The Role of 3D Printing in Medical Applications Market Industry Growth, Competitors Analysis, New Technology, Trends and Forecast 2021 - 2028
According to the report, the global 3D printing in medical application market was valued at US$ 893.9 Mn in 2020 and is projected to expand at a CAGR of 15.5% from 2021 to 2028. 3D printing has many functions in various industries. It has four key applications in the medical field. The four core uses of 3D printing in the medical field associated with recent innovations are creating tissues & organoids, surgical tools, patient-specific surgical models, and custom-made prosthetics. Medical devices used to replace a missing joint or bone is one of the applications where 3D printing shines. Medical experts can use the technology to produce implants that are better fitting, endure longer, and function better.
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Biocompatible materials that can endure sterilization have been created by 3D printing companies, including high-performance thermoplastics such as Ultem, PEEK, and nylon, and metals such as stainless steel, nickel, and titanium alloys. 3D printing has changed various industries by allowing for non-conventional, faster, and more cost-effective manufacturing of a wide range of products. The medical industry is rapidly discovering the potential uses of this technology, and numerous innovative medical applications of 3D printing are likely to be discovered in the next years.
Increase in Demand for Customized 3D Printing to Accelerate Market Growth
Rise in trend of customized 3D printed medical products and increase in number of medical applications are projected to drive the global 3D printing in medical applications in 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.
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Implants Segment to Dominate Market
In terms of application, the global 3D printing in medical application market has been classified into surgical guide, implants, surgical instruments, and bioengineering. The segment is anticipated to grow at a rapid pace during the forecast period. The segment is expected to dominate the global 3D printing in medical application market over the next few years.
Photopolymerization to be Highly Lucrative Segment
Based on technologies, the global 3D printing in medical application market has been categorized into electron beam melting (EBM), laser beam melting (LBM), photopolymerization, stereolithography and droplet deposition manufacturing. Photopolymerization 3D printing technology combines the benefits of high resolution and favorable printing speed, offering a sophisticated approach to fabricate bespoke medical devices and drug delivery systems.
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Polymers to Dominate Global Market
In terms of material, the global 3D printing in medical application market has been divided into metals, polymers, ceramics, and biological cells. The polymers segment is likely to account for major share of the market during the forecast period. Most biomaterials used in biomedical 3-dimensional (3D) printing technology, such as metals, ceramics, hard polymers and composites, are rigid. These materials are widely used in orthopedic and dental applications, as these can produce customized solutions due to inherent structural and morphological characteristics. Soft polymers, including hydrogels, are widely used in combination with various cells, biological molecules, and drugs for tissue and organ production.
North America to Lead Global Market
In terms of region, the global 3D printing in medical application market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global 3D printing in medical application market in 2020. The region's dominance of the global market can be attributed to the presence of key players in 3D printing technology in the U.S. The country accounts for a significant share of the global 3D printing in medical applications market and is expected to be the hub for future developments in the field. Hence, North America is projected to dominate the global market during the forecast period. However, Europe is anticipated to outpace North America owing to the rise in number of 3D printing companies in the region. Despite being a slow-growth region for several industries owing to recent economic upheavals across several countries in the past few years, technologically advanced companies in Europe have been focusing on innovations such as 3D printing. The 3D printing in medical application market in Europe is likely to be led by Germany, which is expected to outpace Japan in terms of growth rate in the next few years.
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The global 3D printing in medical application market is fragmented in terms of number of players. Key players in the global market include Nanoscribe GmbH, 3D Systems Corporation, EnvisionTEC GmbH, Voxeljet Technology GmbH, Stratasys Ltd., and Materialise NV.
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