New Delhi, July 06, 2022 (GLOBE NEWSWIRE) -- Global 3D Printing Medical Devices Market is flourishing owing to an increase in customer development, an extension of the variety of biomedical applications, and major Research and Developments for the advancement of 3D printers at the academic and industrial levels…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global 3D Printing Medical Devices Market was worth USD 2.55 billion in the year 2021. The market is projected to grow at a CAGR of 15.4%, earning revenues of around USD 6.87 billion by the end of 2028. The Global 3D Printing Medical Devices Market is booming because of the expanding biomedical application. Moreover, the key drivers of the market's expansion are the rising public-private funding for 3D printing activities, the high prevalence of dental and orthopedic diseases, the ease with which customized medical products can be developed using 3D printing, the expanding use of 3D printing in the healthcare sector, and the accessibility of advanced 3D printing materials for dental and medical applications, as well as the rising demand for 3D-printed goods in the cosmetics and pharmaceutical industries. Furthermore, Global 3D Printing Medical Devices Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, high 3D printing costs, rising payment issues, escalating copyright and patent issues, and a lack of experienced labor, in turn, may act as a huge restraining factor for the market growth.
Growing Uses of 3D Printing in the Healthcare Sector is driving Global 3D Printing Medical Devices Market
Medical device manufacturers employ 3D printers to create a range of products, including those with intricate geometry or features that are specific to a patient's anatomy. A standard design is used to print a small number of devices, after which numerous exact replicas of the same device are created. The patient-specific imaging data is used to develop additional devices, sometimes known as patient-matched or patient-specific devices. The choice of technology for 3D printing is influenced by a variety of elements, including the printer's ease of use and the intended purpose of printed objects. The most popular technology for 3D printing medical equipment is powder bed fusion. This method works with a variety of components made of nylon and titanium, which are employed in medical equipment.
With 3D printing, it is inexpensive and straightforward to produce patient-specific, tactile reference models from CT and MRI scans. These models give doctors a different viewpoint to better prepare for operations, which dramatically cuts down on the length and cost of the actual surgery carried out in the operating room. Patients may benefit from this in the form of increased satisfaction, decreased anxiety, and accelerated healing. Additionally, the introduction of new biocompatible medical 3D printing materials aids in the creation of fresh surgical instruments and methods with the ultimate objective of enhancing the surgical experience for the patient. Sterilizable fixation trays, contouring templates, and implant sizing models are some of the tools that can be printed using 3D printing techniques. These tools can be used to size implants in the operating room before the first cut, saving time and enhancing accuracy for surgeons during challenging procedures. All these factors reinforce the growth of the Global 3D Printing Medical Devices Market.
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Challenge: A Skilled Workforce is in Short Supply due to a Lack of Specialized Training in Additive Manufacturing.
The lack of a skilled workforce is one of the most significant barriers to the adoption of additive manufacturing or 3D printing. There is a very limited pool of staff available who are well-versed in 3D printing processes, which is exacerbated by the rapid pace of evolution of the 3D printing medical devices market in terms of technology and materials. Moreover, there are few training programs for additive manufacturing available, and there is a significant gap between academia and practical applications in the industry that is difficult to bridge. The lack of a workforce with a thorough understanding of the design process and production cycle in additive manufacturing has an impact on product quality. The absence of such a workforce would limit the overall adoption of 3D printing in the medical device industry.
Global 3D Printing Medical Devices Market - By Application
Based on application, the Global 3D Printing Medical Devices Market is segmented into Surgical Guides, Surgical Instruments, Standard Prosthetics and Implants, Custom Prosthetics and Implants, Tissue-Engineered Products, Hearing Aids, Wearable Medical Devices, and Others. The Custom Prosthetics and Implants segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). Biological materials (such as skin and bones), plastics, ceramics, and metals are just a few of the materials that may be used to create highly customizable prosthetics and implants using 3D printing. The development of this market sector is anticipated to be fueled by the 3D printing of custom implants, which is drawing in new investors and medical device businesses.
Global 3D Printing Medical Devices Market - By End-User
Based on end-user, the Global 3D Printing Medical Devices Market is segmented into Hospitals and Surgical Centers, Dental and Orthopedic Clinics, Academic Institution and Research Laboratories, Pharma-Biotech and Medical Device Companies, Clinical Research Organization, and Others. Among these Hospitals and Surgical Centers segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). The significant market share of this sector can be due to the increased uptake of cutting-edge medical technology by hospitals, the expansion of existing 3D printing facilities, and the rising affordability of 3D printing services.
Please Visit the Press Release of Global 3D Printing Medical Devices Market: https://www.blueweaveconsulting.com/press-release/global-3d-printing-medical-devices-market-to-grow-at-a-cagr-of-15-4-until-2028
Impact of COVID-19 on Global 3D Printing Medical Devices Market
Every industry sector has been impacted by the nationwide lockdowns brought on by the COVID-19 epidemic. The COVID-19 pandemic is an unprecedented global public health threat, and when it was present, there were serious resource shortages for hospital beds and medical supplies, which resulted in human misery. Moreover, the COVID-19 pandemic is a previously unheard-of global public health crisis. During the pandemic, global healthcare systems encountered numerous challenging issues because there were severe shortages of hospital beds and medical supplies and because COVID-19 patients had acute respiratory distress syndrome (ARDS), which necessitated high-level respiratory support for these patients to survive. The need for 3D printing in the healthcare industry has dramatically increased during the epidemic due to the equipment shortage. Additionally, COVID-19 harmed 3D healthcare throughout the epidemic. The scarcity of equipment for the COVID-19 battle caused by the pandemic and its negative effects on the 3D printing market in the healthcare industry are the biggest challenges. Manufacturers are unable to produce and sell medical supplies because of the lockdown.
The leading market players in the Global 3D Printing Medical Devices Market are Stratasys, EnvisionTEC, Koninklijke Philips N.V, 3D Systems Inc, EOS, Renishaw Plc, Materialize, 3T Additive Manufacturing Ltd, General Electric, Carbon Inc, Prodways Group, SLM Solutions, Organovo Holdings, Anatomics Pty Ltd, FIT AG, and other prominent players. The Global 3D Printing Medical Devices Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global 3D Printing Medical Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global 3D Printing Medical Devices Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- In September 2020, nTopology (US) raised funding of USD 40 million for the development of the nTop software platform for additive manufacturing processes. This will prove to be profitable in the long run.
Scope of the Report
|Years Considered||Historical data – 2018-2021|
|Base Year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in USD Billion|
|Product Service/Segmentation||By Product, By Technology, By Application, By End-User, By Region.|
|Key Players||Stratasys, EnvisionTEC, Koninklijke Philips N.V, 3D Systems Inc, EOS, Renishaw Plc, Materialize, 3T Additive Manufacturing Ltd, General Electric, Carbon Inc, Prodways Group, SLM Solutions, Organovo Holdings, Anatomics Pty Ltd, FIT AG, and other prominent players.|
- Laser Beam Melting
- Droplet Deposition/Extrusion-Based Technologies
- Electron Beam Melting
- Three-Dimensional Printing/Adhesion Bonding/Binder Jetting
- Surgical Guides
- Surgical Instruments
- Standard Prosthetics and Implants
- Custom Prosthetics and Implants
- Tissue-Engineered Products
- Hearing Aids
- Wearable Medical Devices
- Hospitals and Surgical Centers
- Dental and Orthopedic Clinics
- Academic Institution and Research Laboratories
- Pharma-Biotech and Medical Device Companies
- Clinical Research Organization
- North America
- The Asia Pacific
- Latin America
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