3D Printing in Medical Applications Market to Rise at 15.40% CAGR 2013-2019 due to Rising Funding by Government Agencies Globally
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The global market for 3D printing in medical applications is fueled by rising number of medical applications, growing trend of customized 3D printed medical products, funding from private and government agencies, technological advances that widen the scope of medical applications, and reduction in cost and time of medical procedures coupled with enhanced patient care. The acquisition of software companies for 3D designing holds immense scope for future growth, as indicated by the research report. However, lack of trained professionals and issues pertaining to material characterization and development threaten to impede the 3D printing in medical applications market.
3D printing in the medical field is segmented on the basis of application into surgical instruments, surgical guides, bioengineering, and implants. Surgical guides and implants are further fragmented into dental, orthopedic, and crani-maxillofacial. In terms of raw material, the market for 3D printing in medical applications comprises polymers, biological cells, metals, and ceramics.
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By technology, the 3D printing in medical applications market is segmented into stereolithography, electron beam melting (EBM), and droplet deposition manufacturing. Among these, EBM dominated the market and this segment comprises of photopolymerization and laser beam melting (LBM). Both the sub-segments offer accuracy as well as efficiency in producing diverse bio-models and the demand for the same is extremely strong in the 3D printing market. While the stereolithography segment is further broken down into digital light processing and two photon polymerization, the segment of droplet deposition manufacturing comprises multiphase jet solidification, fused deposition modeling, and inkjet printing.
The global 3D printing in medical applications market is geographically divided into North America, Asia Pacific, Europe, and Rest of the World. In 2012, North America dominated the global market but Europe is projected to emerge as the fastest developing as well as largest regional segment by 2019 owing to favorable reimbursement policies, conducive economical conditions, small and big mergers and acquisitions for technological advancements, and increase in government funding.
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