Market Research Report
3D Printing Market in Healthcare Industry - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390875|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|3D Printing Market in Healthcare Industry - Growth, Trends, and Forecast (2019 - 2024)|
|Published: May 1, 2019||Content info: 112 Pages||
Additive manufacturing, often referred to as 3D printing, has the potential to provide cost-efficient methods to produce highly complex and customized components, single parts, or small batches of products. Dental laboratories and hearing aid manufacturers get the maximum benefit from 3D printing in healthcare. A growing number of hearing aids are 3D printed in current innovations and technological advancements, making it one of the important factors to positively drive this market over the forecast period. Similar has been the case with dental implants. With an increasing number of procedures of dental implants, the need for customized procedures has risen. This can be catered by 3D printing techniques. 3D printing technologies capabilities are being explored at a rapid pace across the developed markets for a wide variety of applications in the medical/healthcare field. Other factors, such as technological advancements leading to the enhanced application and increasing scope of bioengineering products are driving the growth of the healthcare 3D printing market.
The scope of this report is limited to the North American healthcare 3D printing market (henceforth referred to as the market studied). As per the scope, 3D printing is utilized in providing healthcare solutions, such as customized prosthetics, implants, and other wearable devices.
Metals and Alloy Segment is Expected to Grow with High CAGR in the Forecasted Period
For any 3D-printed device to implant/other medical uses, biocompatibility is of utmost importance. Any material used must comply with surface chemistry, surface topography, and other parameters that drive biological response to the implanted device. Titanium alloy and pure titanium are the most-preferred and biocompatible metallic materials for a biomedical implant. Titanium alloy, like Ti6Al4V, improves strength and has resistance to corrosion. However, it is important to consider that the high elastic modulus in titanium causes an elastic mismatch between the bones and the implant. On the whole, titanium is one of the most adopted metals for 3D printing for medical applications. The titanium or titanium-alloy-based segment of the market studied is expected to record the highest CAGR during the forecast period. With advancements in technology, the 3D printing titanium sub-segment is expected to revolutionize medical device manufacturers over the forecast period. However, 3D-printed devices require software and material specifications that are more stringent than the specifications of the other traditional medical devices. These factors are expected to provide steady and consistent growth to companies and overall business, over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. In North America region, the United States holds the largest market share and this is due to the increasing trend in customized 3D printing and technological advancements leading to enhanced applications which have helped the growth of the 3D printing market in the healthcare industry in the country.
The 3D Printing Market in the healthcare industry is largely consolidated and consists of a few major players. The major players in the market have implemented certain strategies like product launches to sustain market competition. With the rising demand driven by the increasing medical applications, the manufacturers are investing more in R&D which will drive the market in the forecast period. Some of the major players of the market are Stratasys, Ltd., 3D Systems Corporation, Arcam 3D Printing, Renishaw PLC, and Nano3D Biosciences, Inc. are among others.