The 3D printed medical device market will grow by 17.7% CAGR by 2025
On July 30, according to Market Research Future’s 3D printed medical device market analysis, the global 3D printed medical device market may experience exponential growth during the forecast period from 2018 to 2023. During the forecast period, the market will expand at a compound annual growth rate of 17.7%.
Overview of the global 3D printing medical equipment market
3D printing or additive manufacturing is the process of creating real or physical objects from a digital design using a layer-by-layer printing method. This technology is still in the early stages of medical care and has great potential for a wide range of medical applications. The global market of 3D printing medical equipment has made great progress in the past few years, and some new 3D printing technologies, materials and equipment have entered the global market.
In dental and medical equipment manufacturing, 3D printing medical equipment plays a vital role. In addition to the healthcare industry, 3D printing medical equipment is also widely used in other fields, including auto parts, food and household products. Some treatment methods also use 3D printing technology, including the formation of prostheses, plastic splints for trachea, and titanium replacements for hip joints and jaws. Due to the simplified use of equipment and advanced technology, many doctors choose to use 3D printing equipment before performing operations on any part of the body. 3D printing medical equipment can help eliminate errors in this situation.
In recent years, the application areas of the market have also increased substantially and continue to expand at a healthy rate. In recent years, the entire medical industry has witnessed tremendous technological advances, which have promoted the development of the market. In addition, the strategic investments made by market leaders have also increased the demand for 3D printed medical equipment. In addition, 3D printed prostheses and implants, dental restorations, surgical instruments and tissue manufacturing are becoming more and more popular and in demand.
The growth of the global 3D printed medical equipment market is likely to advance at an increasingly faster rate due to technological advances, the surge in government spending in the healthcare sector, the increasing use of 3D printed medical equipment in the healthcare sector, and 3D printing The manufacturing process of medical equipment is simplified. The global 3D printing medical equipment market was valued at US$822.3 million in 2016, and the compound annual growth rate from 2017 to 2025 is expected to reach 17.7%.
Increased demand for software and services
The cost-effectiveness of 3D printed medical equipment makes it popular among major medical equipment manufacturers. They use it to make prostheses, custom knees, hip implants and hearing aids. The 3D printing medical equipment market has the potential for exponential growth due to the continuous technological upgrading of the industry, the rapid growth of the customer base, the investment in research and development, and the expanding range of biomedical application options.
However, expensive printers, limited medical device technical skills, biocompatibility issues associated with 3D printed medical devices, and often unfavorable reimbursement policies may severely hinder market growth.
By component, the global 3D printing medical device market is divided into printers, materials, software, and services. Among them, the software and services segment accounted for the largest share of the global market share in 2016, and due to the increase in support and maintenance services provided by this segment, it is expected to grow at a reasonable compound annual growth rate during the forecast period. For printers already installed on the market, in order to provide installation services, support and maintenance of these printers, the demand for software and service departments continues to grow. During the forecast period, the material sector is expected to grow at a significant rate.
From a geographical point of view, the 3D printing medical device market by region has been divided into North America, Europe, Asia Pacific, Middle East, Africa and South America. In 2016, North America accounted for the largest share of the global market. The tremendous technological advancement in the medical industry in this region is a key driver of the strong growth of the entire North American market. During the forecast period, North America is likely to continue to lead the global 3D printed medical equipment market. Factors affecting the growth of the region include the surge in government spending on research and development activities, and the growing demand for organ transplant operations in the region. In addition, developing countries such as Canada and other developing countries in the region are undergoing investment transformations of market participants, which complements the growth of the 3D printed medical device market. Europe ranks second in the global market. Favorable government spending on R&D activities in the European market.
The Asia-Pacific region is expected to adopt 3D printed medical equipment during the forecast period. This growth is expected to come mainly from Southeast Asia. In Southeast Asia, due to the increase in the adaptation rate of 3D printing medical equipment, the application of 3D printing medical equipment has increased significantly. In addition, due to the increasing population from countries such as China, Japan, and India, the growing demand for 3D printed medical equipment has also triggered the demand for 3D printed medical equipment. The increasing prevalence of diabetes has made the Asia-Pacific region the most profitable area. One of the markets of the graph. The Middle East and Africa have the lowest market share due to insufficient medical facilities in the region.
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