3D Printing Healthcare Market Size 2021 Expected to Reach Worth US $3.69 Billion by 2027
Pune, Maharashtra, India, February 19 2021 (Wiredrelease) Allied Analytics –:Increasing count of amputees, patients with auditory loss, dental problems, and increasing availability of biocompatible materials. In addition, the production of customized and personalized 3D printed external wearable devices is expected to cater to customized needs of patients and provide better fitting and comfort, thus fostering the market growth.
The global 3D Printing Healthcare Market generated $972.6 million in 2018 and is expected to generate $3.69 billion by 2026, registering a CAGR of 18.2% from 2019 to 2027. The report offers an extensive analysis of changing market trends, top winning strategies, drivers & opportunities, key segments, and competitive landscape.’
3D printing technology facilitates surgeons to improve the success rate of complicated procedures. Moreover, this technology has revolutionized preclinical drug testing by facilitating the testing on 3D-printed organs as an alternative to animal testing. The recent success in 3D printing of tablets has opened new avenues for use of 3D printing technology in the pharmaceutical industry.
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• The demand for 3D printing healthcare has been increased in pharmaceutical and biotechnology companies for the diagnosis and research of vaccine on COVID 19 in the global lockdown.
• Research & development activities, on the other hand, in 3D printing healthcare has been increased during the global lockdown, owing to fulfill the demand in health care services.
High cost associated with 3D printers, copyright & patent infringement concerns, lack of quality & regulatory frameworks for 3D printers, reimbursement challenges, and concerns regarding mechanical properties & biocompatibility are the key factors responsible for hampering the market growth. Moreover, inadequate technical know-how in developing economies impedes the market growth.
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 2027, owing to rise in R&D investments, rise in scope of biomedical applications, and technological advancements.
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 2027, owing to increase in requirement for biocompatible materials and system installation.
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The key market players analyzed in the 3D printing healthcare market research report include 3D Systems Corporation, Exone, Formlabs, GE, Materialise NV, Oxferd Performance Materials, Inc., Organovo Holdings, Inc., Proto Labs, SLM Solutions Group AG, and Stratasys Ltd, Advanced Solutions Life Sciences, Aspect Biosystem, Cyfuse Biomedical K.K., Envisiontec, and Nano Dimension, and others
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