Press release
3D bioprinting Market Latest Technology Advancements, Growth and Business Outlook 2020 to 2024
3D bioprinting is an emerging field represented by various biologically applied deposition and assembling systems, which include direct writing, photolithography, microstamping, extrusion, laser writing, stereolithography, electro-printing, microfluidics, and inkjet deposition.The Global 3D Bioprinting Market was valued at USD 385.56 million in 2018 and is expected to register a CAGR of 25.36% during the forecast period (2019-2024).
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Top Companies in the Global 3D Bioprinting Market:
3D Systems Corporation, Aspect Biosystems Ltd, GeSIM GmbH, Bio3D Technologies, Allevi Inc., Cyfuse Biomedical KK, Envision TEC GmbH, Organovo Holdings Inc., 3Dynamic Systems Ltd, RegenHU SA, Stratasys Ltd, REGEMAT 3D, 3D Bioprinting Solutions, Arcam AB (GE Company)
Market Overview:
The primarily growing bioprinting applications include 3D bioprinted tissue and hair follicles, as they are very beneficial to cosmetics companies, especially in Europe, where animal testing for cosmetics was banned in 2013. For a cosmetic company, the advantage will be the ability to economically and ethically test products (i.e., not on animals) across varying skin types, for more accurate results.
Growing government support is also attracting many investors to invest in R&D programs, which is expected to develop space for the studied market. In 2018, Mapp Biopharmaceutical Inc. announced that it had been awarded a contract of USD14.8 million, with options for an additional USD 32.0 million, by the Biomedical Advanced Research and Development Authority (BARDA).
Further, a significant increase in the number of older adults is projected in the coming decades, which is expected to drive the need for 3D bioprinting reflecting the growth of the market.
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Key Market Trends:
Drug Testing to Hold Major Share
3D bioprinters are of the highest importance for drug testing and clinical trials applications expected to drastically reduce the need for animal trials (therefore not only being ethically beneficial but also being cost-effective).
Traditionally, clinical trials for new drug development involved testing on animals with artificially induced affected tissues. With the advent of 3D bioprinting, drug developers will be able to address the complications associated with human clinical trials of new drugs, by identifying them in a short period (since these can be tested with human-like 3D printed tissues).
Cosmetic companies are also potential buyers of the bioprinter technology. In 2013, the European Union prohibited the use of cosmetics developed by animal testing. Prohibition of retailing products tested abroad on animals was also levied. Such regulations have accelerated the use of alternatives like bioprinting.
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