The global 3D printing medical devices market is forecasted to grow to USD 9515 Mn by 2027 from USD 2517 Mn in 2022. This market is expected to progress at a robust CAGR of 30.46% during the forecast period.
Impact of COVID-19 on the global 3D printing medical devices market:
The global 3D printing medical devices market has experienced a significant decline in growth due to COVID-19.
COVID-19 has disrupted many lives in unexpected ways. During the lockdown period, many surgeries were either canceled or postponed. Due to this reason, the market's growth rate has seen a sharp decline. In addition, especially in the first half of 2020, there were restrictions in the movement where only emergency cases were treated. However, with the government's unlock guidelines in various countries, the market is picking up, and experts from the industry have predicted that the market will regain its normal position very soon. During the COVID-19 pandemic, chronic disease patients who were also infected with the coronavirus had severe health difficulties and had to have emergency procedures. In such situations, 3D-printed medical devices are used to assess the success rate of the surgeries. Likewise, the market has had a favorable impact on COVID-19 during the pandemic. However, considering the reduced impact of the COVID-19 pandemic and the earlier relaxation of the restrictions imposed worldwide, the 3D printing medical devices market is anticipated to showcase a healthy CAGR during the forecast period.
MARKET DRIVERS:
The usage of 3D printing in the medical devices industry and increasing technological advancements are majorly driving the 3D printing medical devices market growth.
The rising demand for patient-specific orthopedics and maxillofacial surgery products are major driving factors boosting the medical 3D printing market. Besides, the latest technological advancements, growing awareness about the new developments, diversity of materials that range from polymers to living tissue, supportive policies, and government funding are also helping market growth. 3D printing is a computer-aided design approach for creating three-dimensional medical items. For Instance, orthopedic implants and cranial implants, surgical equipment, dental restorations such as crowns, and external prostheses are 3D-printed medical items. Furthermore, it has various advantages over traditional reconstructive operations, including reducing operational risks during complex operations, infection susceptibility, and aesthetic exposure time. Due to this, patients would be able to heal faster and spend less time in the hospital. Furthermore, 3D printing technology allows surgeons to enhance their results. These factors lead to the growth of the market.
MARKET RESTRAINTS:
Factors such as high costs associated with 3D printing medical devices and the lack of skilled people handling 3D printing operations are hindering the market growth.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2021 to 2027 |
Base Year |
2021 |
Forecast Period |
2022 to 2027 |
Segments Covered |
By Product, Material, Technology, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape; Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global 3d printing medical devices market has been segmented & sub-segmented based on the product, material, technology, and Region.
3D Printing Medical Devices Market - By Product:
Based on the product, the 3d printing surgical instruments segment is expected to grow at the fastest CAGR during the forecast period. On the other hand, the surgical guides segment is anticipated to hold a considerable share of the worldwide market during the forecast period.
The tissue engineering segment is also anticipated to account for a substantial share of the market due to its wide application with the combination of elements of medicine and biology, belonging to a group of relatively new fields of human activity. Therefore, tissue-engineered (TE) scaffolds are of enormous importance with the fundamental goal of promoting the development of methods for regenerating damaged complex tissues and organs, especially non-regenerative ones, in a reproducible and precise manner.
3D Printing Medical Devices Market - By Material:
Based on the Material, the plastics segment is estimated to account for most of the global market during the forecast period. Factors such as increasing R&D and enlarging the customer base rise within a short period influence market growth. However, unfavorable government reimbursement policies and printers' high costs may hamper the market growth over the foreseen period. Some commonly used printing filaments are Polycarbonate, PLA, Lactic acid-based polymers, and Polyvinyl Alcohol, which are a biocompatible and biodegradable form of plastics, therefore, widely used in pharmaceutical applications.
The biomaterials segment is foreseen to account for a leading share of the market during the forecast period owing to the high use of Bio inks, loaded with cells and other biological materials, used for 3D printing for the deposition of small cell units, allowing the work to be done with minimal process-induced cell damage and precision.
3D Printing Medical Devices Market - By Technology:
Based on technology, the electron beam melting segment is estimated to register a significant global market share during the forecast period. The rise in dental institutes and the growing demand for dental crowns and bridges are escalating the market's need. The EBM process is particularly suitable for small batch production of complex orthopedic implants through an electron beam, which is several times more potent than a laser, for producing perfectly dense and exact layer-by-layer melting of powder to produce parts, ultimately leading to faster print speeds.
The laser beam melting segment is anticipated to hold a substantial global market share during the forecast period. Laser beam melting is an additive manufacturing process for digitally cutting 3D components into 2D layers. Due to its high-performance laser, it becomes Ideal for producing solid functional parts with complex geometries, exposing surfaces of the 2D layers. Saving printing and post-processing time without the requirement of support is the reason behind its high adoption.
3D Printing Medical Devices Market - By Region:
Geographically, the North American 3d printing medical devices market led the global market in 2021 and is estimated to continue its dominance throughout the forecast period due to the quick adoption of the latest Technology and the launching of various devices in favor of the end-users. For Instance, North America is the leading consumer of 3D printing technology in the healthcare industry and will account for nearly 43% of the total market share in 2021. Furthermore, the most developed nations can grow due to technological advancements and a strong existing installed base of 3D printers in healthcare settings in the coming few years.
The European 3d printing medical devices market was the second primary market for medical 3D printing applications in 2021 and is expected to grow enormously during the forecast period. This is attributed to a stable R&D environment, solid technological advancements, and a high level of innovation.
During the forecast period, the APAC 3d printing medical devices market is expected to have promising growth. Countries such as India, China, and Japan have recently contributed significantly to the APAC, and the 3D printing adoption in these countries is brisk.
The Latin America 3D printing medical devices market is anticipated to hold a considerable share of the worldwide market during the forecast period.
The MEA 3d printing medical devices market is estimated to grow at a moderate CAGR during the forecast period.
KEY MARKET PLAYERS:
Companies such as 3D Systems Corporation (U.S.), Stratasys Ltd., Renishaw plc (U.K.), EOS GmbH Electro Optical Systems (Germany), EnvisionTEC GmbH (Germany), Materialize NV (Belgium), Arcam AB (Sweden), 3T RPD, Ltd. (U.K.), Prodways (France) and Concept Laser GmbH (Germany) are currently leading the global 3D printing medical devices market.
RECENT HAPPENINGS IN THE MARKET:
FAQ's
As per our report, the global 3D printing medical devices market was worth USD 1930 million in 2021.
Yes, a detailed analysis on how COVID-19 has impacted the 3D printing medical devices market included in this report.
Based on the product, the 3D printing surgical instruments segment was the most lucrative segment among all in the global 3D printing medical devices market in 2021.
Companies playing a key role in the 3d printing medical devices market are 3D Systems Corporation (U.S.), Stratasys Ltd., Renishaw plc (U.K.), EOS GmbH Electro Optical Systems (Germany), EnvisionTEC GmbH (Germany), Materialize NV (Belgium), Arcam AB (Sweden), 3T RPD, Ltd. (U.K.), Prodways (France) and Concept Laser GmbH (Germany).
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