Increasing adoption of direct digital manufacturing and the expiration of key patents of 3D printed products will contribute to global growth of the 3D printed medical device market, according to a report from MarketsandMarkets (Northbrook, IL). Furthermore, the growing number of applications for 3D printing in the healthcare industry is being driven by surgeons using 3D printing in surgical procedures.
The market is segmented on the basis of technology, component type and region. On the basis of component, it is segmented into three broad categories: Equipment, materials, and software and services. The equipment segment is expected to register the highest growth from 2017 to 2022. The development of technologically advanced 3D printing equipment by leading market players for a number of healthcare applications and the rising adoption of 3D printing for manufacturing medical products are the key factors driving demand for 3D printing equipment in the healthcare industry, according to the report.
In the area of technology, medical 3D printing is segmented into electron beam melting, laser beam melting, photopolymerizaton, droplet deposition or extrusion-based technologies, said MarketsandMarkets. The laser-beam melting segment is expected to register the highest growth during the forecast period. This technology is primarily used to accurately produce small parts for dental applications and minimally invasive surgery.
According to MarketsandMarkets, the key players in the global 3D printing medical device market include Stratasys, 3D Systems Corp., EnvisionTEC GmbH, Materialise NV, EOS GmbH, Arcam AB, Concept Laser GmbH and Renishaw plc.
In 2016, North America accounted for the largest share of the market due to factors such as increasing government initiatives and rising demand for organ transplants. However, the Asia-Pacific region is expected to register the highest compound annual growth rate during the forecast period. The establishment of new 3D printing research, training and education centers, and efforts by leading market players to expand their distribution networks in emerging Asian countries are factors propelling growth of the 3D printing market for medical devices in the Asia-Pacific region.