As per our report, the global 3D printing medical devices market size to grow USD 7296.6 Mn by 2026 from USD 1930 Mn in 2020. This market is progressing at a robust CAGR of 30.46% during the forecast period.
3D printing, also known as additive manufacturing, is a layer-by-layer addition approach to turn a three-dimensional computer file into actual customized medical equipment and goods. Using a 3D scanner, digital camera, or 3D modeling software, 3D printing software is used to build a computer-aided design (CAD) package. Medical device 3D printing is the 3D manufacture of healthcare-related products for treatment and use, especially in healthcare applications. This manufacturing process entails various production processes/techniques, all of which are based on producing a digital file/image of the thing to be created before converting this virtual file into physical items using various ways. Sales of 3D printed medical equipment and related services make up the 3D printed medical devices industry.
3D printing is a computer-aided design approach for creating three-dimensional medical items. Orthopedic and cranial implants, surgical equipment, dental restorations such as crowns, and external prostheses are among the 3D printed medical items. Furthermore, it has various advantages over traditional reconstructive operations, including reducing operating risks during complex operations, reducing infection susceptibility, and reducing aesthetic exposure time. Patients would be able to heal faster and spend less time in the hospital due to this. Furthermore, 3D printing technology allows surgeons to enhance their results.
MARKET DRIVERS:
Soaring usage of 3D printing in the medical devices industry and rising technological advancements are thriving the market growth.
The adoption of 3D printing has increased in medical device manufacturing due to the fall in the 3D models prices and the availability of a broad range of material options. For Instance, according to the American Society for Aesthetic Plastic Surgery, many of the women in the U.S. were performed breast augmentations, which is the most common surgical procedure in women. The usage of these 3D implants helps avoid complications and reduces the time taken for the surgery.
According to the Organ Procurement and Transplantation Network (OCTN), there is an increasing number of patients with organ transplantation in the U.S., and this will continue in the coming years.
The U.S. FDA has reviewed more than 100 medical devices made using 3D printers in which are under knee replacements and cranial implants categories. FDA has approved 3D printed titanium implant devices and also 3D systems.
Some of the other major driving forces for growth in the medical 3D printing industry are the rising demand for patient-specific products in orthopedics and maxillofacial surgery. Besides, the latest advancements in technologies, 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.
Furthermore, factors such as increasing incidences of chronic diseases and a patient's wellbeing after surgeries are key driving factors for the market to grow. Additionally, the increasing demand for manufacturing high-quality equipment in less time for various medical sector applications fuels the market's need. Increasing support from the private and public organizations in maintaining advanced equipment, increasing the geriatric population, and the rise in the number of emergency cases with injuries are also likely to bolster the growth of the 3d printing medical device industry.
MARKET RESTRAINTS:
High costs for installing and maintaining 3D Printing Medical Devices are the greatest challenge to the market and restrict growth considerably. Rapid changes in the economic strategies may also negatively impact the development of this 3D printing medical devices market.
COVID-19 impact on the 3d printing medical devices market:
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 shares have reduced slightly. Especially in the first half of 2020, there were restrictions in the movement where only the emergency cases were treated. However, with the government's unlock guidelines in various countries, the market's demand falls into the normal position. Coronavirus is showing severe illness for people suffering from chronic diseases like cancer. These patients undergo emergency treatment procedures where 3D printing medical devices play a vital role in increasing the surgery's success rate. These factors are to expand the shares of the market by 2021 eventually.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 to 2026 |
|
Base Year |
2020 |
|
Forecast Period |
2021 to 2026 |
|
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 on 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:
By type, the 3d printing surgical instruments are growing tremendously in recent years, whereas the surgical guide type is ruling with prominent market shares. Increasing demand for minimally invasive surgeries is directly boosting the need for the 3D printing medical devices market.
3D Printing Medical Devices Market - By Material:
Based on the material, the plastics segment is estimated to account for the majority market share in the global market during the forecast period. Factors such as increasing R&D, enlarging customer base rising within a short period to influence market growth. However, unfavorable government reimbursement policies and printers' high costs may hamper the market growth over the foreseen period.
3D Printing Medical Devices Market - By Technology:
By Technology, the electron beam melting technology is holding dominant shares of the market. The rise in the number of dental institutes and the growing demand for dental crowns and bridges are escalating the market's need.
3D Printing Medical Devices Market - By Region:
North America is holding the highest shares globally due to the quick adoption of the latest Technology and launching various devices in favor of the end-users. Currently, North America is the leading consumer of 3D printing technology in the healthcare industry and accounts for nearly 40% of the total market share in 2019. The most developed nations can grow in the coming few years due to their technological advancements.
Europe is the second primary market for medical 3D printing applications. Simultaneously, the emerging economies of the Asia-Pacific region offer a significant market and are always a target for future growth.
KEY MARKET PLAYERS:
Companies 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.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5.1 By Product Type
5.1.1 Medical Implants
5.1.1.1 Orthopedic Implants
5.1.1.2 Dental Implants
5.1.1.3 Craniomaxillofacial Implants
5.1.2 Prosthetics
5.1.3 Tissue Engineering
5.1.5 Surgical Instruments
5.1.6 Surgical Guides
5.1.7 Hearing & Audibility Aid
5.2 By Material
5.2.1 Plastics
5.2.2 Biomaterials
5.2.3 Metal & Metal Alloys
5.2.4 Ceramics
5.2.5 Nylon
5.2.6 Wax
5.3 By Technology
5.3.1 Laser Beam Melting (LBM)
5.3.2 Electron Beam Melting (EBM)
5.3.3 Droplet Deposition
5.3.4 Photopolymerization
5.3.5 Wax deposition Modelling
5.3.6 Bio Printing
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.3.6 Australia
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Argentina
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.1 Stratasys Ltd.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 3D Systems Corporation
8.3 Materialise NV
8.4 Envisiontec GmbH
8.5 Eos GmbH Electro Optical Systems
8.6 3T RPD, Ltd.
8.7 Arcam AB
8.8 Renishaw PLC.
8.9 Concept Laser GmbH
8.10 Prodways
8.11 Renishaw PLC.
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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