Orthopedic Implants to Dominate the Global 3D Printed Medical Devices Market
Increasing prevalence of chronic diseases and rising awareness regarding personal care will drive future growth.
The global 3D printed medical devices market is expected to expand at a compound annual growth rate (CAGR) of 18.1 percent through 2027. An increasing prevalence of chronic diseases and rising awareness regarding personal care are major factors twill drive growth of the market during this period, according to Future Market Insights.
Increased Ability to Innovate Aids the Global 3D Printed Medical Devices Market
With increasing popularity of 3D printing, medical devices manufacturers are particularly focused on innovations. Substantial need for individualized yet economical medical solutions is met through 3D printing. Complex features of integration such as hard and soft areas, solid and porous structures, multi-material and multi-color, which seemed to be difficult by implementing conventional manufacturing techniques, is made simpler through 3D printing. Patient-specific implants are being manufactured based on computed tomography (CT) and magnetic resonance imaging (MRI) scans provided by surgeons, which results in reduction of the overall surgical cost. This has increased the popularity of 3D printed medical devices all around the world.
The global 3D printed medical devices market is segmented based on application, technology, material type, end user and region. On the basis of application, the market has been segmented into orthopedic Implants, dental implants and cranio-maxillofacial implants. Orthopedic implants application segment accounted for a higher revenue share in global 3D printing devices as compared to others in application segment. Orthopedic implants segment in the application category of the global 3D printed medical devices market was estimated to be valued at nearly $170 million in 2017 and is slated to reach a valuation of nearly $970 million in 2027, exhibiting a 19.2 percent CAGR during the period of assessment.
Based on the material type, 3D printed medical devices market is segmented into metals and alloys, biomaterial inks and plastics. The biomaterial inks segment was estimated to be valued at nearly $65 million in 2017 and is anticipated to reach a valuation of nearly $400 million in 2027, displaying a CAGR of 20 percent during the period of forecast.
Based on the end user, 3D printed medical devices market is segmented into hospitals, ambulatory surgical centres and diagnostic centres. Hospital end user segment accounts for higher demand for 3D printing devices as compared to other distribution channel segments such as ambulatory surgical centres and diagnostic centres, registering a CAGR of 18.7 percent over the forecast period.
On the basis of region, the global 3D printed medical devices market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and the Middle East and Africa. Revenues in Western Europe are expected to grow at a CAGR of 18.6 percent, whereas Eastern Europe is anticipated to grow at 15.5 percent over the forecast period. The Western Europe 3D printed medical devices market was estimated to be valued at nearly $65 million in 2017 and is slated to reach a value of nearly $360 million in 2027. The Eastern Europe 3D printed medical devices market was estimated to be valued at nearly $40 million in 2017 and is anticipated to reach a value of nearly $160 millin in 2027.
Some of the players in the global 3D printed medical devices market include 3D Systems Inc., Arcam AB, Stratasys Ltd., FabRx Ltd., EOS GmbH Electro Optical Systems, EnvisionTEC, Cyfuse Biomedical K.K. and Formlabs Inc., among others. Key players are focusing on strengthening their position by establishing new facilities in North America region. Moreover, companies are targeting Asia-Pacific region and Europe by distribution agreements with local players. In order to increase their revenue, major players in the North America region are entering into agreements with hospitals and academic institutes.
Future Market Insights provides market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London and has delivery centers in the United States and India.
From : www.odtmag.com