3D Printed Medical Device Market Size Forecast to Reach $2.9 Billion by 2026
Increasing adoption of human cells in drug testing and growing awareness regarding the new developments are likely to aid the market growth of the 3D Printed Medical Device Market report.
Hyderabad, India – July 22, 2021 /MarketersMedia/ —
3D Printed Medical Device Market size is forecast to reach $2.9 billion by 2026, growing at a CAGR of 14.2% during the forecast period 2021-2026. 3D printing medical device enable prefect match to patient’s anatomy having extremely complex internal structures. It enables medical device designers to eliminate the requirement of tools and setting up additional equipment’s. It helps in building implantable as well as non-implantable medical devices that are cost effective. It enables patients in recovering faster and reducing their stay in hospitals. It also improves the rate of success. There are different types of 3D medical device such as dental implants, surgical instruments, prosthetic limbs, and retractors among others. Along with that, different technologies are also used such as rapid prototyping, stereolithography, and electron beam technology among others. Technological advancements and easy development of customized medical products are the major factors driving the growth of the market. Growing applications in the healthcare industry and high prevalence of osteoarthritis is set to further enhance the overall market development of the 3D Printed Medical Device Market for the period 2021-2026.
3D Printed Medical Device Market Segment Analysis – By Component
Software & Services held the largest share in the 3D Printed Medical Device Market in 2020 and is estimated to grow at a CAGR 18.2% during the forecast period 2021-2026. This is owing to the technological advancements. It facilitates surgeons by improving the rate of success in complicated procedures and technology is also revolutionizing the preclinical drug testing which is making testing easy and convenient on 3D printed organs. Software & Services are estimated to register the higher CAGR over the period 2021-2026.
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3D Printed Medical Device Market Segment Analysis – By Technology
Photopolymerization held the largest share in the 3D Printed Medical Device Market in 2020 and is estimated to grow at a CAGR 13.6% during the forecast period 2021-2026. This is owing to the increasing application across the medical industry for prosthetics, implants, dental restorations, and porous scaffolds. Photopolymerization uses light to propagate a polymerization reactions and to form a crosslinked or a linear polymer structure. It enable to create a replica of a patient’s joint that can provide surgeons with information. Stereolithography is used to create models and it can produced in a wide selection of materials that have extremely high feature resolutions and offer a number of secondary services which enhance the finish of 3D printed project design. Stereolithography are estimated to register the higher CAGR over the period 2021-2026.
3D Printed Medical Device Market Segment Analysis – By Geography
North America dominated the 3D Printed Medical Device Market with a major share of 37.8% in 2020. This is attributed to the increasing technological advancements and increasing adoption of the 3D printing technology. Increasing research & development activities, increasing collaborations between academic & commercial organizations, and increasing investment made by the government to develop advances 3D printing technologies are increasing the growth of the market in this region. However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing government initiatives and increasing research & development activities. Increasing prevalence of cardiac diseases along with increasing demand for advanced healthcare services is also increasing the growth of the market in this region.
3D Printed Medical Device Market Drivers
Increasing Prevalence of Osteoarthritis
Increasing prevalence of osteoarthritis is increasing the 3D Printed Medical Device Market. Osteoarthritis affects 32.5 millions of people in the U.S. and occurs when the protective cartilage cushions the ends of the bones. It can also damage any joint but most commonly affects the joints in the hands, spine, hips, and knee. It is estimated that around 30% of the death is owing to the osteoarthritis. Thus, increasing the growth of the market during the forecast period 2021-2026.
Technological Advancement
Technological advancement is increasing the 3D Printed Medical Device Market. This is attributed to the increasing demand for 3D printing in the healthcare industry and increasing developments of new treatments for diseases. Manufacturers of 3D printed medical devices are increasing their reliance to launch 3D printers as part of their manufacturing strategy. Thus, increasing the growth of the market during the forecast period 2021-2026.
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3D Printed Medical Device Market Challenges
High Cost for Installing 3D Medical Devices and Rapid Change in Economic Strategies
Some of the factors that are set to impede the growth of the 3D Printed Medical Device Market are high cost for installing 3D medical devices and rapid change in economic strategies.
3D Printed Medical Device Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the 3D Printed Medical Device Market. In 2020, the 3D Printed Medical Device Market share is consolidated by the top ten players present in the market. The 3D Printed Medical Device Market, top 10 companies are 3D Systems Corporation, Envision TEC, SLM Solutions, Oxford Performance Materials Inc., Concept Laser, Arcam AB, Cyfuse Biomedical, and EOS GmbH among others.
Key Takeaways
North America dominated the 3D Printed Medical Device Market in 2020 owing to the increasing research & development activities and increasing application in the pharmaceutical industry. The 3D Printed Medical Device Market scope for different regions will be provided in the final report.
Increasing adoption of human cells in drug testing and growing awareness regarding the new developments are likely to aid the market growth of the 3D Printed Medical Device Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be 3D Printed Medical Device Market report.
High cost for installing 3D medical devices and rapid change in economic strategies is poised to create the hurdles for the 3D Printed Medical Device Market.
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