Healthcare 3D Printing Market to Reach USD 4,957.1 Million by 2027 at 20% CAGR
BANGALORE from India, November 11, 2021 / PRNewswire / – The Healthcare 3D printing market is segmented by type (system / device, materials, services), by application (wearable devices, implants, clinical study devices). The report covers the analysis of global opportunities and industry forecast from 2021 to 2027. It is published in Evaluate reports under Medical devices and equipment Category.
Global Healthcare 3D Printing Market Size Expected to Reach $ 4,957.1 million by 2027, from $ 1,383.4 million in 2020, at a CAGR of 20.0% in 2021-2027.
The major factors driving the growth of the healthcare 3D printing market are:
An increase in the demand for personalized medical care by providing personalized medical devices according to individual needs is expected to drive the growth of the 3D printing market.
Increased public-private funding for 3D printing activities, high incidence of dental and orthopedic diseases, easy development of personalized medical products using 3D printing, increasing applications of 3D printing in the healthcare industry health, availability of advanced 3D printing materials for dental and medical applications, and the growing demand for 3D printed products in cosmetic and pharmaceutical industries, are the key factors supporting the market growth.
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TRENDS AFFECTING THE GROWTH OF THE HEALTHCARE 3D PRINTING MARKET
The expansion of the 3D printing market is expected to be driven by an increase in the demand for personalized medical care by providing personalized medical devices according to individual needs. Additive manufacturing technologies are used to create 3D printed objects. An object is constructed using an additive technique by depositing successive layers of material until the object is complete. Each of these layers can be viewed as a cross section of the article that has been lightly cut. It is used in the healthcare industry to manufacture personalized medical equipment and products. External wearable devices, clinical study devices, implants, and other healthcare 3D printing applications are common.
Patient-specific gadgets (such as hearing aids) and implants (such as prosthetic joints, cranial plates, and even heart valves) are increasingly turning to 3D printing due to its ease of customization and of its production speed. This in turn is expected to boost the healthcare 3D printing market. Traditionally, heart valves and hearing aids required a full week of rigorous, manual adjustments by expert workers. From casting to fitting, a hearing aid required nine steps before 3D printing. Hearing aids can now be 3D scanned and printed in a day. There are design advantages too: 3D printed silicone heart valves provide a snug fit that traditionally made hard heart valves cannot. 3D printing can provide complex porous surfaces for implants like prosthetic titanium joints or cranial plates, making them less likely to be rejected by patients’ bodies.
3D printing helps in the training of healthcare professionals and doctors using simulated models of body parts. This factor has led to the increased use of 3D printing for healthcare across the world, thus driving the growth of the 3D printing for healthcare market.
Rising surgical volumes involving surgical implants are expected to further drive the healthcare 3D printing market. Among several factors, the increasing number of road accidents is significantly boosting the demand for 3D printing for healthcare. Precise and personalized implants can be developed specifically taking into account the patient’s anatomy.
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ANALYSIS OF THE MARKET SHARE OF 3D PRINTING IN HEALTHCARE
Based on the type, the devices sub-segment is expected to be the most lucrative during the forecast period. The main factor responsible for the growth is the increasing adoption of 3D printing technology around the world. Technological advancements in 3D printing and software have made the transition much smoother and more efficient. Increased investments in research and development have caused technology to evolve to meet the needs of rapidly expanding needy patients.
On the basis of the applications, the implant segment held the largest market share of around 60.34% in 2018. The market has grown due to the increase in population and the increase in the incidence of various diseases.
Depending on the region, North America should be the most lucrative segment. Various technological developments, the widespread use of 3D printing technology in the region, the increase in research and development spending, and the multiple collaborations between academic and business organizations are all contributing to the growth of the market in this region.
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A MAJOR PLAYER IN THE HEALTH CARE 3D PRINTING MARKET
- Materialize NV
- 3D systems companies
- Texas instruments
- SLM Solutions Group
- Arcam AB
- AK Medical
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