COVID-19 Impact on 3D Printing Medical Devices Market Worth USD 1.88 billion by 2022

(IT-NEWSWIRE.COM, December 16, 2020 ) Market growth is largely driven by factors such as technological advancements, increasing public-private funding for 3D printing activities, easy development of customized medical products, and growing applications in the healthcare industry.

The 3D printing medical devices market is projected to grow from an estimated USD 0.84 billion in 2017 to USD 1.88 billion by 2022, at a CAGR of 17.5% during the forecast period. 3D Printing Medical Devices Market by Technology (3DP, EBM, LBM, Photopolymerization and DD), Component (3D Printers, 3D Bioprinters, Material (Plastic, Metal, Ceramic), Software & Services), Product Type (Prosthetics, Implant).

The 3D printing medical devices market is primarily driven by factors such as technological advancements, increasing public-private funding, easy development of customized medical products, and growing applications in the healthcare industry. On the other hand, factors such as the stringent regulatory process and the dearth of trained professionals are expected to limit market growth to a certain extent.

However, direct digital manufacturing, the reconfiguration of supply chain models of medical device manufacturers, the expiry of key patents in the coming years, and the growing demand for organ transplant are expected to provide growth opportunities for players in the market.

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On the basis of components, the 3D printing medical devices market is segmented into software & services, equipment (3D printers and 3D bioprinters), and materials (plastics, metal & metal alloys powder, bioprinting biomaterials, and others). In 2017, the software & services segment accounted for the largest share of the 3D printing medical devices market. Whereas, the 3D printing equipment segment is poised to witness the highest growth rate during the forecast period.

Based on technology, the global 3D printing medical devices market is segmented into five broad categories, namely, electron beam melting, laser beam melting, photopolymerization, droplet deposition (DD) or extrusion-based technologies, and three-dimensional printing (3DP) or adhesion bonding or binder jetting.

The photopolymerization technology segment commanded the largest share of the global 3D printing medical devices market in 2017. This is attributed to the widespread application of this technology across the medical industry, for manufacturing surgical guides (orthopedic, dental, and CMF guides), prosthetics and implants, porous scaffolds, and dental restorations.

By type, the 3D-printed medical products market is further segmented into four major categories, namely, surgical guides, surgical instruments, prosthetics & implants, and tissue engineering products. The surgical guides segment accounted for the largest share of the 3D printing medical devices market in 2017. The increasing use of the digitally driven process for accurate surgical planning is the key factor contributing to its market growth.

Region Covered in 3D Printing Medical Devices Market

Geographically, the 3D printing medical devices market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World (RoW). The Asia Pacific is one of the major high growth revenue-generating regions in the 3D printing medical devices market. The establishment of new 3D printing research, training, and education centers, and rising efforts by leading market players for expanding their distribution networks in emerging Asian countries are factors propelling the growth of the 3D printing medical devices market in Asia-Pacific.

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Leading Companies

Stratasys Ltd. (Israel and US), 3D Systems Corporation (US), Materialise NV (Belgium), EnvisionTEC GmbH (Germany), EOS GmbH Electro Optical Systems (Germany), Renishaw plc (U.K.), Concept Laser GmbH (Germany), 3T RDP, Ltd. (UK), Prodways (France), Arcam AB (Sweden), Anatomics Pty Ltd (Australia), Biomedical Modeling Inc. (US), Carbon, Inc. (US), SLM Solutions Group AG (Germany), Organovo Holdings, Inc. (US) . Major 15 players covered.

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COVID-19 Impact on 3D Printing Medical Devices Market Worth USD 1.88 billion by 2022