PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273606
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273606
According to Stratistics MRC, the Global 3D Bioprinting Market is accounted for $2.05 billion in 2022 and is expected to reach $5.50 billion by 2028 growing at a CAGR of 17.9% during the forecast period. Live cells are combined with biomaterials in a process called 3D bioprinting that enables precise layer-by-layer deposition of the cells or bio-ink. This is distinguished by hierarchical structural characteristics that preserve cellular viability in 3D environments to produce multifaceted and complex tissues. The end results of this technique can be products that mimic the biological and functional characteristics of the tissues and structures that make up the human body naturally.
According to an article by Interesting Engineering, engineers at the University of New South Wales, Sydney, published a paper wherein they successfully developed a 3D bio-printed device, F3DB, that can directly transfer multi-layered biomaterials on the surface of the tissues and internal organs.
The market has been significantly influenced by the growing use of 3D bioprinting in the pharmaceutical and cosmetic industries. Complex 3D structures can be created using 3D bioprinting, which is not possible with conventional techniques. This has made it possible to produce intricate drug formulations and molecules, as well as cosmetic products like synthetic skin, hair follicles, and other tissues. The pharmaceutical and cosmetic industries' rising need for 3D bioprinted products has been a key market driver.
One of the main market constraints is the lack of qualified professionals in the market. The market's expansion has been hampered by a lack of qualified professionals as demand for cutting-edge 3D bioprinting technology rises. To operate and maintain 3D bioprinting equipment, skilled professionals are required. The likelihood that 3D bioprinting technology will realize its full potential has been reduced by a lack of qualified professionals. The high cost of hiring and training qualified professionals is another factor impeding market expansion.
Governments from various nations are working together to fund research and development projects involving 3D bioprinting. For instance, the first five research universities received a grant from the US Food and Drug Administration (FDA) for three dimensional bioprinting research and development totaling USD 2.5 billion. The grant recipients included Harvard University, Carnegie Mellon University, Rutgers University, Massachusetts Institute of Technology, and Georgia Institute of Technology. This is a significant factor that is predicted to boost the three-dimensional bioprinting market's revenue growth over the forecast period.
The absence of regulatory standards for 3D bioprinting is anticipated to impede market revenue growth. For instance, the FDA's Center for Biologics Evaluation and Research (CBER), which oversees the sale of biological commodities, has neither approved any 3D-printed biological products nor made any explicit recommendations regarding their use. The absence of regulatory standards, however, places a constraint on the growth of the 3D bioprinting market.
Due to disrupted supply chains, increased demand for treatments and materials, and manufacturing technology advancements, the COVID-19 pandemic significantly accelerated these fields' technological development. There is a growing need for organ and tissue production as the number of COVID-19 illness cases rises. The COVID-19 vaccine is being developed by a number of 3D bioprinting market participants to mitigate the effects of the outbreak. As well as the number of industry participants, the demand for pharmaceutical products is rising. Moreover, the 3D printing community responded to the COVID-19 situation by supporting the development of essential hospital equipment.
Due to the widespread use of pharmaceutical pills to treat a variety of chronic conditions, the 3D bioprinters segment is expected to hold the largest market share during the forecast period. The growing demand for pharmaceuticals and the effective application of bio-drugs in this technology are other factors driving the segment. Along with an increase in industry participants, the demand for pharmaceutical products is also rising. Millions of people regularly take pills and capsules for medical reasons all over the world. As a result, it is anticipated that this market segment will expand profitably over the course of the forecast period.
The medical segment is expected to witness lucrative growth during the forecast period. The market for 3D bioprinting is expanding due to the widespread use of pharmaceutical pills to treat a variety of chronic diseases. Additionally, the segment is also being driven by the expanding demand for medicines and the efficient use of bio-drugs in this technology.
Over the forecast period, North America is anticipated to dominate the global market. The increased target population count in North America is blamed for the area's dominance. The North American 3D bioprinting market is expected to experience growth opportunities due to the presence of key players and the region's sophisticated healthcare infrastructure. In the upcoming years, it is anticipated that increased regional players' investments in a variety of R&D initiatives will also help the market grow.
Asia Pacific is estimated to witness the highest CAGR over the projection timeframe, owing to a senior population and favorable government initiatives and policies to strengthen the healthcare sector in this region. By 2030, the Japanese government projects that the regenerative medicine industry will have grown to 1 trillion yen. Due to the rise in COVID-19 cases and government R&D spending, Japan and China accounted for the lion's share of the revenue. Furthermore, COVID-19's increased mortality rate and the scarcity of organ donors are expected to fuel the expansion of the regional market.
Some of the key players profiled in the 3D Bioprinting Market include: 3D Bioprinting Solutions, 3D Systems Corporation, Advanced Solutions Life Sciences, LLC, Allevi Inc., Arcam AB, Aspect Biosystems Ltd., Bico group ab, Bio3D Technologies Pte. Ltd., Cellink, Collplant Biotechnologies Ltd., Cyfuse Biomedical K.K., Electro Optical Systems, Envision TEC GmbH, Foldink Life Science Technologies, Formlabs, Inc., GE Healthcare, GeSIM GmbH, Inventia Life Science PTY LTD, Optomec Inc., Organovo Holdings Inc., Pandorum Technologies pvt. ltd., Poietis, Precise Bio, REGEMAT 3D, Regenovo Biotechnology Co. Ltd., Renishaw plc., Revotek co., ltd., Rokit Healthcare, inc. and Stratasys Ltd.
In June 2022, Humabiologics and REGEMAT 3D announced a non-exclusive distribution agreement in order to respond to the increasing demand and serve a broader life science customer base of academic institutes and its industry partners in the European drug testing and bioprinting market.
In May 2022, Organovo Holdings announced it had successfully advanced its first Inflammatory Bowel Disease (IBD) model to target the discovery and validation of Crohn's Disease. Based on the internal data, the company believes its IBD model can correctly demonstrate important aspects of Crohn's patient biology that differ from a non-diseased person.
In April 2021, Aspect Biosystems Ltd announced a partnership with JDRF, a pioneer in diabetes research and advocacy. Through the partnership, the companies will focus on developing 3D bio-printed tissue that is capable of treating type 1 diabetes.
Note: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa Regions are also represented in the same manner as above.