3D printing is also called additive manufacturing, which is a process of creation of physical objects by deposition of materials in various layers. These objects are created based on a digital model. All of the 3D processes need materials, hardware, and software to work in sync. 3D printing technology can be utilized for the purpose of creation of almost everything from simple parts and prototypes to highly complicated technical products, such as artificial organs utilizing layers of human cells, life saving medical implants, environment-friendly buildings, and parts of aeroplanes. Such wide application is estimated to support expansion of the global 3D- printing medical devices market.
These medical devices come with highly complicated internal structures. Flexibility of this technology allows designers of medical devices to make upgradation and changes in these devices and technology, setting up of orthopedic implants, and doing away with the need for tools. SLM Solutions Group AG, Biomedical Modeling Inc., 3D Systems Corporation, Cyfuse Biomedical K.K., Organovo Holdings, Inc., and EnvisionTEC GmbH are some of the leading players in the global 3D- printing medical devices market in the years to come.
The global 3D-printing medical devices market is prophesized to expand at an exponential growth rate over the tenure of assessment, from 2017 to 2022. This growth of the global 3D- printing medical devices market is estimated to reach a market value of around US$ 1700 mn and growth of the market is attributed to the widespread adoption of the technology
Demand to Ride on the Back of Technological Progress and Innovation
The expansion of the global 3D-printing medical devices market is likely to be influenced by the augmented adoption rate of these devices in several medical applications, such as 3D printed dental devices and 3D printed orthopedic devices. Widespread adoption is also fuelling innovation in the field, which is likely to influence the market positively. The newer products come with more efficiency, better alloys, and metals. Thus, these products are likely to account for a large chunk of the global 3D-printing medical devices market over the period of forecast, from 2020 to 2030.
Bioprinting is one of the many types of 3D printing that is utilized in the field and has gained substantial traction in the last few years. This form of printing is utilized on metal or plastic, bioprinters make use of a computer aided and guided pipette to layer living cells. One on top of another layer is placed to produce laboratory based artificial living cells. 3D printing comes with several functions in a wide variety of industries. However, this technology has four important uses in the medical sector. In most of the cases, this technology is utilized in the replacement of organs of human beings, make economically viable options of required tools of surgery, and improve the speed of surgical processes. It also improves the quality of life of those patients who are living with prosthetic limbs. All these benefits are anticipated to boost the growth of the global 3D- printing medical devices market in the years to come.
Asia Pacific to Present High Growth Opportunities in the Coming Years
In terms of region, the global 3D printing medical devices market is broadly classified into five main regions, which are Latin America, North America, Europe, the Asia Pacific, and Middle East and Africa. The Asia Pacific is expected to present high growth opportunities for the market players. The growth of the region is ascribed to the establishment of several education centers, 3D printing research and training centers. In addition, rising efforts by several market players to expand their network of distribution in the region is likely to further bolster growth of the market in the years to come.