|10-25-2018 10:48 AM CET - Business, Economy, Finances, Banking & Insurance||
3D-Printing Medical Devices Market to Generate US$ 1,700 Mn Revenue by 2017-2022
Press release from: Fact.MR
PR Agency: Fact.MR
3D-printing is a form of additive manufacturing. Medical devices built by utilising 3d-printing technology enable perfect match to patients’ anatomy. 3D-printing medical devices have extremely complex internal structures. Flexibility of 3D printing enable medical device designers in easily making changes, eliminating the requirement of tools, or, setting up additional equipment. Some examples of 3D-printing medical devices are cranial and orthopedic implants, dental restorations, external prosthetics, and surgical instruments.
3D printing has the potential to make transformations in utilization of medical devices for treatment of patients. 3D printing technology is impacting the healthcare sector by helping in building non-implantable as well as implantable medical devices, coupled with cost-effective customizable devices. The medical 3D printing industry is being highly influenced by surging demand for patient-specific devices in maxillofacial surgery and orthopedics.
3D-printing medical devices are enabling surgeons in planning surgeries, which in turn lower the operative risks faced during complex procedures, decrease duration of anesthesia exposure, and risk of infection. This further enables patients in recovering faster, and reducing the duration of hospital stay. These factors might impact growth of the global 3D-printing medical devices market. 3D printing technology is facilitating surgeons in improving the rate of success in complicated procedures. In addition, this technology is revolutionizing preclinical drug testing by making testing convenient on 3D-printed organs, an alternative to testing of animals.
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3d-printing medical devices market
The advent of 3D-printed tablets has created new avenues for 3D printing technology, enhancing its application in the pharmaceutical industry. A number of collaborations are being witnessed between leading market players and academic institutions across the globe, investing extensively in research and development activities, which in turn is further influencing the market growth. However, factors such as lack of structured regulatory framework, high prices of printers, unfavorable reimbursement policies, limited technical expertise, biocompatibility issues pertaining to 3D-printed medical devices, and concerns related to copyright and patent infringement are expected to hinder the market growth in the near future.
A new report by Fact.MR projects the global 3D-printing medical devices market to register a staggering expansion throughout the forecast period 2017 to 2022. Global sales of 3D-printing medical devices are poised to account for revenues over US$ 1,700 Mn by 2022-end.
Although North America is expected to dominate the global 3D-printing medical devices market, sales of these devices in Asia-Pacific excluding Japan (APEJ) will exhibit the highest CAGR through 2022. Europe will continue to be the second largest market for 3D-printing medical devices, in terms of revenues.
Software & Services to be Sought-After among Products
Software & services are expected to be sought-after among products in the market, accounting for over one-third revenue share of the market during 2017 to 2022. However, sales of materials will register the fastest expansion through 2022. Hospitals are expected to be the most attractive end-users of 3D-printing medical devices, with sales expected to surpass US$ 1,000 Mn in revenues by 2022-end. Revenues from sales of 3D-printing medical devices in hospitals will account for more than half share of the market during the forecast period.
In terms of revenues, implants are anticipated to remain the largest application of 3D-printing medical devices, followed by tissue engineering. 3D-printing medical devices sales for application in external wearable devices will exhibit a relatively lower CAGR through 2022. Photo polymerization will remain the most lucrative technology for 3D-printing medical devices, followed by laser beam melting. In addition, three-dimensional printing technology, and electron beam melting technology are expected to register a parallel expansion through 2022.
Key market players profiled in the report include 3D Systems Corporation, Biomedical Modeling Inc., Carbon, Inc., General Electric Company, EnvisionTEC GmbH, Materialise NV, Organovo Holdings, Inc., Groupe Gorgé SA, Renishaw plc, SLM Solutions Group AG, Stratasys Ltd., and Cyfuse Biomedical K.K.
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