3D Printing in Medical Application Market to Expand at a CAGR of 15.5% from 2021 to 2028

3D Printing in Medical Application Market Outlook 2028

• The global 3D printing in medical application market was valued at US$ 893.9 Mn in 2020

• It is estimated to expand at a CAGR of 15.5% from 2021 to 2028

• The global 3D printing in medical application market is expected to cross the value of US$ 2.76 Bn by the end of 2028

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Open-source Design Platforms Increasing Availability of Affordable Prostheses
Affordable prostheses, bio-printing, and new medical devices are transforming the 3D printing in medical application market. As children grow and get into adventures, they inevitably outgrow their prostheses and require expensive repairs. The lack of manufacturing processes is providing impetus to 3D printing's much noted design freedom to mitigate high financial barriers to treatment.

Innovative platforms are supporting entire communities around the world to design 3D printed prostheses. Companies in the 3D printing in medical application market are taking advantage of this to gain information through open-source designs to increase the availability of custom-designed prostheses that are well-adapted for budget-strained individuals.

Companies Increase Testing of Devices to Support Medical Community amid COVID-19 Pandemic
The 3D printing community is refocusing its medical attention internationally by capitalizing on centralized large-scale manufacturing facilities as well as locally distributed manufacturing of verified and tested CAD (Computer Aided Design) files amid the ongoing COVID-19 pandemic. Companies in the 3D printing in medical application market are increasing efforts to support multiple medical, engineering, and other societies to work on common needs.

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Due to challenges created by the pandemic, companies in the 3D printing in medical application market are facing hurdles to ensure clinical effectiveness of many devices manufactured according to CAD files. Nevertheless, participants in the market are taking help of government stimulus packages to ensure business continuity. They are increasing R&D to test devices approved for frontline clinical use by relevant regulatory bodies.
Can R&D in 3D Printing Transform Development of New Medicines?

Even though the 3D printing technology has many technical and regulatory challenges, these problems are being solved by increasing R&D investment. This investment is necessary for the development of new medicines and accelerate the arrival of personalized & intelligent drug delivery.

3D printing has the potential to realize the precise shaping of a variety of materials and overcome the issues of conventional preparation technology in many aspects. This technology is providing new methods for pharmaceutical investigation and fosters the development of personalized drug delivery.

Producing Patient-specific Models from CT Scans Become Cost-efficient with 3D Printing
The 3D printed anatomical models from patient scan data are becoming increasingly useful tools in today's practice of personalized and precision medicine. Healthcare professionals, research organizations, and hospitals across the globe are using 3D printed anatomical models as reference tools for preoperative planning, intraoperative visualization, and pre-fitting medical equipment, as both routine and highly complex procedures are being documented in hundreds of publications.

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It has been found that producing patient-specific and tactile reference models from CT (Computed Tomography) and MRI (Magnetic Resonance Imaging) scans is cost-efficient and straightforward with 3D printing. Such findings are translating into revenue opportunities for healthcare companies in the 3D printing in medical application market.

In-house 3D Printing Revolutionizing Product Development and Designing of Surgical Instruments
3D printing has virtually become a synonym for rapid prototyping. The ease of use and low cost of in-house 3D printing is revolutionizing product development and designing of surgical instruments. Such trends are contributing to the expansion of the 3D printing in medical application market.

Top med-tech companies are using 3D printing to generate accurate prototype of medical devices as well as jigs and fixtures to simplify testing. In-house 3D printing is eliminating the hassles associated with outside print vendors for prototypes. The 3D printing technology is helping to accelerate production rates and significantly reduce costs for prototyping.

3D Printing in Medical Application Market: Overview

• According to Transparency Market Research's latest report on the global 3D printing in medical application market for the historical period 2017-2019 and forecast period 2021-2028, increase in demand for customized 3D printing in medical applications is projected to drive the global 3D printing in medical application market during the forecast period

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Increase in Demand for Customized 3D Printing to Accelerate Market Growth: Key Driver

• Rise in trend of customized 3D printed medical products and increase in the number of medical applications are expected to boost the growth of the global 3D printing in medical application market over the next few years

• Increase in trend of customized 3D printed medical products and high funding from government and private organizations are likely to accelerate market growth over the next few years

• 3D printing is used to create new surgical cutting and drill guides, prosthetics, and patient-specific replicas of bones, organs, and blood vessels. Recent 3D printing advancements in healthcare have resulted in lighter, stronger, and safer products, as well as shorter lead times and lower costs.

Creating Patient-specific Organ Replicas to Drive Market

• 3D printing is used to create patient-specific organ replicas that surgeons can use to practice on before performing complex operations. This technique expedites procedures while minimizing patient trauma.

• This type of procedure has been used successfully in surgeries ranging from a full-face transplant to spinal procedures, and has become more common. Moreover, the market is projected to be propelled by a technological revolution in 3D printing in medical applications.

• Usage of 3D printing in medicine can provide numerous advantages, including customization and personalization of medical products, drugs, and equipment; cost-effectiveness, increased productivity, democratization of design & manufacturing, and improved collaboration
Shortage of Skilled Workforce Due to Limited Specialized Training in Additive Manufacturing

• Skilled workforce is one of the most significant barriers to the adoption of additive manufacturing or 3D printing. Limited resource pool is available for staff who are well versed in 3D printing processes, which is exacerbated by the rapid pace of evolution of the 3D printing medical devices market in terms of technology and materials.

• There is a shortage of additive manufacturing training programs, and a wide gap exists between academia and practical applications in the industry that is difficult to bridge. Lack of a workforce with a thorough understanding of the design process and production cycle in additive manufacturing has an impact on the final product's quality.
3D Printing in Medical Application Market: Competition Landscape

• This report profiles major players in the global 3D printing in medical application market based on various attributes such as company overview, financial overview, product portfolio, business
strategies, and recent developments

• The global 3D printing in medical application market is highly fragmented, with the presence of a large number of international as well as regional players

• Leading players operating in the global 3D printing in medical application market are

o Nanoscribe GmbH
o 3D Systems Corporation
o EnvisionTEC GmbH
o Voxeljet Technology GmbH
o Stratasys Ltd.
o Materialise NV, among others

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