Global 3D Printed Medical Device Market Growth, Business Strategies and Forecast by 2026 | Exclusive Report by Facts Factors
According to Facts & Factors, the global 3D printed ,medical device market size in terms of revenue was worth around USD 1130 million in 2019 and is expected to reach USD 3510 million by 2026, growing at a CAGR of 17.8% from 2020 to 2026. The global 3D printed medical device market is projected to grow at a significant growth rate due to a number of driving factors.
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The process of creating a three-dimensional solid object from a digital file is known as 3D printing. This object is made by successively adding layers of material until the object is complete. As a result, this process is also known as additive manufacturing. 3D printing has advanced significantly in recent years and can now play critical roles in a wide range of applications, including manufacturing, medicine, architecture, custom art, and design. 3D printing technology is also used to create complex medical devices. The versatility of 3D printing has made it extremely popular among manufacturers and designers.
Modifications can be made without causing significant disruptions in the manufacturing process. Personalized medical devices that match the anatomy of the patient, as well as other complex devices, can be easily manufactured at a low cost using 3D printing technology. All of these benefits have sparked intense interest in 3D printing of medical devices and other products such as household goods and automotive tools.
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Orthopedic and cranial implants, surgical instruments, dental restorations such as crowns, and external prosthetics are examples of medical devices produced using 3D printing technology. Medical imaging has become an important part of medical treatment, with X-ray scanning, laser scanning, CT scans, and MRIs becoming commonplace. Modern technology has improved the ability to create 3D objects from these foolproof images. Access to this technology has revealed the medical device industry’s enormous potential. It has completely transformed the prosthetic industry; these devices can now be customised for each individual, increasing their efficacy.
Because surgical implants require precision, a one-size-fits-all approach will not cure the patient. 3D printing ensures surgical implants with high precision. It has also brought down the cost of implants, making them more available, affordable, and accessible to the poor. 3D printing can also be used to create a patient-specific anatomy model that can be used to study a medical problem from multiple perspectives. It is also useful for professional workforce training.
The rising demand in the healthcare industry is expected to drive the demand for 3D Printed Medical Devices. Since 2012, the medical field has held the lion’s share of the 3D printing market, and this trend is expected to continue throughout the forecast period. This expansion is aided by various applications in the medical field industry. Today, the most common applications are in the dental, orthopaedic, and acoustic fields. 3D printing applications have grown in popularity in recent years. 3D printing technology has already enabled the printing of surgical instruments such as hemostats, forceps, scalpel handles, and so on.
Furthermore, 3D Printed Medical Devices are expected to grow rapidly due to heavy investment in research and development of these devices by public and private institutions, as well as rising collaboration between industry, hospitals, and universities, which has streamlined demand-oriented research. The expanding scope of medical science and material science research has enabled product innovations and a reduction in the cost of 3D printed medical devices, as well as increased their accessibility. It is anticipated that 3D printing of tissues, organs, and bones will play an important role in the growth of the 3D Printed Medical Device market during the forecast period. However, bottlenecks in the form of regulatory frameworks in various jurisdictions may dampen market growth, and concerns about the material’s biocompatibility are a few restraining factors.
Advanced Solutions Life Sciences, Aspect Biosystem, Cyfuse Biomedical K.K., Envisiontec, and Nano Dimension are some of the leading and top companies in the 3D printing medical devices market.
Because of investments in 3D Printed Medical Devices and rising ageing populations, the North American region is seen as a major growth area in the 3D printing medical devices market. Similarly, the European Union will be a major market for medical devices such as implants. Furthermore, the Asia Pacific market is expected to grow as a result of investments by major players in emerging market markets.
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