The size of the 3D Printing Medical Devices Market in North America is estimated at USD 811.77 million in 2022 and is poised to reach USD 3075.97 million by 2027, growing at a CAGR of 30.53%.
The growing prevalence of chronic conditions and the well-being need of patients post-surgery are among the essential drivers for the growth of the North American 3D printing medical devices market. In addition, the rising demand for manufacturing high-quality equipment efficiently for multiple applications in the medical sector is expected to favor the market's growth rate during the forecast period. Moreover, the next massive chapter in the industrial uprising is 3D printing, and the tech is racing. 3D printing technology offers the potential to transform the treatment of patients with medical devices radically. It will have a positive impact on health care in many respects, including plantable and implantable medical devices, as well as budget-effective flexible devices.
Furthermore, rising demand for patient-specific products in healthcare sectors such as orthopedics and maxillofacial surgery, in addition to the innovative technological advances, diversity of materials from polymers to living tissue, growing awareness about new developments in healthcare, expenditure from government agencies, particularly in the U.S. and Canada, are estimated to accelerate the growth rate of the 3D printing medical devices market in North America. Growing investments for the maintenance of new equipment from private and public entities are expected to provide lucrative growth opportunities to the market during the forecast period. The growing geriatric population and an increased number of emergency cases involving injuries are also likely to boost the growth of the market.
However, there are some factors like the massive cost of installing and maintaining the devices that are quite expensive, and thus, market demand is shrinking. The rapid changes in economic strategies are also harming the expansion of the North American market for medical devices for 3D printing.
This research report on the North America 3D Printing Medical Devices Market has been segmented and sub-segmented into the following categories:
Regionally, the North American market is predicted to register the most significant share in the global market during the forecast period. Y-O-Y growth in the incidence of various health disorders due to the adoption of sedentary lifestyles is a major factor for the market to grow eventually. The adoption of a value-based business model in developed and developing countries is also a factor propelling this market's growth rate. Creating awareness over the benefits of 3D printing medical devices in healthcare organizations is greatly influencing market demand. Owing to the rapid adoption of modern technology and the release of different devices in support of end-users, North America is accountable for the most significant shares on the global market. North America is currently the leading user of 3D printing technology in the healthcare industry and contributes to almost 40% of the total market share in the last few years.
The U.S. 3D Printing Medical Devices Market led the North American market in 2020 in terms of volume and is expected to grow at a significant rate during the forecast period. Next in the lead is Canada. The 3D printing medical devices market in the U.S. is primarily driven by the growing investments in healthcare from both government and private organizations. The rise in the number of COVID-19 cases is ascribed to bolster the demand for this market. A research-based approach by healthcare organizations will help promote positive surgical outcomes where is solely accelerating the market's growth rate.
The Canadian 3d printing medical devices market is projected to showcase a healthy CAGR from 2022 to 2027. An increase in the patient pool and the rising number of market players are primarily driving the market in Canada. Investments in orthopedic implants and the adoption of innovative techniques in the medical sector are further estimated to accelerate the Canadian 3D printing medical devices market's growth rate.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North American 3d printing medical devices market profiled in this report are 3D Systems Corporation, Stratasys Ltd., EnvisionTEC GmbH, Renishaw plc, Materialise NV, 3T RPD, Ltd., EOS GmbH, Electro-Optical Systems, Concept Laser GmbH, Arcam AB and Prodways.
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