Major Trends in the Global 3D Printing in Medical Applications - Transparency Market Research

Since its introduction over a decade ago, 3D printing as a technology has revolutionized manufacturing as a process. Ever increasing cost pressures on medical device manufacturers and their intense need to introduce innovative products has forced them to adopt 3D printing as a means to reduce the manufacturing life cycle and almost completely eliminate the traditional prototyping process. Traditional manufacturing techniques are based on the subtractive method where, the required product is created by cutting or drilling of the base material. 3D printing builds the desired products layer-by-layer through addition of materials. Hence, this process is also called as additive manufacturing. Although, 3D printing is actually a subset of additive manufacturing, it used synonymously with additive manufacturing in the industry. The overall 3D printing market for medical applications has been categorized on the basis of its applications, raw materials, and technology.

The applications market has been focused only on the medical applications of 3D printing and further segmentation has been provided which includes implants, surgical guides, surgical instruments and bioengineered products. The market for these application areas has been extensively analyzed based on number of 3D printed products, acceptance amongst surgeons, and cost. The market size and forecast in terms of USD million for each product type has been provided for the period 2011 to 2019, considering 2012 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2013 to 2019 for each segment.

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3D printing: The future of medicine

Thanks to 3D printing, the medical industry has undergone a revolution. Providing multiple solutions to large problems, 3D printing has reduced the cost and time of surgical procedures and simultaneously improved patient care. The advancement in medical technology has widened the scope of 3D printing applications and the trend of using customized 3D printed medical products has risen over the years. Moreover, private agencies and government bodies have contributed in terms of funds and encouragement that have propelled the growth of the 3D printing in medical applications market. A move that can increase the prospect of the industry is seeking acquisitions by software companies in the field of 3D designing. The factors which curb the development of the 3D printing market are fewer trained professionals and lack of raw materials.

Economic scenario

The worldwide market for 3D printing in medical applications was estimated to be worth USD 354.5 million in 2012 and is expected to be valued at USD 965.5 million by the year 2019, growing at CAGR of 15.4%. Region-wise North America dominated the overall industry in 2012, accounting for the largest market share. However, trade analysts have predicted that due to the increase in government funding as well as joint ventures and acquisitions, Europe will be the fastest growing region with a CAGR of over 15% between 2013 and 2019. Europe also owes this growth to positive reimbursement policies.