3D Bioprinting Market to Reach Revenues of USD 4.3 Billion by 2028
3D bioprinting market 2020 can touch a size of USD 1,923.02 million by 2023, reveals Market Research Future (MRFR) in its new study. The 3d bioprinting market report also states that the growth can be observed at a strong rate of 24.59% over the forecast period (2018 to 2023). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Market Drivers and Restraints
3D bioprinting has emerged solution catering to a broad spectrum of applications, ranging from medical devices to isolation wards and personal protection equipment since the COVID-19 outbreak. The versatile technology is increasingly being used to deal with the rising supply and demand gap caused by the pandemic since the global lockdown. Logistical issues due to disruptions in transportation and manufacturing, along with pushbacks against free trade have toppled the supply chains, leading to lack of essential goods. This could be a major growth restraint in the global market for 3D bioprinting. However, its fast prototyping and digital versatility has helped enabled quick mobilization and facilitated real-time response to the novel coronavirus emergency.
3D bio printing’s applications in the fight against the SARS-CoV-2 infection includes medical and testing devices, emergency dwellings, visualization aids, personal protective equipment (PPE), personal accessories, and more. The use of 3D bioprinting has also increased as it offers visualization and training aids in the healthcare industry, to compensate for the scarcity of skilled personnel. Companies are doing everything in their capacity to utilize their expertise and limited resources to fight the battle against the pandemic. In August 2020, Isinnova, a renowned engineering vendor in Italy, developed a 3D-printable mask connector called Charlotte valve that helps connect Decathlon’s Easybreath snorkelling masks with the CPAP machines.
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Organ transplantation is cited to be a key driver and has been favorable for the market for 3d printed organs worldwide. Growing cases of chronic disorders have evoked the need for tissue and organ transplants, thereby fostering the growth of the 3D bioprinting market. The cost-effectiveness of 3D bioprinting and the rising use of small prosthetics and implants in treating craniofacial or dental disorders also trigger the market demand across the globe.
The 3D bioprinting industry can be considered with respect to technology, material, application, and end-user.
The technologies taken into account include inkjet 3D bioprinting, microextrusion bioprinting, laser-assisted bioprinting and magnetic 3D bioprinting. The bioink market seems to be performing relatively well and continue to grow steadily in the coming years.
Material-wise, the market categories can be extracellular matrices, hydrogels and living cells.
Major application areas of 3D bioprinting are research as well as clinical applications.
End-users that are prominent in the global market for 3D bioprinting are research organizations & academic institutes along with pharmaceutical & biotechnology companies.
The 3D bioprinting market can be geographically divided into Europe, the Middle East & Africa (MEA) along with Asia Pacific (APAC), as well as the Americas.
Since 2017, the American market has continued to be in the lead as the demand for 3D products has been on a constant upward trajectory in the region. The extensive pool of additive manufacturers and the sound financial status of the patients add to the lucrativeness of the biofabrication market in the region. The recent COVID-19 pandemic has prompted accelerated development of vaccine and drug testing, with scientists increasingly using 3D bio-printing technology to safety-test patients post preclinical trials. Numerous biotherapeutic firms in the region are making use of the 3D bioprinting technology to conduct the novel coronavirus research. To illustrate, in August 2020, Viscient Biosciences deployed the 3D bioprinting technology to develop lung tissue that backs viral infectivity research, while also exploring efficient therapy against the SARS-CoV-2 infection. In a nutshell, the 3D bioprinting market in the Americas has been given a boost with the growing need to find a COVID-19 breakthrough.
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/3d-bioprinting-market-869
APAC is set to display the fastest growth rate over the next few years, thanks to the fast advancing healthcare industry in China and India. The increasing spending on research and development and the alarming rate at which mortality has surged since the COVID-19 outbreak in the region also favor the market. The lack of organ donors further ensures growth in the 3D bioprinting market in APAC, while the trend of rising use of magnetic levitation technology in the healthcare sector for vascular muscle printing, human cell regeneration and toxicity screening. In short, the bioprinting market potential in the region is touted to remain strong throughout the evaluation period.
The top 3d bioprinting companies listed in the study include Allevi (U.S.), Poietis (France), Nano3D Biosciences Inc. (U.S.), Cyfuse Biomedical K.K. (Japan), EnvisionTEC GmbH (Germany), Cellink AB (Sweden), Regenovo Biotechnology Co. Ltd. (China), Aspect Biosystems Ltd. (Canada), FUJIFILM Wako Automation Corporation (U.S.), REGENHU Ltd. (Switzerland), Organovo Holdings Inc. (U.S.), Stratasys Ltd. (U.S.), to mention a few.
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