Global Market for 3D Printing in Medical Applications to Rise at 15.40% CAGR Fueled by Strong Government & Private Funding

Advances in 3D printing have revolutionized several industries by making manufacturing of several products possible in a non-conventional, economic, and faster manner. From making bioprinting of blood vessels, tissues and organs possible to being able to produce economical and easily customizable prosthetics and implants, to developing anatomical models for research purposes, 3D printing in medical applications has come a long way since its inception over a decade ago.

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A market research report recently published by Transparency Market Research examining the global 3D printing for medical applications market projects that the demand for 3D printing will rapidly expand and will lead to a significant transformation of the healthcare industry in the near future. The report projects that the market will exhibit an exponential 15.40% CAGR over the period between 2013 and 2019. As such, the market will rise from a valuation of US$354.5 mn in 2012 to US$965.5 mn by 2019.

Rising Focus of Government and Private Organizations to Boost Market Growth

Some of the major factors driving the global 3D printing in medical applications market are the rising array of application areas, technological advances, which are widening the scope of medical applications of 3D printing, the rising availability of funds from government and private bodies aimed at research and development of novel 3D printed products, and the rising usage of customized 3D printed medical products. One of the most lucrative opportunities for companies operating in the 3D printing market for medical applications is the acquisition of software companies prominent in the field of 3D designing.

However, the market is projected to be constricted to a certain extent in the next few years owing to the lack of trained professionals and issues concerning with the characterization, development, and clinical approval of materials used for 3D printing in medical applications.

Some of the most crucial applications of 3D printing in the medical field in the present times are surgical guides, implants, bioengineering, and surgical instruments. 3D-printed surgical guides and implants are gaining huge popularity in the craniomaxillofacial, dental, and orthopedic fields. The most popular raw materials used for 3D printing currently include a variety of ceramics, metals, polymers, and biological cells.

Europe to Lead Global Market owing to Favorable Medical Reimbursement Scenario

From a geographical viewpoint, the 3D printing in medical applications market is currently dominated by North America. However, the 3D printing in medical applications market in Europe is expected to expand at the fastest pace over the near future, majorly owing to the conducive economic conditions in most countries in the region, favorable medical reimbursement policies, mergers and acquisitions aimed at technological advancements, and a substantial rise in government funding.

Owing to the relatively recent emergence of the global 3D printing in medical applications market, there are only a few vendors in the market presently, while many new companies are entering the marketplace at a steady pace through innovation in products and technologies. Some of the most prominent vendors in the market in present times are EnvisionTEC GmbH, Voxeljet Technology GmbH, 3D Systems Corporation, Nanoscribe GmbH, Stratasys Ltd., Materialise NV, and Eos GmbH Electro Optical Systems.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.