Surge in investments in R&D activities, technological advancements in 3D printing, rise in biomedical applications, and presence of huge patient pool drive the growth of the global 3D printing healthcare market
PORTLAND, Oregon, Oct. 24, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "3D Printing Healthcare Market by Component (System/Device, Materials, Services), Technology (Droplet Deposition (DD), Photopolymerization, Laser Beam Melting, Electronic Beam Melting (EBM), Laminated Object Manufacturing), Application (External Wearable Devices, Clinical Study Devices, Implants, and Tissue Engineering), and End User (Medical & Surgical Centers, Pharma & Biotech Companies, and Academic Institutions): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global 3D printing healthcare industry generated $972.6 million in 2018, and is expected to generate $3.69 billion by 2026, registering a CAGR of 18.2% from 2019 to 2026.
Prime determinants of growth
Surge in investments in R&D activities, technological advancements in 3D printing, rise in biomedical applications, and presence of huge patient pool drive the growth of the global 3D printing healthcare market. However, rise in reimbursement issues, scarcity of skilled labor, and high costs related to 3D printing restrain the market growth. On the other hand, surge in pharmaceutical applications and availability of bioprinting organs create new opportunities in the industry.
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The system segment to retain its leadership status during the forecast period
Based on component, the system segment accounted for the highest market share in the global 3D printing healthcare market in 2018, contributing to more than half of the total share, and is estimated to maintain its leadership status during the forecast period. This is due to rapid adoption rate, advancements in technologies, and rise in biomedical applications. However, the materials segment is expected to register fastest CAGR of 20.0% from 2019 to 2026, owing to increase in requirement for biocompatible materials and system installation.
The external wearable devices segment to maintain its dominance by 2026
Based on application, the external wearable devices segment held nearly three-fifths of the total share in terms of revenue of the global 3D printing healthcare market in 2018, and will maintain its dominance by 2026. This is due to liberalization of regulations for 3D-printed medical devices, rise in patient-specific customizations, and huge patient pool suffering from cardiovascular & bone disorders, auditory loss, and dental problems. However, the tissue engineering segment is expected to register the highest CAGR of 22.2% from 2019 to 2026, owing to rise in R&D investments, rise in scope of biomedical applications, and technological advancements.
North America to maintain its lead position during the forecast period
Based on region, North America held the largest market share, contributing for more than two-fifths of the global 3D printing healthcare market in 2018, and will maintain its lead position during the forecast period. This is attributed to technological advancements along with increase in R&D investments and collaborations with academic & commercial organizations. Moreover, Asia-Pacific would grow at the largest CAGR of 19.7% from 2019 to 2026. This is due to funding gained by various start-up companies, rise in healthcare expenditure, and presence of huge number of patients.
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Leading market players
- 3D Systems Corporation
- Materialise NV
- Oxferd Performance Materials, Inc.
- Organovo Holdings, Inc.
- Proto Labs
- SLM Solutions Group AG
- Stratasys Ltd.
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SOURCE Allied Market Research