3D Printed Medical Devices Market Competition Analysis by 2028
Posted by vakhas on February 21st, 2019
Although 3D printing has various functions in a variety of industries, but in the medical device industry 3D printed medical devices have four main applications. Firstly, 3D printed medical devices are used for bio-printing tissues and organoids. Secondly, 3D printed medical devices are also used for surgery preparation by creating patient-specific organ replicas than can be practiced upon by the surgeons before performing complicated operations. Thirdly, 3D printed medical devices are used for producing surgical instruments like forceps, hemostats, scalpel handles, clams, etc. Fourthly, 3D printed medical devices enable formulating customized prosthetics.
One of the main benefits of 3D printed medical devices is that production costs are significantly low than the traditional manufacturing methods. Rapidly growing medical device industry continues to recognize the additive value 3D printed medical devices for various medical applications. 3D printed medical devices now constitute of new surgical cutting and drill guides, prosthetics, orthopedic implants, patient specific replicas of bones, blood vessels and organs.
As per a study conducted by Wohlers in 2015, medical industry constitutes 13% of the 3D printing revenue. More than 20 different 3D printed medical devices have been approved by the FDA. Medical applications of 3D printed medical devices are rapidly expanding and are expected to revolutionalise health care.
3D printed medical devices Market: Drivers and Restraints
3D printed medical devices, now-a-days gaining huge popularity all over the world. The growing demand for the 3D printed medical devices because of huge advancement in healthcare sector with increasing use of 3D printed medical devices for organ transplantation. Also, the advantages offered by 3D printed medical devices such as the surgical models based on patient need, surgical tools, organs and tissues. Complex features like prosthetics are very difficult to manufacture through conventional technique. But using 3D printing technology, patient specific prosthetics are being manufactured based on the image reports (MRI, CT-scan, X-ray), which in turn reduces the overall cost. Also 3D printed medical device acts as a surgical guides because it helps to maintain the accuracy and precision of a surgical procedures, which would generate high demand in healthcare sector. Other drivers of the 3D printed medical devices market includes technology and software advancement.
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3D printed medical devices: Overview
The global market for 3D printed medical devices is expected to generate significant revenue with a huge growth over the forecast due to high demand prosthetics, organoids, tissue in healthcare sector. In terms of application 3D printed medical devices market segmented into several parts but among those Dental and Orthopedic devices drive the market due to huge dental problems and increase number of accidents respectively. By material type, Metal 3D printed medical devices or prosthetics are preferred than other types because it is associated with less immune reaction. Hospitals end user segment is expected to contribute highest share in global MRI guided drug delivery market, due to requirement of highly developed infrastructure for such systems. Mainly 3D printed medical devices are cost-effective because of less cost involvement for manufacturing technique and this will drive this market in the forecast period.
3D printed medical devices Market: Regional Outlook
Geographically, the global 3D printed medical devices market is segmented into North America, Latin America, Europe, CIS & Russia, Asia-Pacific Excluding Japan, Japan and the Middle East & Africa. North America global 3D printed medical devices market is expected to remain dominant market player in global 3D printed medical devices market on the account of growing research applications, huge advancement in healthcare infrastructure of 3D printed medical devices along with increased set up of advanced diagnostic laboratories in the region as compared to other regions. Also trade and conferences helps for the development of 3D printed medical devices market in North America. In terms of revenue generation, Asia-Pacific region register the fastest growth in global 3D printed medical devices market because of high presence of local manufacturers, distributors and suppliers.
3D printed medical devices Market: Key Players
The global 3D printed medical devices market is highly fragmented owing to presence of a large number of domestic manufacturers. Some of the players identified in the 3D printed medical devices market are Concept Laser GmbH, 3D Systems, Renishaw plc., Prodways Group, Materialise NV, EnvisionTEC, EOS GmbH, 3T RPD Ltd., Arcam AB, Stratasys Ltd. etc.
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Joined: July 27th, 2017
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