3D Printing in Medical Applications Market is Expected to Thrive at 15.5% CAGR Until 2028 Says, Transparency Market Research
Increasing clinical applications and the need for custom implants are expected to increase the market for 3D printing in medical applications.
Wilmington, Delaware, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to TMR, the 3D printing in medical applications market reached US$ 893.9 million in 2020. The market is projected to reach US$ 2.76 billion by 2028. 3D printing in medical applications market revenue is expected to expand at a CAGR of 15.5% from 2021 to 2028.
Medical devices fabricated with 3D printers can have highly customized geometry or features tailored to an individual’s anatomy. Living organs such as a heart or liver can be manufactured using the 3D printing process, but this is still an emerging technology.
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3D-printed devices, such as joint replacements and cranial implants, should include patient-matched information when applying for FDA approval in 2017. Information about device and manufacturing processes as well as testing considerations is provided in the FDA’s initial thinking document.
The Food and Drug Administration (FDA) has approved 20 different implants produced using AM technologies. These implants include cranial implants, hip implants, knee implants, and spinal implants. Around 50,000 of the acetabular (hip cup) implants made through AM have been implanted with success.
Key Findings of Market Report
- 3D printing is likely to become common in medical applications as dental implants become common.
- With 3D printing in medical applications, electron beam melting technology is expected to dominate.
- Biological cells are expected to lead the way as 3D printing becomes popular in medical applications.
- The market in Europe is expected to show significant growth in the demand for 3D printing in medical applications in the near future.
Global 3D Printing in Medical Applications Market: Growth Drivers
Bioprinters have also been used to make skin grafts and organs through the creation of cellular and tissue constructs, although these applications are still in the experimental phase.
In the future, 3D printing is going to play an increasingly important role in restoring bone and cartilage after lesions or injuries, offering lucrative growth prospects for the industry. Increasing disposable incomes and pharmaceutical growth will drive the market for 3D printing in medical applications.
Medical implants, prosthetics, and 3D printing devices can be developed specifically for patients using 3D printing technology. A personalized approach leads to improved treatment outcomes, fewer complications, and satisfied patients.
Traditional manufacturing methods cannot produce intricate or complex structures like those produced by 3D printing. In the manufacture of customized surgical guides and implants, this capability is particularly valuable.
Global 3D Printing in Medical Applications Market: Regional Landscape
North America is expected to lead the 3D printing in medical applications market. From three hospitals in 2010 to more than 100 by 2019, the number of hospitals in the United States with centralized 3D printing facilities increased significantly.
Point-of-care models may become prevalent with the advancement of technology. As healthcare infrastructure investments have grown and players have expanded, the United States has seen a promising future.
Europe is expected to hold a dominant share of 3D printing in medical applications in the market. Regulatory and policy developments are expected to drive the market for 3D printing in medical applications in the future. Healthcare 3D printing is expected to grow across the region as awareness of 3D printing and research and development programs increase.
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Global 3D Printing in Medical Applications Market: Key Players
In the global 3D printing market for medical applications, key players are engaged in regulatory approvals, technological advancements, product launches, and acquisitions. In the medical applications market, these strategies are expected to drive growth. Players have adopted various strategies to expand their businesses in 3D printing medical applications.
The global market for 3D printing in medical applications is dominated by the following players:
- Nanoscribe GmbH
- 3D Systems Corporation
- EnvisionTEC GmbH
- Voxeljet Technology GmbH
- Stratasys Ltd.
- Materialise NV, among others
- In September 2023, restor3d is planning to provide surgeons and healthcare providers with 3D-printed medical devices. These will help repair and reconstruct the human body. Forgelabs 3D printers have helped the company achieve its goal.
- In October 2023, Desktop Health, a subsidiary of Desktop Metal, announced the availability of Flexcera Smile Ultra+ dental resin in Europe. In addition, it has been certified as a medical device of Class IIa under the European Union Medical Device Regulation (MDR). Flexcera Smile Ultra+ is a life-like looking and performing 3D printing resin that has revolutionized the dental industry.
Global 3D Printing in Medical Applications Market: Segmentation
- Surgical Guides
- Surgical Instruments
- Electron Beam Melting (EBM)
- Laser Beam Melting (LBM)
- Two-Photon Polymerization
- Digital Light Processing
- Droplet Deposition Manufacturing
- Inkjet Printing
- Fused Deposition Modeling
- Multiphase Jet Solidification
By Raw Material
- Biological Cells
- North America
- Latin America
- Asia Pacific
- The Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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