Global 3D Printing In Medical Applications Market: Increased Funding from Government and Private Agencies to Boost Market at 15.40% CAGR

3D printing technology has revolutionized the overall manufacturing process, since its innovation a decade ago.  In medical devices sector, manufacturers have adopted 3D printing to minimize the manufacturing life cycle and almost eliminate the need for traditional prototyping. Moreover, the technology has helped the manufacturers to develop innovative products. With increased adoption of 3D printing across the healthcare sector, the global 3D printing in medical applications market is expected to rise at a CAGR of 15.40% during the period between 2013 and 2019. The overall market was worth US$354.5 mn in 2012 and is estimated to reach a valuation of US$965.5 mn by the end of 2019.

Growing Demand for Customized 3D Printed Medical Products to Boost Global 3D Printing In Medical Applications Market 

In traditional manufacturing techniques, the required product is made through cutting or drilling the base material. 3D printing is preferred over traditional manufacturing processes as it builds the desired products layer-by-layer through addition of materials. Hence, 3D printing is also known as additive manufacturing. Technological advances are expected to broaden the scope of 3D printing across various medical applications. Rise in the trend of customized 3D printed medical products, coupled with increased funding from government and private agencies, will boost the growth of the global 3D printing in medical applications market. However, lack of trained professionals will restrict the overall market. Acquisition of software firms for 3D designing will open further opportunities for the implementation of the technology in medical applications. 

On the basis of medical application, the global 3D printing in medical applications market has been segmented into bio-engineering, surgical guides, medical implants, and surgical instruments. Medical implants have been further segmented into orthopedic implants, dental implants, and cranio-maxillofacial implants. Surgical guides have been sub-segmented into dental, orthopedic, and cranio-maxillofacial surgical guides. The demand for 3D printing in medical implants has been significantly high, especially for manufacturing dental and orthopedic implants.

Europe to Emerge as Leading Market for 3D Printing in Medical Applications

In terms of technology, the global 3D printing in medical applications market has been categorized into laser beam melting (LBM), electron beam melting (EBM), droplet deposition manufacturing, and photopolymerization. Laser beam melting and photopolyerization together account for the largest share of the global 3D printing in medical applications market. During the next couple of years, both these segments are likely to display a steady growth owing to the efficiency and accuracy of the technologies in manufacturing diverse bio-models. 

Geographically, the global 3D printing in medical applications market has been divided into Europe, North America, Asia Pacific, and Rest of the World. In 2012, North America dominated the overall market. However, in the near future, Europe is expected to surpass North America as the market leader.

Key Players in Global 3D Printing In Medical Applications Market 

Some of the key players in the global 3D printing in medical applications market are EnvisionTEC GmbH, 3D Systems Corporation, Eos GmbH Electro Optical Systems, Materialise NV, Stratasys Ltd., Nanoscribe GmbH, and Voxeljet Technology GmbH. The key players are involved in intensive research and development for technology enhancement and product portfolio innovation. The players are also entering into strategic partnerships to expand globally.