NEW YORK, Nov. 03, 2017 (GLOBE NEWSWIRE) -- The global 3D printing medical devices market is projected to grow from USD 762.0 million in 2016, to USD 2,469.0 million by 2023, at a CAGR of 18.3% during 2017 – 2023. The global 3D printing medical devices market is mainly driven by the growing demand for customization of medical solutions coupled with increasing technological innovations and expanding applications of 3D printing in various medical procedures.
The report segments the 3D printing medical devices market on the basis of Components (System, Material, Software/Services), Technology (Droplet Deposition (DD), Photo polymerization, Laser Beam Melting, Electronic Beam Melting (EBM), Laminated Object Manufacturing), Application (Prosthetics and Medical Implants, Surgical Devices, Bio printing, Others), and Region (North America, Europe, Asia-Pacific, Rest of the World). The report studies the global 3D printing medical devices market over the forecast period (2017-2023).
3D printing of an object uses additive process, in which objects are created by laying down successive layers of material based on digital models. 3D printing in healthcare industry is used to manufacture medical devices, with complex features that match a patient’s unique anatomy. The device helps in reducing surgery time, decreases risk of infections and aids physician training by use of prototypes.
Browse full research report with TOC on "Global 3D Printing Medical Devices Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023" at: http://energiasmarketresearch.com/global-3d-printing-medical-devices-market-outlook/
Key findings from the report
- In the component segment, the System segment is expected to grow at the highest CAGR over the forecast period 2017-2023
- Surgical Device application segment is expected to register highest CAGR during the forecast period due to growing demand for accurate and fast surgical procedures
- North America holds 42% market share of the global 3D printing medical devices market. However, Asia-Pacific is expected to register highest CAGR during the forecast period
- Human tissue engineering startup Prellis Biologics receives funding to create human organs with 3D printing and create opportunity for future prospect
- Some of the key companies operating in the global 3D printing medical devices market include Stratasys Ltd, Arcam AB, 3D Systems Corporations, Materialise NV, Envisiontec GmbH, Organovo Holdings, Inc., Renishaw plc, Bio3D Technologies, SLM Solutions Group AG, and Cyfuse Medical K.K, among others.
3D Printing Medical Devices- Transforming the healthcare industry
With the rise in healthcare expenditure across the globe and technology becoming more accessible, 3D printing offers ample opportunities in the healthcare industry. 3D printed medical solutions in experimental stages have shown promising results, particularly in the field of bioprinting and cancer treatment. The growth in the 3D-bioprinting segment is mainly attributed to high demand for organ and tissue transplantation, and increasing investment in research and development in this area. German chemicals company BASF and French biotech firm Poietis signed an agreement to develop technology in the field of 3D-bioprinting, mainly focusing on the improvement of laser-assisted, bioprinted skin models. In the case of cancer patients, 3D printing is being used to create exact 3D models of the patient’s organs which allow doctors to find the exact location of cancer and fine tune the radiopharmaceutical dosage, to kill the cancer cells without causing too much damage to healthy tissue. Growing application and adoption of 3D printing medical devices holds high potential for market growth by adding business value to the healthcare sector.
3D Printing Medical Devices-regional insights
North America held the major share of the global 3D printing medical devices market in 2016, holding over 40% share of the global market and is expected to continue its dominance in terms of revenue over the forecast period. The growth in the region is mainly attributed to the rapid adoption of 3D printing technology, along with advanced healthcare infrastructure and intensive focus on research and development.
Asia-Pacific is expected to register highest CAGR during the forecast period owing to high investment in healthcare infrastructure and increasing purchasing power in the growing economies such as China and India. Europe is expected to show robust growth in the 3D printing medical devices market, registering second fastest CAGR during the forecast period.
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