Top Key Companies Pivots to 3D Printing Healthcare Market for Growth into the lucrative Area
Pune, Maharashtra, India, September 8 2020 (Wiredrelease) Allied Analytics –:
Global 3D printing healthcare market generated $973 million in 2018, and is projected to reach $3,692 million by 2026, growing at a CAGR of 18.2% from 2019 to 2026. The system segment accounted for more than half of the total market share in 2018.
Additive manufacturing, alternately known as 3D printing, refers to a layer-by-layer addition technique of producing a three-dimensional physical object process by using digital 3D design data through a computer aided design (CAD) package. The global 3D printing healthcare market has witnessed dynamic growth in the recent years, owing to rapid technological advancements, increase in investments in R&D activities, and rapid expansion of customer base. Furthermore, the customizations offered by this technology, increase in scope of biomedical applications, efficient material usage, and reduction in cost & time are the major factors supplementing the growth of the market. In addition, the utilization of 3D printing technology in the healthcare sector is anticipated to facilitate effective pre-operative planning, better surgeon practice, enhanced patient outcomes, and suitable alternative to animal testing.
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The system segment to retain its leadership status during the forecast period
Based on component, the system segment accounted for the highest market share in the global 3D printing healthcare market in 2018, contributing to more than half of the total share, and is estimated to maintain its leadership status during the forecast period. This is due to rapid adoption rate, advancements in technologies, and rise in biomedical applications. However, the materials segment is expected to register fastest CAGR of 20.0% from 2019 to 2026, owing to increase in requirement for biocompatible materials and system installation.
The external wearable devices segment to maintain its dominance by 2026
Based on application, the external wearable devices segment held nearly three-fifths of the total share in terms of revenue of the global 3D printing healthcare market in 2018, and will maintain its dominance by 2026. This is due to liberalization of regulations for 3D-printed medical devices, rise in patient-specific customizations, and huge patient pool suffering from cardiovascular & bone disorders, auditory loss, and dental problems. However, the tissue engineering segment is expected to register the highest CAGR of 22.2% from 2019 to 2026, owing to rise in R&D investments, rise in scope of biomedical applications, and technological advancements.
North America to maintain its lead position during the forecast period
Based on region, North America held the largest market share, contributing for more than two-fifths of the global 3D printing healthcare market in 2018, and will maintain its lead position during the forecast period. This is attributed to technological advancements along with increase in R&D investments and collaborations with academic & commercial organizations. Moreover, Asia-Pacific would grow at the largest CAGR of 19.7% from 2019 to 2026. This is due to funding gained by various start-up companies, rise in healthcare expenditure, and presence of huge number of patients.
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Leading market players
3D Systems CorporationExoneFormlabsGEMaterialise NVOxferd Performance Materials, Inc.Organovo Holdings, Inc.Proto LabsSLM Solutions Group AGStratasys Ltd.
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