The Global Medical Device 3D Printing market is estimated at USD 870.0 Million in 2016 and is poised to reach USD 4,144.4 million by 2022, growing at a CAGR of 30.46%.
In Medicine and Healthcare 'innovation' is more than just a word. It is not a fashionable jargon to throw around. It’s a mandate and already envisaged as the "Third industrial revolution".3D Printing is ready to transform mankind's lives. Doctors are learning how to 3D print kidneys and other replaceable human organs.3D bionic printing will engender a medical revolution and is readily exploring medical applications.
This market is anticipated to witness satisfactory growth, on account of the innumerable technological innovations that is happening in this sector. Furthermore, rampantly multiplying consumers, increasing the chance of biomedical applications, extensive research, and developmental activities at the academic and industrial level have catapulted the market growth. The collaborations between academic institutions and companies to escalate the process of product development has advanced the market growth. However, the absence of an organization, non-viable renewable policies, and high investments associated with printers, machines, copyright & patent infringement concerns, biocompatibility issues of 3D printed medical devices, and meagre technical expertise is the major factors stumping the growth of the market.
The 3D printing market for healthcare applications is segmented on the basis of product type into Medical Implants, Prosthetics, Tissue Engineering, Surgical Guides, Surgical Instruments and Hearing & Audibility Aid devices. On the basis of Material used for manufacturing the market is segmented under Plastics, Biomaterials, and Metal & Metal alloys, Ceramics, Nylon and Wax. Plastics like acrylonitrile butadiene styrene (ABS), and polylactic acid (PLA) are found to be in increased use along with nylon, which are considered as simplest to work with. There is a faster growth expected in the use of metals which has greater strength and resistance for 3D printing
In addition, on the basis of technology the market is segregated under various technologies employed namely, Laser beam melting (LBM), Electron Beam Melting (EBM), Droplet Deposition, Wax deposition Modelling and Bio Printing.
Further, on the basis of geography the market is segmented and analysed under regions namely, North America, Europe, Asia-Pacific, Latin America & Middle-East and Africa. The most developed nations have the potential for growth in coming few years due to their technological advancements. Currently North America is the leading consumer of 3D printing technology in the healthcare industry and accounts for nearly 40% of the entire market share in 2015. Europe is the second major market for medical 3D printing applications while the emerging economies of Asia-Pacific region offer significant market and are always a target for future growth.
Some of the major companies operating in the 3D printing industry with significant presence in medical equipment domain are 3D Systems Corporation (U.S.), Stratasys Ltd., Renishaw plc (U.K.), EOS GmbH Electro Optical Systems (Germany), EnvisionTEC GmbH (Germany), Materialise NV (Belgium), Arcam AB (Sweden), 3T RPD, Ltd. (U.K.), Prodways(France) and Concept Laser GmbH (Germany).
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