New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- 3D Printing Medical Device Software Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “3D Printing Medical Device Software Market Information by Type, Function, Application, End User and Region - Forecast till 2027”, the market is estimated to capture a healthy CAGR of 17.62% between 2020 and 2027 (review period).
Market Scope:
3D printing medical device software solutions help design medical devices using additive manufacturing. Three-dimensional medical devices are developed using a few layers of essential raw materials. Medical devices are developed from a digital 3-D file like Computer-Aided Design (CAD) or Magnetic Resonance Image (MRI). 3D printing technology is flexible and enables the designers to alter any aspect without requiring additional tools. The 3D printing medical devices software carries out multiple tasks including printing, analyzing, designing, planning, simulation, as well as visualization and is therefore, witnessing a huge demand in the global healthcare sector.
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Competitive Landscape:
MRFR has profiled a few important companies in the global market, namely
- Stratasys Ltd (Israel)
- Nemotec (Italy)
- PS-Medtech (Netherlands)
- DWS Systems (Italy)
- 3D Systems Corporation (US)
- Carima (South Korea)
- Real Dimension Inc (US)
- Regenhu (Switzerland)
- 3D Totem (Israel)
- Ackuretta Technologies (China)
- Materialise NV (Belgium)
With the aim to bolster their global reach, companies are focusing on introducing new and novel solutions with better features and improved properties. They uptake numerous competitive strategies, such as collaborations, acquisition and partnerships. To illustrate, in July 2021, Shapeways, a reputed digital manufacturing firm backed by proprietary software, formed an agreement to be the supplier of 3D printing technology for Armor Bionics, an image segmentation and 3D medical modeling provider. The agreement entails Shapeways supplying Armor Bionics with 3D printer medical models that could change procedures utilized for pre-planning surgeries.
Major Growth Boosters
A significant growth rendering factor in the 3D printing medical device software market can be the surging number of applications such as drug delivery, transplantation, 3D printed organs and many more in the healthcare industry. Heightened demand for efficient implant customizations to be used during surgical procedures along with the rising R&D investments could be favourable for the 3D printing medical devices software market in the forthcoming years. The expanding application combined with the reasonable pricing of 3D printers could further spur the market demand in the ensuing years.
Technological innovations are the key trends in the market, resulting in emergence of new and improved 3D-printed medical products that have fostered the demand in healthcare. Also, the surge in exhaustive research and development activities have given way to effective treatments for several diseases, which in turn contribute to the demand for 3D printed medical devices software. Escalating incidences of orthopaedic and dental diseases and the provision of easy creation of customized medical devices using 3D printing will also help enhance the market size in the next several years.
Market Restraints:
A market growth curbing factor can be the shortage of a skilled healthcare workforce. With extremely weakened resource pool available for the staff that has extensively knowledge of 3D printing processes, the demand for 3D printing medical devices can plummet in the coming years.
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COVID 19 Analysis
In view of the COVID-19 pandemic, from March 2020 and then continuing from the second quarter of that year, implementation of 3D printing medical devices went down rapidly as healthcare became highly focused on finding vaccines. The novel coronavirus resulted in substantial demand for essential devices like ventilators. Manufacturing facilities had to be shutdown owing to the lockdown as well as disrupted supply chains, which had a negative impact on the 3D printing medical devices industry across the globe. Established industry participants like Stratasys Ltd have been focused on catering to the surging demand for face shields and nasopharyngeal swabs. The company has been coming up with individually packaged, field-ready, sterile 3D-printed face shields and nasopharyngeal swabs. These efforts by leading manufacturers post-pandemic have favoured the global market to some extent.
Market Segmentation
3D printing medical device software industry has been split into type, function, application, as well as end user.
The different types of 3D printing medical device software available in the global market include integrated as well as standalone.
With respect to function, the 3D printing medical devices software market caters to analysis, printing, planning, visualization, navigation, design, and others.
Major applications of 3D printing medical device software are dental, medical imaging, research, surgery, aesthetic medicine, physical therapy, and many more.
In terms of end user, the global 3D printing medical devices software industry has been considered for dental laboratories, medical device companies, hospitals & clinics, research institutes, and others.
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3D Printing Medical Device Software Market Regional Insights
The American market is in the lead, having captured a total share of 42.16% in 2019. The 3D printing medical devices software market in the region is thriving backed by the rapid adoption of the latest technologies and the robust presence of renowned manufacturers in Canada and the US. The large-scale funds allocated for research activities by private as well as public organizations also work in favour of the American market.
Asia Pacific could record the highest growth rate from 2020 to 2027, as international players are increasingly collaborating with the local companies and setting up businesses in the region due to the availability of skilled professionals and lucrative opportunities. India and China are witnessing an escalating number of start-ups like Osteo3d and think3D trying to improve their expertise in 3D printing medical devices software. This factor is expected to benefit the regional industry in the coming years.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
