A New Market Research Report: 3D Printing in Medical Applications Market

ALBANY, N.Y. - Aug. 7, 2014 - PRLog -- In a discipline that requires constant innovation in order to save lives, 3D printing has revolutionized the field of medicine by empowering practitioners and researchers. The success of the global 3D printing in medical applications market depends largely on the fact that the advanced 3D technology has not only enhanced the quality of a patient’s life but also reduced the manufacturing cycle and eliminated the prototyping process. 3D printing constructs a desired product layer by layer using various materials such as ceramics, polymers, metals, and biological cells. In the field of healthcare, it offers precise and customized medical devices such as dental prosthetics, hearing aids, braces for scoliosis, exoskeletons and implantable devices. In extremely complex surgeries, a 3D printer offers surgeons planning models to practice on and plan the best approach.

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Market scope

The global 3D printing in medical applications market is segregated into various segments and sub-segments on the basis of technologies, applications, raw materials, and geography.

By technology, the market is divided into laser beam melting (LBM), electron beam melting (EBM), stereolithography (digital light processing and two photon polymerization), photopolymerization, and droplet deposition manufacturing (fused deposition modeling, inkjet printing and multiphase jet solidification).

On the basis of applications, the industry is segmented into surgical instruments, surgical guides (dental, orthopedic and crani-maxillofacial), bioengineering, and implants (dental, carnio-maxillofacial and orthopedic).

The raw materials used in 3D printing in medical applications are ceramics, polymers, metals, and biological cells.

By geography, the market is divided into four main regions: North America, Europe, Asia-Pacific, and Rest of the World.

Economic scenario

The worldwide market for 3D printing in medical applications was estimated to be worth USD 354.5 million in 2012 and is expected to be valued at USD 965.5 million by the year 2019, growing at CAGR of 15.4%. Region-wise North America dominated the overall industry in 2012, accounting for the largest market share. However, trade analysts have predicted that due to the increase in government funding as well as joint ventures and acquisitions, Europe will be the fastest growing region with a CAGR of over 15% between 2013 and 2019. Europe also owes this growth to positive reimbursement policies.

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Among the technologies that are used in 3D printing for medical applications, photopolymerization and laser beam melting (LBM) are expected to be the fastest growing sub-segments from 2013 to 2019 and also accounted for the largest market share. The most commonly used raw materials for the manufacture of bio-models are metal and polymers. The medical implants application (including dental, carnio-maxillofaial and orthopedic) is forecast to grow at the highest CAGR of 15% during 2013-2019.

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3D printing: The future of medicine

Thanks to 3D printing, the medical industry has undergone a revolution. Providing multiple solutions to large problems, 3D printing has reduced the cost and time of surgical procedures and simultaneously improved patient care. The advancement in medical technology has widened the scope of 3D printing applications and the trend of using customized 3D printed medical products has risen over the years. Moreover, private agencies and government bodies have contributed in terms of funds and encouragement that have propelled the growth of the 3D printing in medical applications market. A move that can increase the prospect of the industry is seeking acquisitions by software companies in the field of 3D designing. The factors which curb the development of the 3D printing market are fewer trained professionals and lack of raw materials.

Competitive insights

The 3D printing in medical applications market is oligopolistic in nature and is dominated by a handful of significant players. The major companies include 3D System, EnvisionTEC GmbH, Materialise NV, Arcam AB, and Stratasys Inc.

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