Moreover, direct digital manufacturing, the expiry of key patents in the coming years, and the growing demand for organ transplant provide significant growth opportunities in the industry. However, stringent regulatory process and the dearth of trained professionals may hinder the growth of this market.
The overall 3D printing medical devices industry is witnessing a new phase of technological developments, with the launch of technologically advanced products. In June 2017, 3D Systems (US) launched the Simbionix SPINE Mentor, a hands-on simulated training tool for minimally invasive surgical procedures. The Simbionix SPINE Mentor is a combination of medical tools and 3D printing to develop hybrid spinal surgery training solutions. Moreover, companies are also focusing on launching planning systems using 3D printing with the aim to enhance the medical surgery procedures. Moreover, launching innovative products in the market helps companies gain a competitive advantage and drive the uptake of their products.
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In recent years, there has been a significant increase in public-private funding to support various initiatives in the 3D printing industry. In June 2017, the government of Quebec, Canada contributed around USD 2.299 million to establish a medical 3D printer center in Quebec. This medical center provides point-of-care 3D printing services for developing customized prosthesis. Thus, increasing research and funding activities are expected to boost the development of 3D printing products and technologies, thereby driving the growth of the 3D printing medical devices market.
3D printing techniques have empowered medical practitioners, researchers, and medical device manufacturers due to their use in dental & orthodontic treatments, orthopedic implants, tissue engineering, and drug development. Among all the healthcare applications, 3D printing is highly successful in dental practices, prosthetics, and Hearing Aids as this technology is not only cost-effective but also provides a high degree of customization as per individual needs. Thus, the increasing adoption of 3D printing across various healthcare industries is driving market growth.
3D Printing Medical Devices Market: Region-wise Outlook
The 3D printing medical devices market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the market in 2017. As of 2017, the Asia Pacific 3D printing medical devices market is expected to grow at the highest CAGR during the forecast period. The establishment of new 3D printing research, training, and education centers, and rising efforts by leading market players for expanding their distribution networks in emerging Asian countries are factors propelling the growth of the market in Asia Pacific.
3D Printing Medical Devices Market: Key Players
Major players in 3D printing medical devices market include Stratasys, Ltd. (Israel & US), 3D Systems Corporation (US), EnvisionTEC GmbH (Germany), Materialise NV (Belgium), EOS GmbH (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), Renishaw plc (UK), Prodways Group (France), and 3T RPD Ltd. (UK). Product approvals, launches, and acquisitions were the key strategies adopted by players to grow and expand their presence in the 3D printing medical devices market.
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