3D Printing Medical Devices Market: Growing Applications of 3D Printing and Growing Demand for Organ Transplant
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.
According MarketsandMarkets Research Report – [198 Pages Report] 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%.
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The 3D printing medical devices market is primarily driven by factors such as technological advancements, increasing public-private funding, easy development of customized medical products, and growing applications in the healthcare industry. On the other hand, factors such as the stringent regulatory process and the dearth of trained professionals are expected to limit market growth to a certain extent.
However, direct digital manufacturing, the reconfiguration of supply chain models of medical device manufacturers, the expiry of key patents in the coming years, and the growing demand for organ transplant are expected to provide growth opportunities for players in the market.
Technological advancements in 3D printing
Various companies are increasingly focusing on developing new 3D-printed products and technologies to cater to the growing demand for 3D printing in the healthcare industry. As traditional manufacturing processes are time-consuming and expensive, major companies are engaged in the development of novel products and technologies, which are affordable and less time-consuming.
Stringent regulatory process for the approval of 3D-printed medical devices
Stringent regulatory guidelines (especially in the US) are a major factor restraining the growth of the 3D printing medical devices market. Simple 3D-printed devices receive FDA approval, but complex devices that need to comply with a large number of FDA requirements are a hurdle for the availability of 3D-printed products on a large scale. Moreover, state legal requirements and manufacturing regulations become an obstacle for dispensing 3D-printed medicines
North America is expected to dominate the market
North America held the largest share of the overall market, followed by Europe. Its large share is attributed to the rising demand for organ transplants across this region. The presence of a highly developed healthcare infrastructure and significant government & private investments to develop advanced 3D printing technologies & applications are the key factors responsible for the large share of this regional segment. Additionally, conferences and trade are also supporting the growth of the market in North America.
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Companies Covered in 3D printing medical devices
The key players in the global 3D printing medical devices market are Stratasys, Ltd. (Israel & U.S.), 3D Systems Corporation (U.S.), EnvisionTEC GmbH (Germany), Materialise NV (Belgium), EOS GmbH (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), Renishaw plc (U.K.), Prodways Group (France), and 3T RPD Ltd. (U.K.).