The 3D Printed Medical Devices Market Size is valued at 1.80 Billion in 2022 and is predicted to reach 10.34 Billion by the year 2031 at a 21.73 % CAGR during the forecast period for 2023-2031
Medical products created using 3D printing technology are known as 3D printed medical equipment. This requires the use of various manufacturing processes/techniques, all of which are based on creating a digital file/image of the thing to be manufactured before utilizing a variety of different ways. The increasing prevalence of surgical procedures for several causes worldwide is one of the main factors propelling market expansion. In other words, rising rates of kidney stones, car accidents, and other ailments are directly fuelling market growth. Increasing R&D spending, particularly in developed and developing countries, will open up even more lucrative market expansion prospects. Research and development capabilities are aiding in the development of medical devices, which is propelling market growth. Additionally, rising public-private funding for focused research initiatives, rising public awareness of the benefits of 3D printing technology, an increase in the prevalence of orthopedic and dental diseases in the population, the availability of advanced 3D printing materials for an increase in the geriatric population base, dental and medical applications, and rising product innovations and development as a result of technological advancements globally.
The increase in direct digital manufacturing, expanding uses of 3D printing in the healthcare sector, and rising per capita healthcare spending will accelerate the market's growth in the following years. On the other hand, it is anticipated that barriers to market expansion will include high costs associated with research and development capabilities, a lack of adequate infrastructure, an uneven distribution of medical services, and a lack of knowledge in developing nations.
Market Segmentation:
The 3D Printed Medical Devices market is segmented on the product, application, technology, and end-user. Based on product, the market is segmented into 3D printers, 3D bio-printers, Materials and software & services. Based on the application, 3D Printed Medical Devices are segmented into implants, tissue engineering and external wearable device. Based on technology, the market is segmented into laser beam melting, photopolymerization, 3D printing, electron beam melting and droplet deposition. Based on end-user, the market is segmented into hospitals, academic institutes, CROs and pharma & biotech companies.
Based on product, the Software & Services segment is accounted as a significant contributor to the 3D Printed Medical Devices market
The market segment for software and services made up the largest portion of the overall market and is anticipated to expand faster than average over the following years. This is a result of printers that have already been installed on the market, and there is an increasing need for the software and services sector to offer installation services, support, and maintenance of these printers. Increased software development for producing high-quality 3D-printed medical products is the primary driver propelling the growth of the Software & Services segment.
The laser beam melting segment witnessed growth at a rapid rate
The laser beam melting segment dominated the market for 3D-printed medical devices. This rise is attributed to the industry's widespread powder bed-based additive manufacturing technique. Various manufacturers use the method to describe the powdered raw material's flow behavior and packaging behavior, which significantly impacts the construction's parameters and will increase market share over the future years.
The North America 3D Printed Medical Devices market holds a significant revenue share in the region
The North America 3D Printed Medical Devices market is expected to register the highest market share in revenue in the near future because of aging demographics, an increase in the prevalence of cardiovascular disease, and a rise in replacement and implant operations. Due to technological advancements in 3D printing, including customized prostheses, tissue engineering, and bio-printing, the demand for the worldwide 3D printing medical devices market is anticipated to rise throughout the projected period. In addition, Asia Pacific is projected to grow rapidly in the global 3D Printed Medical Devices market because of the expansion of regional research initiatives, the growth of medical tourism, the presence of substantial untapped markets, the size of the population pool, and the region's rising need for high-quality healthcare.
Competitive Landscape:
The key players in the 3D Printed Medical Devices market have shifted their focus toward product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance their product portfolio and strengthen their global market footprint. Some major key players in the 3D Printed Medical Devices market are Prodways Group, Stratasys Ltd., 3D Systems Inc., Materialise NV and Renishaw plc.
Competitive Landscape:
Some major key players in the 3D Printed Medical Devices Market:
- Prodways Group,
- Stratasys Ltd.,
- 3D Systems Inc.,
- Materialise NV
- Renishaw plc
3D Printed Medical Devices Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 1.80 Billion |
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Revenue forecast in 2031 |
USD 10.34 Billion |
|
Growth rate CAGR |
CAGR of 21.73 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
Product, Application, Species, End-user |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Prodways Group, Stratasys Ltd., 3D Systems Inc., Materialise NV and Renishaw plc. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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