A stew of medium and small scale industries have barged into the global 3D printing medical devices market, making it a high competition amongst the players, notices Transparency Market Research in a newly published report. In order to fortify a strong foothold, organizations are trying to collaborate with local companies. Expansion of product portfolio, product differentiation, accompanied with deep research are the other things that the players are focusing on in order to build their brand name. Some of the key players in the global 3D printing medical device market are Materialise NC, SLM Solutions, Arcam Ab, FabRx Ltd., Cyfuse Biomedical K.K., Concept Laser, 3D Systems Inc., Envision Tec, and Organovo Holdings.
On the basis of component the market is classified into material, printer, software and services. Amongst these the software and services accounted for the highest share and is expected to continue so during the forecast period. This is because of the installed printers which requires maintenance and services overtime, is bolstering the market growth. Geographically, the North America holds the largest share in term of revenue and is expected to continue so in future.
North America to Remain Leading Force in Global 3D Printing Medical Device Market
Geographically, the 3D printing medical device market by region has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. In 2016, North America occupied the largest share of the market globally. The vast technological advancement in the region’s medical industry is a key driving factor for the strong growth of the market across North America. Moreover, research and development initiatives by US government and the presence of some of the world’s leading players are also anticipated to offer prominent opportunities for the growth of the 3D printing medical device market in forthcoming years. Moreover, the developing countries such as Canada and others in this geography are undergoing transformation in terms of investments by market players, which is complementing the growth of 3D printing medical device market.
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Technological Advancement in 3D Printing Medical Devices Is Expected To Drive the Global Market
Tremendous technological advancement happening in the 3D printing sector after the arrival of this concept is pushing the global 3D printing market to perform better. This is because the 3D printing sector finds its abundant usage in healthcare sector apart from construction, military and automobile sector. The 3D printing medical device has recently gained popularity among the patients. It has gained the trust of both doctors and patients, thus fueling the market growth. Rise in need 3D printing medical device for implants, surgical instruments, tissue fabrication, surgical instruments, and prosthetics has increased the demand for these device.
High Initial Cost To Deter the Market Growth
Thought the 3D global medical device is expected to grow at a steep rate, but strict regulations in various countries regarding the sale of these devices imposed by both private and government agencies is expected to deter the market growth rate. The market is also challenged by the high initial cost of such devices. Other factors such as heavy funds required for a small organization to have a strong foothold in the market is curbing the growth rate. Another major factor which is expected to bring down the growth rate of the market is absence of skilled expertise and the lack of accessibility of such advanced device in the rural or underdeveloped region. Though the inflow funds by leading player for research and development is expected to attract the consumer at a faster rate.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “3D Printing Medical Device Market (Component – Printers, Materials, and Software and Services; Technology – Electron Beam Melting, Selective Laser Melting, Selective Laser Sintering, Photo polymerization, and Direct Metal Laser Sintering; Application – Orthopedic and Cranial Implant, Dental Restorations, Surgical Instruments, Tissue Fabrication, and External Prosthesis) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025”.
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Leading segments of the global 3D printing medical device market:
3D Printing Medical Device Market, by Component
- Software & Services
3D Printing Medical Device Market, by Technology
- Electron Beam Melting
- Selective Laser Melting
- Selective Laser Sintering
- Photo polymerization
- Direct Metal Laser Sintering
3D Printing Medical Device Market, by Application
- Orthopedics & Cranial Implants
- Dental Restorations
- Surgical Instruments
- Others (Tissue Fabrication, External Prosthesis)
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