According to a new research study by Global Insight Services (GIS), the 3D printing medical devices market is expected to grow rapidly over the next 10 years to reach a value of more than the US $7.2 billion by 2031.
3D printing is a type of additive manufacturing. There are various types of additive manufacturing, but the terms 3D printing and additive manufacturing are often used mutually. 3D printing is a process that generates a three-dimensional object by constructing successive layers of raw material. Every new layer is attached to the previous one until the entity is complete.
3D Printing Medical Devices Market: Key Drivers
Rising public-private funding for 3D printing activities
In recent times, there has been a significant rise in public-private funding to support various initiatives in the 3D printing industry such as research and funding activities that are likely to boost the development of 3D printing products and technologies, thereby fuelling the growth of the 3D printing medical devices market. For instance, in September 2020, nTopolgy raised $40M to drive the future of engineering.
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Direct digital manufacturing
The rising digitization of dentistry and medical procedures has advanced greatly over the years, with the aim of improving the clinical workflow through the incorporation of technology. The industry is witnessing a shift from traditional to digital dentistry and surgeries. Direct digital manufacturing comprises the application of computer-controlled processes for developing a physical object directly from a digital strategy. With the expansion in 3D printing, direct digital manufacturing is becoming a widely used technology as compared to traditional manufacturing techniques. It provides a unique set of advantages as it eliminates the investment in tooling, lowers the lag time between designing and production, and raised production.
The service and software segment is likely to dominate the market in 2021 with a constant rate of XX% during the forecast period.
The key factors such as cost-effectiveness, utility, uniformity, and accuracy offered by services for medical device 3D printing, is likely to boost the growth market during the estimated period.
The laser beam melting segment is likely to dominate the 3D printing medical devices market with a CAGR of XX% during the projection period.
The key factors such as increasing applications in the dental industry and manufacturing implants for minimally invasive surgery.
The prosthetics and implants segment is likely to dominate the market with a CAGR of XX% during the forecast period.
3D printing is used on a large scale in manufacturing highly customizable prosthetics and implants out of a variety of materials, comprising biological materials (such as skin and bones), plastics, ceramics, and metals. 3D printing of custom implants—is attracting many medical device syndicates and new investors to purchase 3D printers is likely to drive the growth of this market segment in the upcoming years.
The hospital and surgical centers segment is likely to dominate the market with a constant growth rate of XX% during the forecast period.
The key factors such as the expansion of 3D printing technologies coupled with the growing affordability of 3D printing services, and the rapid adoption of advanced technologies by hospitals are boosting the growth of the market.
The key players in the global 3D printing medical devices market are Stratasys Ltd., 3D Systems Corporation, Materialise NV, Envisiontec GmbH, Eos GmbH Electro Optical Systems, Renishaw PLC., 3T RPD, Ltd., Arcam AB, Concept Laser GmbH and Prodways among others.