North America 3D printing medical device market accounts for largest market share at 24.8%: Fact.MR
6 Key Projections of the Future of the 3D Printing Medical Devices Market for the Forecast Period 2017 to 2022
UNITED STATES, July 14, 2022 /EINPresswire.com/ — The global 3D printing medical device market is expected to surpass $1.7 trillion in revenue by the end of 2022, according to recent research by Fact.MR. The global 3D printing medical devices market is poised to show a high double-digit CAGR from 2017 to 2022. The introduction of 3D printed tablets has opened new opportunities for 3D printing technology, increasing its application in the pharmaceutical industry. Many collaborations have been observed around the world, between academic institutions and major market players, who invest heavily in R&D activities. 3D printing technology has revolutionized preclinical drug testing, making testing on 3D printed organs practical, providing a substitute for animal testing. This technology also allows surgeons to easily improve the success rate of complicated procedures. The above-mentioned factors are expected to increase the demand for 3D printing medical devices in the coming years.
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The potential of 3D printing in transforming the use of medical devices to treat various diseases is impacting the healthcare industry, enabling the construction of non-implantable and implantable medical devices and cost-effective customizable medical devices. Rising demand for medical devices that match a patient’s anatomy in orthopedic and maxillofacial surgery is driving the expansion of the medical 3D printing industry. Facilitating the planning of surgical procedures by surgeons, 3D printing medical devices contribute to reducing the operational risks encountered during complex procedures, to reducing the duration of exposure to anesthesia, to reducing the risk of infection, allow patients to recover faster and significantly reduce the length of hospital stay. These factors might further impact the growth of the market over the forecast period.
6 Key Estimates for the Future of the 3D Printing Medical Devices Market
• Followed by tissue engineering, implants will continue to be the most lucrative application of 3D printed medical devices, in terms of revenue. The sale of 3D printing medical devices for use in the construction of external wearable devices is estimated to exhibit a comparatively lower CAGR through 2022.
• Software and services should remain preferred among products in the global market. Software and services revenue is expected to account for more than a third of the market throughout the forecast period. Moreover, sales of 3D printing materials will show the highest CAGR until 2022.
• Light curing is expected to remain the largest technology adopted in the global 3D printing medical device market, followed by laser beam fusion technology. Additionally, sales of electron beam melting technology and three-dimensional printing technology are expected to show a similar CAGR through 2022.
• Based on end users, hospitals will remain dominant in the market, with sales expected to exceed revenues worth US$1 trillion by the end of 2022.
• Asia Pacific excluding Japan (APEJ) will emerge as the fastest growing market for 3D printing medical devices during the forecast period. In terms of revenue, North America is expected to be the most lucrative region for market growth.
• The report profiles key players operating in the market including Cyfuse Biomedical KK, Stratasys Ltd., SLM Solutions Group AG, Renishaw plc, Groupe Gorgé SA, Organovo Holdings, Inc., Materialize NV, EnvisionTEC GmbH, General Electric Company, Carbon , Inc., Biomedical Modeling Inc. and 3D Systems Corporation.
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Global 3D Printing Medical Devices Market by Category
By Product Type, the global 3D printing medical devices market is segmented as follows:
• 3D printers
• 3D bio-printers
• Software and services
By technology, the global 3D printing medical devices market is segmented as follows:
• Fusion by laser beam
• Light curing
• Three-dimensional printing
• Electron beam fusion
• Droplet deposition
By Application, the global 3D printing medical devices market is segmented as follows:
• Creation of fabrics
• External portable devices
By End-User, the global 3D printing medical devices market is segmented as follows:
• University institutes
• Contract research organizations
• Pharmaceutical and biotechnology companies
By region, the global 3D printing medical devices market is segmented as follows:
• North America
• Latin America
• East Asia
• South Asia and Oceania
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Insights by region
The 3D printing medical device market in North America accounts for the largest market share at 24.8%. The region is expected to experience a CAGR of 14.3% over the forecast years 2022-2032.
The higher growth is mainly attributed to the strong base of healthcare facilities such as diagnostic centers, hospitals, in addition to the increase in the installation base of 3D printers in healthcare facilities.
Check out Fact.MR’s healthcare coverage:
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