Medical Device 3D Printing Market Industry Analysis and Detailed Profiles of top Industry Players
Wednesday, February 05, 2020
Press release from the issuing company
3D printing is a process which makes use of a digital design to create a physical object. The process uses a layer by layer approach wherein each layer is attached to the prior layer until the object is complete. 3D printing technology in the medical device segment helps in creation of limb prosthetics, titanium replacements for hips and jaws and plastic tracheal splints, etc. 3D printing is preferred by many doctors before surgeries of any organ part which reduces error.
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The global medical device 3D printing market was USD 1.13 billion in 2018 and is estimated to reach USD 3.19 billion by 2025 at a CAGR of 15.89% during the forecast period.
Growth by Region
North America leads the market owing to factors such as increasing demand for organ transplants, highly developed healthcare infrastructure and significant government and private investments for the development of advanced 3D printing technologies and applications.
Asia-Pacific will have strong growth rate in the adoption of 3D-printed medical devices which in turn drives the market growth in this region. New 3D printing research, training, and education centers and rising efforts by top market players in countries like China, India and Japan has also triggered the demand for 3D printing medical device. Africa as well as Latin America regions will witness moderate growth during the forecasted period due to lack of awareness regarding 3D printing technologies in these regions
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Drivers vs Constraints
Some of the key factors that drives the growth of the 3D printing medical devices market includes technological advancements, increasing public-private funding, easy development of customized medical products, growing demand for 3D printed prosthetics and implants, dental restorations, surgical instruments, and tissue fabrication and growing applications in the healthcare industry.
Stringent regulatory process, copyright & patent infringement concerns, limited technical expertise and biocompatibility issues associated with 3D printed devices are some of the factors that can restrain the market’s growth.
Industry Trends and Updates
In July 2018, K2M Enhances got its FDA clearance and CE mark for its CAYMAN® United Plate System, following which it enhanced its CASCADIA™ Lateral 3D Interbody System which now features Lamellar 3D Titanium Technology™. 3D-printed lateral cage becomes the first-ever 3D surgical solution which has modular fixation capabilities.
In July 2017, GE Additive and Stryker announced an Additive Manufacturing Partnership to support Stryker’s growth in additive manufacturing. In June 2017, 3D Systems launched a certified partner program for medical device additive manufacturing firms. Its first partner is supplier Rms Company, located near Minneapolis. The company will make use of 3D Systems’ Direct Metal Printing technology to design, develop and manufacture medicalimplants.
In June 2017, Materialise NV started providing its 3D Printing services and softwares for Clinical Trials. In June 2017, 3D printing platform think3D won a bid to create a new USD 6
million 3D-printing facility in Andhra Pradesh’s Medical Tech Zone.
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