Medical Device Additive Manufacturing Market Share, Growth, Global Analysis and Forecast 2027

Posted by Prabha Mahajan on September 27th, 2022

According to our new market research study on “Medical Device Additive Manufacturing Market to 2027 – COVID-19 Impact and Global Analysis – by Technology, Product, and Application,” the market is expected to reach US$ 4,440.5 million by 2027 from US$ 1,350.4 million in 2019; it is estimated to grow at a CAGR of 16.2% during 2020–2027.The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.

Additive manufacturing is a technique used for manufacturing rapid prototypes as well as functional end-use parts. The use of additive manufacturing in the medical industry have witnessed an accelerating adoption in the recent years owing to technological advancements. With additive manufacturing being implied in the healthcare industry, the scope for customization and innovation of medical devices has increased considerably over the last few years.

Factors such increasing demand for additive manufacturing in healthcare, and rising cases of musculoskeletal and dental diseases boost the growth of the global medical device additive manufacturing market. However, the exorbitant costs of automated medical device additive manufacturing hinder the market growth.

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Based on application, the medical device additive manufacturing market is segmented into dental, orthopedic, bioengineering, and craniomaxillofacial. The orthopedic segment held the largest share of the market in 2019, and same segment is estimated to register the highest CAGR of 16.7% during the forecast period.

The past decade has brought remarkable changes to the medical device industry, and the pace of development does not seem to slow down. In September 2014, the US Food and Drug Administration (FDA) issued a new final guidance document with intent to clarify the process of custom-made medical devices. Customized medical devices are mostly exempted from regulation, and the manufacturers do not need to seek premarket approval or clearance for these products. Smarter data capture, new regulations, and emerging technologies such as 3D printing (additive manufacturing) and robotics have introduced new complexities and challenges for the healthcare providers, which they are likely to address in the coming years. Although personalized medical devices are at infancy in terms of their application in the medical industry, these devices are likely to gain success on the back of technological advancements in future. These devices lead to significantly better outcomes, but their costs are more than that of the non-personalized alternatives; moreover, their use in medical procedures require extensive preoperative planning as well as detailed imaging tests. Nevertheless, 3D mapping and printing technologies facilitate the customization of medical devices used in the cranial and spine surgeries. The broadening of applications for customized medical devices is likely to be a prevalent trend in the medical devices additive manufacturing market in the years to come.

Increasing Demand for Additive Manufacturing in Healthcare

Additive manufacturing (AM), also known as 3D printing, holds great potential to transform the conventional process of manufacturing of medical products and components. Additive manufacturing allows companies to provide extensive customization based on the individual patient requirements for medical applications. This helps save time and efforts by allowing the manufacturing of medical devices and implants that are ideal fit for patient’s needs. The technique helps overcome the constraints of traditional manufacturing methods—mainly associated with the mass customization; fabrication; milling, casting, and forging; and so on.

Additive manufacturing is majorly beneficial in medical fields such as production of new orthopedic products, fabrication of customized maxillofacial prostheses, and casting of dental implants. Further, it is also receiving attention as a method used in biomedical modeling and organ printing. The increase in demand for additive manufacturing has encouraged medical device manufacturing companies to invest significantly in the development of commercial models and reduction of the cost of modeling. Leading medical device market players have uniquely positioned themselves to benefit from the advances offered by additive manufacturing. For instance, in May 2018, Medtronic announced development of the TiONIC Technology, which is a new 3D printed technique that helps tobuild enhanced surface techniques for designing of medical devices. Further, axial3D, a company developing automated 3D printing solutions for healthcare sector, announced the completion of a funding round for raising US$ 3 million in funds to expand its operations in the US. Thus, the increasing demand for the additive manufacturing technology in healthcare, leading to rising investments by market players for its advancement, fuels the growth of the medical device additive manufacturing market.

Market leaders operating in the market have undertaken various inorganic and organic growth strategies in the medical device additive manufacturing market. The medical device additive manufacturing market majorly consists of the players such as 3D Systems, 3T Additive Manufacturing Limited, Materialise NV, Renishaw and others. Organic and inorganic growth strategies witnessed in the market include product launches, product approvals and partnerships that have helped to pave way for expansion of business and customer base of market players.

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Prabha Mahajan

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Prabha Mahajan
Joined: September 26th, 2022
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