3D Printing in Medical Applications Market Trends, Share, Growth Drivers and Forecast by 2023
It is predicted that the global 3D printing in medical applications market will witness significant growth during the forecast period. Advanced research and development activities by the market players and rising popularity of customized 3D printed medical products are some notable factors driving the market demand. 3D printing is an advanced technology used to produce objects through fusing or depositing materials, such as metals, polymers, and ceramics in layers, resulting into 3D objects.
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On the basis of application, the 3D printing in medical applications market is categorized into medical implants, bioengineering, surgical guides and surgical instruments. Among these, medical implants is expected to be the fastest growing category in the global market, during the forecast period. Increasing demand of 3D printing for customizing medical implants, that provide high success rate, and value to both the patients and healthcare providers is among the various factors driving the growth of this application area. The medical implant category is further sub-categorized into dental, orthopedic, and cranio-maxillofacial implants.
Electron beam melting, photopolymerization, laser beam melting, and droplet deposition manufacturing are various technologies involved in the 3D printing in medical applications market. Of these, photopolymerization held the largest share in this market in 2017, since this technology offers high resolution in printing and focus on capturing detailed and highly complex geometry.
Geographically, North America leads the 3D printing in medical applications market and held the largest share in 2017, mainly on account of increased research and development (R&D) investment, focused on technological innovation. Europe is predicted to be the fastest growing regional market for 3D printing in medical applications, mainly due to the growing funding by private and public organizations.
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Some of the factors driving the 3D printing in medical applications market are rising public and private funding, and time and cost effectiveness of 3D printing applications over traditional manufacturing processes. The funding by several private and public bodies provides opportunities to start-ups involved in 3D printing to advance their R&D activities and explore its further application in the medical field. For instance, in April 2018, Arigin Medical Co. Ltd., a Shanghai based start-up focused on providing complete medical 3D printing solutions in the field of orthopaedics, completed its series A investment round, securing tens of millions RMB in finance. The funding was led by Proxima Ventures, Dingxin Capital and Delta Capital.
Some of the other key players in the 3D printing in medical applications market are Eos GmbH Electro Optical Systems, Materialise NV, EnvisionTEC GmbH, 3D Systems Corporation, Nanoscribe GmbH, Voxeljet Technology GmbH, and Stratasys Ltd.
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