3D printing technology is a rapid emerging technology, which empowers manufacturers in the medical sector to produce customized medical equipment and products. 3D printing, also known as additive manufacturing, utilizes a layer-by-layer addition technique to produce physical objects from a three-dimensional digital file. The 3D printing technology caters to the rising demands of personalized medical care by providing customized medical devices based on individual needs. In addition, it enables surgeons to plan surgeries, which in turn helps to reduce the operative risks involved during complex procedures, risk of infection, and decrease the duration of anesthesia exposure. This would enable patients to recover faster and reduce the hospital stay duration. In addition, 3D printing technology would facilitate surgeons to improve the success rate of complicated procedures. Moreover, this technology has revolutionized preclinical drug testing by facilitating testing on 3D printed organs as an alternative to animal testing. The recent success in the 3D printing of tablets has opened new avenues for the 3D printing technology for use in the pharmaceutical industry.
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The world 3D printing healthcare market was evaluated at $579.0 million in 2014 and is estimated to garner $2,363.8 million by 2020, registering a CAGR of 26.2% during the forecast period 20152020. This market is expected to witness significant growth during the forecast period on account of the numerous technological innovations in this sector. In addition, augmented R&D investments, rapidly expanding customer base, increasing scope of biomedical applications, and extensive research and development activities at the academic and industrial level have fueled the market growth. Furthermore, collaborations between academic institutions and companies to accelerate the process of product development has supplemented the market growth. However, absence of a structured regulatory framework, unfavorable reimbursement policies, high costs associated with printers, copyright & patent infringement concerns, biocompatibility issues of 3D printed medical devices, and limited technical expertise are the major factor hampering the growth of the market.
The report segments the 3D printing healthcare market on the basis of component, technology, application, end-user, and geography. Based on component, the market is segmented into system, materials, and services. Systems is the highest revenue-generating segment in the 3D printing healthcare market, owing to increasing adoption by various end users and several technological advancements. The various technologies used in the market include droplet deposition, photopolymerization, laser beam melting, electron beam melting, and laminated object manufacturing. Presently, the droplet deposition technology segment dominates the 3D printing healthcare market owing to its widespread use in healthcare applications, high heat and chemical endurance and increasing biomedical applications. The application areas of this technology, include external wearable devices, clinical study devices, implants, and tissue engineering. The external wearable devices segment dominates the world 3D printing healthcare applications market, owing to factors such as large pool of patients suffering from auditory loss, cardiovascular and bone disorders, dental problems and amputees, increasing adoption in dental clinics and hospitals, and customization of medical devices. The end users of the market comprise medical and surgical centers, pharmaceutical and biotechnology companies, and academic institutions. In the current market scenario, the medical and surgical centres segment is the highest revenue generating segment on account of the rapidly increasing patient pool, reduction in operative and infection risks and customizations and personalization of medical procedures and devices. The market has been analysed on the basis of four regions, namely North America, Europe, Asia-Pacific, and LAMEA. North America dominates the world 3D healthcare printing market owing to various technological advancements, widespread adoption of the 3D printing technology, increasing research and development investments, several collaborations between academic and commercial organizations.
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In the current market scenario, the world 3D printing healthcare market is largely consolidated by the two market leaders: 3D Systems Corporation and Stratasys Ltd. The renowned players in the market have implemented product launch as their key developmental strategy to sustain the market competition. In February 2015, 3D Systems Corporation has recently launched an all-in-one medical 3D printer, ProJet 3510 DPPro. Similarly, in September 2015, Stratasys, Ltd. launched Objet30 Dental Prime, which is a low-cost, high-quality 3D printer. Technological advancements to improve portability, cost efficiency, and energy efficiency of 3D printers as well as developing software for predicting the thermal and mechanical properties of the object are anticipated to expand the scope of this market.
The report provides comprehensive competitive analysis and profiles of prominent market players, such as 3D Systems Corporations, Stratasys Ltd., SLM Solutions Group AG, EnvisionTEC, Arcam AB, Organovo Holdings, Inc., Oxford Performance Materials, Inc., Materialise NV, Bio3D Technologies, and Cyfuse Medical K.K.
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KEY MARKET SEGMENTS
MARKET BY COMPONENT
MARKET BY TECHNOLOGY
MARKET BY APPLICATION
MARKET BY END-USERS
MARKET BY GEOGRAPHY
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