A new study by Transparency Market Research (TMR), titled “3D Bioprinting Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024,” states that the increasing application of 3D bioprinting technology in the medical and healthcare sectors across the world is the key driver of the worldwide market.

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Apart from this, the increasing lifespan of individuals, the rising prevalence of chronic illnesses, the growing demand for tissue and organ transplants, the integration of information technology into the medical and healthcare sector, dearth of organ donors, advancements in 3D printing technology, and the augmenting base of the geriatric population are also driving the worldwide market for 3D bioprinting significantly, states the research study.

The report has also discussed the prospects of the global 3D bioprinting market at length. As per the study, the increasing requirement of regenerated tissues, organs, implants, and prosthetics are likely to present a lucrative opportunity for market players during the forecast period. In addition to this, the emergence of 3D bioprinted pills is projected to open new avenues for them in the coming years. The augmenting need for customized medicines and the rapid rise in the production of biodrugs are also anticipated to drive the market in the near future.

According to the report, the global market for 3D bioprinting is spread across Asia Pacific, North America, Europe, and the Rest of the World. North America leads the worldwide market in terms of revenue. The presence of an advanced medical and healthcare infrastructure, a large pool of chronically ill patients, and high spending power of people in this region is boosting the North America 3D bioprinting market significantly.

Analysts predict this regional market to retain its dominance during the forecast period, owing to continual research activities in the area of 3D printing. However, Asia Pacific is likely to surface as a strong contender for leadership in the global market for 3D bioprinting in the coming years.

The rapid rise in the adoption advanced technologies, advancements in healthcare IT, favorable government initiatives, increasing foreign investments, and the growing awareness regarding 3D bioprinting technology are anticipated to propel the Asia Pacific 3D bioprinting market over the forecast period, states the report.

The research report has also analyzed the profiles of major companies operating in the global 3D bioprinting market and determined the current market hierarchy. Oceanz, Organovo Holding Inc., Luxexcel Group BV, TeVido BioDevices, Stratasys Ltd., Voxeljet, Solidscape, Aspect Biosystems, Materialise NV, Bio3D Technologies Pte Ltd., Cyfuse Biomedical, 3Dynamics Systems, BioBots, and Envision TEC are some of the key market players mentioned in this study.