Press release
3D Bioprinting Market | Future Forecast Indicates Impressive Growth Rate
What the Market Looks Like?
Predicted to grow at a CAGR of 20.4% during the forecast period, the global 3D Bioprinting market is estimated to reach USD 1,647 Million by 2024. North America is projected to hold the largest share of the regional market for 3D bioprinting products in 2019.
Based on component, the 3D bioprinting market is segmented into 3D bioprinters and bioinks. The bioinks segment is expected to register significant growth over the forecast period of 2019 to 2024. Increase in government funding and venture funds for the R&D of bioinks and technological advancements are the key factors driving the growth of the bioinks segment. The bioinks segment is further divided into natural, synthetic, and hybrid bioinks. While, the 3D bioprinters segment is further sub-segmented in terms of technology into microextrusion bioprinting, inkjet 3D bioprinting, magnetic 3D bioprinting, laser-assisted bioprinting, and other technologies.
By application, the 3D bioprinting market is classified into research applications and clinical applications. The market for research applications is further sub-segmented into drug research, regenerative medicine, and 3D cell culture. While, clinical applications segment is further divided into skin, bone & cartilage, blood vessels, and other clinical applications. Growth of the research applications segment is attributed to rising funding and grants for 3D bioprinting research and favorable government guidelines.
Based on material, the 3D bioprinting market is broadly segmented into hydrogels, extracellular matrices, living cells, and other biomaterials. Among these, the hydrogel segment is anticipated to register significant growth over the forecast period due to the rncreasing R&D activities and new product launches in the segment. For instance, in 2019, Biogelx (UK) has launched hydrogel-based synthetic bioink in the market.
Based on end-users, the 3D bioprinting market is segmented into hospitals, research organizations & academic institutes, and biopharmaceutical companies. The research organizations & educational institutes segment accounted for the largest share of the 3D bioprinting market in 2018. The large share of this segment can be attributed to the increasing collaboration between academic & research institutes with key market players for developing novel 3D-bioprinted products and increasing funding and grants for the development of novel technologies.
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What Drives the Market?
The growth of the global market for 3D Bioprinting is primarily influenced by the following factors:
• Increasing Use of 3D Bioprinting in the Pharmaceutical and Cosmetology Industries
• Rising Public and Private Funding to Support Bioprinting Research Activities
• Technological Advancements in the 3D Bioprinting Industry
Geographical growth scenario of 3D Bioprinting Market
The 3D bioprinting market is segmented into North America, Europe, Asia Pacific, and Rest of the World (Latin America, and the Middle East and Africa). North America is projected to hold the largest share of the regional market for 3D bioprinting products in 2019. Significant government and private investments in developing advanced 3D bioprinting technologies and applications; and the high adoption rate of these technologies are responsible for the large share of North America in the 3D bioprinting market.
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Leading market players and strategies adopted
The prominent players in the 3D Bioprinting market include Organovo Holdings Inc. (US), CELLINK (Sweden), Allevi Inc. (US), Aspect Biosystems Ltd. (Canada), EnvisionTEC GmbH (Germany), Cyfuse Biomedical K.K. (Japan), Poietis (France), TeVido BioDevices (US), Nano3D Biosciences, Inc. (US), ROKIT Healthcare (South Korea), Digilab Inc. (US), regenHU (Switzerland), GeSiM (Germany), Advanced Solutions Life Sciences (US), and Regenovo Biotechnology Co., Ltd. (China) among others.
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