3D Printing for Medical Sector Market- Insights
3D printing is a rapidly emerging, cost-effective technology with significant potential to transform healthcare delivery and clinical activities. 3D printing technology is primarily used to create artificial skin, kidney, liver, pancreas, pills, and orthopedic and dental implants. The current manufacturing capabilities are not adequate to produce artificial organs with precise shape and size of miniature organ parts.
Biological models made from 3D printing technology can help in surgical training, planning, and offering personalized medicines, thus enhancing quality of life of the user. While the use of 3D printing is widely implemented in dental applications, other medical segments such as tissues, prosthetics, medicines, heart valves, medical equipment, and synthetic skin are also expected to deploy 3D printing technology to a greater extent in the near future.
Frequent Approvals and launch of novel 3D Printing Systems is expected to fuel the global 3D Printing for Medical Sector market growth
Frequent approval and launch of novel 3D printing systems in the market for medical sector is expected to significantly drive global 3D printing for medical sector market growth over the forecast period.
For instance, in August 2018, 3D Systems launched NextDent 5100 high-speed dental 3D printer. NextDent 5100 enables dental labs and clinics to produce trays, models, surgical guides, dentures, orthodontic splints, crowns, and bridges with enhanced speed, precision, and efficiency all at a lower cost than competitive systems.
In March 2018, Materialise NV, received U.S. Food and Drug Administration for software intended for 3D printing anatomical models for diagnostic use. The U.S. FDA clearance supports the creation of point-of-care 3D printing facilities in hospitals.
The global 3D printing for medical sector market size was valued at US$ 542.8 Mn in 2018 and is expected to exhibit a CAGR of 11.7% over the forecast period (2020 – 2027).
Figure 1. Global 3D Printing for Medical Sector Market Value (US$ Mn) Analysis and Forecast, and Y-o-Y Growth (%)
Source: Coherent Market Insights Analysis (2019)
Strategic collaborations and partnership among key players is expected to drive the market growth over the forecast period
Key players in the market are involved in strategic partnership and acquisition, in order to expand product access in a large area and to gain major market share. Thus, such strategic penetration of key players in wide geography is expected to create a lucrative environment for the global 3D printing for medical sector market growth.
For instance, in August 2019, Materialise NV, a Belgium-based developer of 3D printing solutions, announced a strategic investment in Engimplan, a Brazil-based manufacturer of orthopedic and cranio-maxillofacial (CMF) implants and instruments. Materialise has signed an agreement to acquire a 75% stake in Engimplan through a combined acquisition of existing and new shares via its Brazilian subsidiary Engimplan Holding Ltda.
The combination of Materialise’s expertise in 3D printed medical solutions with Engimplan’s innovative product portfolio will help to accelerate the introduction of 3D printed, personalized implants and instruments in the Brazilian market.
Figure 2. Global 3D Printing for Medical Sector Market Value (US$ Mn) – Scenario Forecast, 2019 & 2027
Source: Coherent Market Insights Analysis (2019)
Favorable government policies and government funding to boost the 3D printing market for medical applications
The U.S. government is encouraging innovation in healthcare through funding and establishing manufacturing hubs. For instance, in 2014, the National Institutes of Health established a 3D Print Exchange to promote open-source sharing of biomedical 3D print files and tutorials.
While the U.S. FDA currently approves only dental, orthopedics, cranio-maxillary, and tissue engineering for 3D printing, clearance for 3D printing in other segments would boost the 3D printing market growth significantly.
In June 2013, the Chinese government announced plans to set up ten 3D printing innovation centers across the country. In May 2016, SHINING 3D, a China-based 3D printing company, established its new headquarters in Zhejiang 3D industrial zone.
Key players operating in the global 3D Printing for Medical Sector market include EnvisionTEC, Inc., Arcam AB, 3D Systems, Inc., Eos GmbH Electro Optical Systems, Renishaw PLC, Stratasys Inc., Materialise NV, Organovo Holdings, Inc., and 3T RPD, Ltd.
3D printing is revolutionizing the healthcare industry by providing improved therapy outcomes and affordable medical devices. This technology is enabling manufacturers to produce small and delicate parts of an organ or medical device with a high accuracy, which is a very cumbersome task using current manufacturing capabilities. Companies such as EnvisionTEC, Inc., 3D Systems, Inc., Stratasys Inc., Materialise NV, and Organovo Holdings, Inc. are involved in robust research activities for development of novel 3D printers for medical sector and launch them in market.
Approval and Launch of novel advanced 3D printing for medical sector in market is expected to drive global 3D printing for medical sector market growth over the forecast period.
For instance, in February 2019, Stratasys, Inc. introduced its new J720 Dental 3D Printer in the market. The newly launched J720 Dental 3D Printer is fast so dental labs can streamline operations, fulfill more cases and grow new business without further capital expense. Device have over 500,000 color combinations, the multi-material 3D printer produces extremely high resolution, patient-specific models with precise accuracy
3D printing offers various benefits such as pre-operative planning of medical procedures based on the 3D model, creating anatomical models for training, creating medical products at lower costs, and possibility of manufacturing medical devices of smaller form factors with higher precision. Increasing awareness about cost benefits offered by this technology has increased its usage in hospitals, pharmaceutical companies, academic institutions, and medical clinics is propelling the global 3D printing in medical sector market growth. Furthermore, growing demand for organ transplantation and funding from government and private institution are major factors propelling growth of 3D printing application in the medical sector.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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