3D Printing in Medical Devices Market is set for lucrative growth $7.2bn by 2031 - Stratasys Ltd., 3D Systems Corporation, Materialise NV, Envisiontec GmbH, Eos GmbH Electro Optical Systems

Global 3D Printing in Medical Devices Market is expected to reach $7.2bn by 2031 growing at a CAGR of 16.8% between 2021-2031.

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Market Overview

3D printing is a type of additive manufacturing. There are various types of additive manufacturing, but the terms 3D printing and additive manufacturing are often used mutually.

3D printing is a process that generates a three-dimensional object by constructing successive layers of raw material. Every new layer is attached to the previous one until the entity is complete. Objects are generated from a digital 3D file, such as a computer-aided design (CAD) drawing or a Magnetic Resonance Image (MRI).

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The flexibility of 3D printing allows creators to make changes simply without the need to set up additional equipment or tools. It also allows manufacturers to generate devices matched to a patient's anatomy (patient-specific devices) or devices with very complex internal structures. These capabilities have surged huge interest in the 3D printing of medical devices and other products, comprising food, household items, and automotive parts.

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Market Drivers

Rising public-private funding for 3D printing activities

In recent times, there has been a significant rise in public-private funding to support various initiatives in the 3D printing industry such as research and funding activities that are likely to boost the development of 3D printing products and technologies, thereby fuelling the growth of the 3D printing medical devices market. For instance, in September 2020, nTopolgy raised $40M to drive the future of engineering.

Market Opportunities

Direct digital manufacturing

The rising digitization of dentistry and medical procedures has advanced greatly over the years, with the aim of improving the clinical workflow through the incorporation of technology. The industry is witnessing a shift from traditional to digital dentistry and surgeries. Direct digital manufacturing comprises the application of computer-controlled processes for developing a physical object directly from a digital strategy. With the expansion in 3D printing, direct digital manufacturing is becoming a widely used technology as compared to traditional manufacturing techniques. It provides a unique set of advantages as it eliminates the investment in tooling, lowers the lag time between designing and production, and raised production.

Market Segmental Analysis

The global 3D printing medical devices market is segmented into components, technology, medical product, and end users.

3D Printing Medical Devices Market by Components

By components, the 3D printing medical devices market is segmented into 3D printing equipment, materials and services, and software. The materials segment is also sub-segmented into plastics, metal and metal alloy plastics, biomaterials, and others.

The service and software segment is likely to dominate the market in 2021 with a constant rate of XX% during the forecast period. The key factors such as cost-effectiveness, utility, uniformity, and accuracy offered by services for medical device 3D printing, is likely to boost the growth market during the estimated period.

3D Printing Medical Devices Market by Technology

By technology, the global 3D printing medical devices market is bifurcated into photopolymerization, droplet deposition/extrusion-based technologies, laser beam melting, electron beam melting, and three-dimensional printing/adhesion bonding. The photopolymerization segment is also sub-segmented into digital light processing, stereolithography, and two-photon polymerization. Likewise, the droplet deposition/extrusion-based technologies are sub-segmented into fused deposition modelling, multiphase jet solidification, and low-temperature deposition manufacturing. Also, laser beam melting segment is sub-categorized into selective laser melting, direct metal laser sintering, selective laser sintering, and lasercusing.

The laser beam melting segment is likely to dominate the 3D printing medical devices market with a CAGR of XX% during the projection period. The key factors such as increasing applications in the dental industry and manufacturing implants for minimally invasive surgery.

3D Printing Medical Devices Market by Medical Products

By medical products, the 3D printing medical devices market is segmented into surgical guides, surgical instruments, prosthetics and implants, and tissue engineering products. The surgical guides are sub-segmented into dental guides, craniomaxillofacial guides, and orthopaedic guides. Similarly, the surgical instruments are also sub-segmented into surgical fasteners, scalpels, and retractors. Also, the prosthetics and implants segment is also sub-segmented into standard implants and custom implants. Likewise, the tissue engineering products are also bifurcated into bone and cartilage scaffolds, and ligament and tendon scaffolds.

The prosthetics and implants segment is likely to dominate the market with a CAGR of XX% during the forecast period. 3D printing is used on a large scale in manufacturing highly customizable prosthetics and implants out of a variety of materials, comprising biological materials (such as skin and bones), plastics, ceramics, and metals. 3D printing of custom implants-is attracting many medical device syndicates and new investors to purchase 3D printers is likely to drive the growth of this market segment in the upcoming years.

3D Printing Medical Devices Market Analysis by End User

By end-user, the 3D printing medical devices market is segmented into hospitals & surgical centers, dental & orthopedic clinics, academic institutions & research laboratories, pharma-biotech & medical device companies, and clinical research organizations.

The hospital and surgical centers segment is likely to dominate the market with a constant growth rate of XX% during the forecast period. The key factors such as the expansion of 3D printing technologies coupled with the growing affordability of 3D printing services, and the rapid adoption of advanced technologies by hospitals are boosting the growth of the market.

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Geographical Analysis of Global 3D Printing Medical Devices Market

The global 3D printing medical devices market is studied for various key countries of regions such as North America, Europe, Asia Pacific, and the Rest of the World.

North America is likely to hold the largest share of the 3D Printing Medical Devices market in 2021. Market growth is mainly attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers, and the growing installation base for a 3D printer in healthcare facilities.

Market Players of Global 3D Printing Medical Devices Market

The key players in the global 3D printing medical devices market are Stratasys Ltd., 3D Systems Corporation, Materialise NV, Envisiontec GmbH, Eos GmbH Electro Optical Systems, Renishaw PLC., 3T RPD, Ltd., Arcam AB, Concept Laser GmbH and Prodways among others.

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