3D printing or an additive manufacturing is a process that uses a layer by layer method approach to create a real or physical object from a digital design. The technology is still in its early stage in healthcare and holds strong potential for a wide variety of medical applications. The global market for 3D printing medical devices has witnessed massive advancements in the past few years and several new 3D printing technologies, materials, and devices have entered the global marketplace.
The market has also seen a vast rise in its application areas in the recent years and continues to expand at a healthy rate. The market is also driven by the vast technological advancement in witnessed in the medical industry in the recent years. In addition, strategic investments done by leading players in the market have also increased the demand for the 3D printing medical devices. Also, 3D printed prosthetics and implants, dental restorations, surgical instruments, and tissue fabrication are in great demand.
A stew of medium and small scale industries have barged into the global 3D printing medical devices market, making it a high competition amongst the players, notices Transparency Market Research in a newly published report. In order to fortify a strong foothold, organizations are trying to collaborate with local companies. Expansion of product portfolio, product differentiation, accompanied with deep research are the other things that the players are focusing on in order to build their brand name. Some of the key players in the global 3D printing medical device market are Materialise NC, SLM Solutions, Arcam Ab, FabRx Ltd., Cyfuse Biomedical K.K., Concept Laser, 3D Systems Inc., Envision Tec, and Organovo Holdings.
It is anticipated that the global 3D printing devices market to be worth around US$3513.0 mn in terms of revenue by 2025 from revenue worth of US$713.3 mn accounted in 2016. During the assessed period, the market is anticipated to expand at 17.7% of CAGR.
Tremendous technological advancement happening in the 3D printing sector after the arrival of this concept is pushing the global 3D printing market to perform better. This is because the 3D printing sector finds its abundant usage in healthcare sector apart from construction, military and automobile sector. The 3D printing medical device has recently gained popularity among the patients. It has gained the trust of both doctors and patients, thus fueling the market growth. Rise in need 3D printing medical device for implants, surgical instruments, tissue fabrication, surgical instruments, and prosthetics has increased the demand for these device.
High Initial Cost To Deter the Market Growth
but strict regulations in various countries regarding the sale of these devices imposed by both private and government agencies is expected to deter the market growth rate. The market is also challenged by the high initial cost of such devices. Other factors such as heavy funds required for a small organization to have a strong foothold in the market is curbing the growth rate. Another major factor which is expected to bring down the growth rate of the market is absence of skilled expertise and the lack of accessibility of such advanced device in the rural or underdeveloped region. Though the inflow funds by leading player for research and development is expected to attract the consumer at a faster rate.
The insights presented here are from a research study 3D Printing Medical Device Market by TMR