BANGALORE, India, Nov. 11, 2021 /PRNewswire/ -- The Healthcare 3D Printing Market is Segmented by Type (System/Device, Materials, Services), by Application (Wearable Devices, Implants, Clinical Study Devices). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Medical Devices & Equipment Category.
The global Healthcare 3D Printing market size is projected to reach USD 4957.1 Million by 2027, from USD 1383.4 Million in 2020, at a CAGR of 20.0% during 2021-2027.
Major factors driving the growth of the healthcare 3D Printing market are:
A rise in demand for personalized medical care by providing customized medical devices based on individual needs is expected to drive the growth of the 3D printing market.
Increasing public-private funding for 3D printing activities, high incidence of dental and orthopedic diseases, easy development of customized medical products using 3D printing, growing applications of 3D printing in the healthcare industry, availability of advanced 3D printing materials for dental and medical applications, and the increasing demand for 3D-printed products in the cosmetics and pharmaceutical industries, are the key factors supporting the growth of the market.
TRENDS INFLUENCING THE GROWTH OF HEALTHCARE 3D PRINTING MARKET
The expansion of the 3D printing market is predicted to be driven by an increase in demand for personalized medical care by delivering customized medical devices based on individual needs. Additive manufacturing technologies are used to create 3D printed objects. An object is built in an additive technique by laying down successive layers of material until the object is complete. Each of these layers can be viewed as a cross-section of the item that has been lightly cut. It's used in the healthcare industry to make personalized medical equipment and products. External wearable devices, clinical study devices, implants, and other healthcare 3D printing applications are common.
Patient-specific gadgets (such as hearing aids) and implants (such as prosthetic joints, cranial plates, and even heart valves) are increasingly turning to 3D printing because of its ease of customization and speed of production. This in turn is expected to drive the healthcare 3D printing market. Traditionally, heart valves and hearing aids required a full week of rigorous, hand-crafted adjustments by expert workers. From casting to fitting, a hearing aid required nine steps prior to 3D printing. Hearing aids may now be scanned in 3D and printed in one day. There are also design advantages: Silicone heart valves that are 3D printed provide a perfect fit that hard, traditionally made heart valves cannot. 3D printing can provide complex, porous surfaces for implants like titanium prosthetic joints or cranial plates, making them less likely to be rejected by patients' bodies.
3D printing helps in the training of medical professionals and doctors with the help of simulated models of body parts. This factor has led to the increased usage of healthcare 3D printing across the world, thereby driving the growth of the healthcare 3d printing market.
Rising surgical volumes involving surgical implants are expected to further boost the healthcare 3D printing market. Among several factors, the increasing number of road accidents is significantly stimulating the demand for healthcare 3D printing. Precise and custom implants can be developed specifically considering the patient's anatomy.
Based on the type, the device sub-segment is expected to be the most lucrative during the forecast period. The main factor responsible for the growth is the increased adoption of 3D printing technology around the world. The technological advancements in 3D Printing and Software have made the transition much smoother and effective. The increased investments in Research and Development have ensured that technology is getting evolved to cater to the needs of rapidly expanding needy patients.
Based on application, the implants segment held the largest market share of about 60.34% in 2018. The market has grown due to the increase in population and increase in the incidence of various diseases.
Based on region, North America is expected to be the most lucrative segment. Various technological developments, widespread usage of 3D printing technology in the area, an increase in research and development spending, and multiple collaborations between academic and commercial organizations are all contributing to the market's growth in this region.
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