Medical 3D printing technology is showing great potential and is now ready to digitally transform the healthcare industry in 2018. As one of the latest and fastest-growing medical applications, medical 3D printing has already been increasingly and successfully used in various healthcare sectors, such as bioprinting, prosthesis manufacturing, and customized medical implants. The 3d printing medical devices market is an emerging sector in the global healthcare industry, however, in 2018 the technology is maturing and find wider adoption across the market.
Medical 3D Printing Market Overview
According to a recent report from Energias Market Research, the global medical 3D printing market is projected to grow from US$762 million in 2016 to US$ 2.47 billion by 2023, representing a significant CAGR of 18.3% during 2017 – 2023. The global medical 3D printing and relevant medical devices market is mainly influenced by the growing demand for customization of medical solutions coupled with increasing technological innovations and expanding applications of 3D printing in various medical procedures.
Medical 3D printing technology uses additive process, in which objects are created by laying down successive layers of material based on digital models. 3D printing in the healthcare industry is used to manufacture medical devices, with complex features that match a patient’s unique anatomy. The device helps in reducing surgery time, decreases the risk of infections and aids physician training by use of prototypes.
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Medical 3D Printing Market Analysis
Medical 3D printing market in the global healthcare industry had revenues of over US$300 million in 2016, and the market is expected to grow at a rate of 19.1% until 2020. Commonly used medical 3D printing materials for healthcare applications today include plastics, metals, ceramics, donor cells, bone cement, and various biomaterials. As the 3D printing technology continues to improve, while the costs associated with metal, and biomaterials continues to reduce, metal and biomaterials are expected to become a more prominent material used in the healthcare industry.
Currently, North America is the largest market for medical 3D printing technology in the healthcare industry and accounts for nearly 40% of the global market. Europe is the second major market for medical 3D printing applications, followed by the Asia-Pacific (APAC) market, together accounting for 37% of the global market. While the market in APAC is considerably smaller than in North America, as with other 3D printing market segments the Asia-Pacific market is growing at a faster rate than Europe or the Americas.
Future of Medical 3D Printing Technology
In near future, the growth of 3D printing technology in the healthcare industry is predicted to be driven by the high incidence of diseases such as cardiovascular disorders, for which products can be made quickly and locally. In addition, highly detailed and personalized 3D printing products are becoming possible. 3D printing initiatives from the healthcare industry are responding with innovative products, making full use of technological advances in the healthcare sector.