Growth of this industry are Technological advancements, increasing public-private funding, easy development of customized medical products, and growing applications in the healthcare industry. Moreover, direct digital manufacturing, the expiry of key patents in the coming years, and the growing demand for organ transplant provide significant growth opportunities in the industry.
What is 3D Printing Medical Devices Market Growth Rate?
The Global 3D Printing Medical Devices Market is expected to reach $1.88 billion by 2022 from $0.84 billion in 2017, at a CAGR of 17.5% from 2017 to 2022. However, stringent regulatory process and the dearth of trained professionals may hinder the growth of this market during the forecast period.
Technological advancements in 3D printing
Increasing public-private funding for 3D printing activities
Easy development of customized medical products using 3D printing
Growing applications of 3D printing in the healthcare industry
Stringent regulatory process for the approval of 3D-printed medical devices
Dearth of trained professionals
Direct digital manufacturing
Reconfiguration of supply chain models of medical device manufacturers
Expiry of key patents in the 3D printing industry
Growing demand for organ transplant
High cost of 3D printing systems
Socio-ethical concerns related to the use of 3D-printed products
Process control and understanding
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Technological advancements in 3D printing, increasing public-private funding for 3D printing activities, and growing applications of 3D printing in the healthcare industry are the major drivers for the market.
The overall 3D printing medical devices industry is witnessing a new phase of technological developments, with the launch of technologically advanced products. In June 2017, 3D Systems (US) launched the Simbionix SPINE Mentor, a hands-on simulated training tool for minimally invasive surgical procedures. The Simbionix SPINE Mentor is a combination of medical tools and 3D printing to develop hybrid spinal surgery training solutions. Moreover, companies are also focusing on launching planning systems using 3D printing with the aim to enhance the medical surgery procedures. Moreover, launching innovative products in the market helps companies gain a competitive advantage and drive the uptake of their products.
In recent years, there has been a significant increase in public-private funding to support various initiatives in the 3D printing industry. In June 2017, the government of Quebec, Canada contributed around USD 2.299 million to establish a medical 3D printer center in Quebec. This medical center provides point-of-care 3D printing services for developing customized prosthesis. Thus, increasing research and funding activities are expected to boost the development of 3D printing products and technologies, thereby driving the growth of the 3D printing medical devices market.
3D printing techniques have empowered medical practitioners, researchers, and medical device manufacturers due to their use in dental & orthodontic treatments, orthopedic implants, tissue engineering, and drug development. Among all the healthcare applications, 3D printing is highly successful in dental practices, prosthetics, and Hearing Aids as this technology is not only cost-effective but also provides a high degree of customization as per individual needs. Thus, the increasing adoption of 3D printing across various healthcare industries is driving market growth.
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Major Market Developments:
In May 2017, Stratasys Ltd extended its strategic partnership with Desktop Metal, Inc. (US) to accelerate the adoption and accessibility of metal additive manufacturing
In May 2017, EnvisionTEC launched seven new materials, namely, Silicone TG, PCL 45K RG, LT Support RG, and HT Support RG for industrial and medical 3D printers
In June 2017, 3D Systems collaborated with rms Company (US) to develop solid organ scaffolds for human transplantation. This will help the company to strengthen its product offerings.
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