Market growth is largely driven by factors such as technological advancements, increasing public-private funding for 3D printing activities, easy development of customized medical products, and growing applications in the healthcare industry.
What the Market Looks Like?
The 3D printing medical devices market is projected to grow from an estimated USD 0.84 billion in 2017 to USD 1.88 billion by 2022, at a CAGR of 17.5% during the forecast period. Asia Pacific is expected to grow at the highest CAGR in the 3D printing medical devices market during the forecast period.
The 3D printing medical devices market is segmented into software & services, equipment (3D printers and 3D bioprinters), and materials (plastics, metal & metal alloys powder, bioprinting biomaterials, and others). In 2017, the software & services segment accounted for the largest share of the 3D printing medical devices market. Whereas, the 3D printing equipment segment is poised to witness the highest growth rate during the forecast period.
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What are Key Trends in the Market?
The growth of the 3D printing medical devices market is primarily influenced by the following factors:
- Technological Advancements in 3D Printing
- Increasing Public-Private Funding for 3D Printing Activities
- Easy Development of Customized Medical Products Using 3D Printing
- Growing Applications of 3D Printing in the Healthcare Industry
The global 3D printing medical devices market is segmented into five broad categories, namely, electron beam melting, laser beam melting, photopolymerization, droplet deposition (DD) or extrusion-based technologies, and three-dimensional printing (3DP) or adhesion bonding or binder jetting. The photopolymerization technology segment commanded the largest share of the global 3D printing medical devices market in 2017.
- In 2017, 3D Systems Corporation (US) launched the Simbionix SPINE Mentor
- In 2017, Renishaw plc (UK) entered into a partnership with London Medical Network (Canada) and Western University (Canada) to focus on research, development, and commercialization of additively manufactured medical devices and surgical instruments
- In 2017, Materialise NV (Belgium) partnered with a number of medical professionals across the US, with the aim to improve outcomes, enhance costly trials, and help these professionals to bring innovations in the 3D printing industry
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Asia Pacific is expected to grow at the highest CAGR in the 3D printing medical devices market during the forecast period
Geographically, the 3D printing medical devices market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World (RoW). The Asia Pacific is one of the major high growth revenue-generating regions in the 3D printing medical devices market. The establishment of new 3D printing research, training, and education centers, and rising efforts by leading market players for expanding their distribution networks in emerging Asian countries are factors propelling the growth of the 3D printing medical devices market in Asia-Pacific.