The 3D Printing Medical Devices market is projected to reach USD 5.1 billion by 2026 from USD 2.4 billion in 2021, at a CAGR of 16.3% during the forecast period. Growth in this market is primarily driven by technological advancements towards the development of biocompatible materials; increased funding, research grants, and public-private investments; and growing government initiatives to improve healthcare infrastructure of hospitals; However, the lack of skilled technicians is expected to limit market growth in the coming years. Complex regulatory frameworks that delay the approval of new 3D Printing Medical Devices are also expected to challenge market growth to a certain extent.
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North America is expected to dominate the global 3D Printing Medical Devices market in 2020
North America, comprising the US and Canada, accounted for the largest share of the 3D Printing Medical Devices market in 2020. Increasing number of vendors manufacturing 3D Printing Medical Devices and a growing number of approvals for 3D Printing Medical Devices are the major factors driving market growth in North America. Customers in North America are moving towards outsourcing for curbing manufacturing expense, which is increasing demand for 3D Printing Medical Devices. This trend will have a positive impact on the 3D Printing Medical Devices market.
Stratasys Ltd. (US & Israel), 3D Systems Corporation (US), GE Additive (US), Materialise NV (Belgium), Renishaw plc (UK), SLM Solutions Group AG (Germany), Desktop Metal, Inc. (US), Prodways Group (France), Carbon, Inc. (US), CELLINK (Sweden), Organovo Holdings, Inc. (US), EOS (Electro Optical Systems) GmbH (Germany), Biomedical Modeling, Inc. (US), Formlabs, Inc. (US), 3T Additive Manufacturing Ltd. (UK), DENTSPLY Sirona, Inc. (US), DWS Systems SRL (Italy), Roland DG (Japan), HP, Inc. (US), and regenHU (Switzerland) among others are some of the major players operating in the global 3D Printing Medical Devices market.
The software and services of component segment to hold major market share by 2026
Based on the component, the 3D Printing Medical Devices market is segmented into equipment, materials, and software & services. The equipment segment is further divided into 3D printers and 3D bioprinters. Among the components, the software & services segment held a major share of the market in 2020.
This segment includes services such as tooling and parts production, rapid prototyping, software services, contract manufacturing of 3D-printed products, preclinical testing, system maintenance, creation of a 3D digital model using 3D software programs such as CAD or scanning software, and expert services for training programs. The increase in the number of training activities focusing on the developing expertise of healthcare professionals on 3D printing technology is a key factor encouraging the growth of this segment during the forecast period.
Based on application, the custom prosthetics and implants segment is expected to account for the largest share of the 3D Printing Medical Devices market in 2020
Based on application, the 3D Printing Medical Devices market has been segmented into surgical guides, surgical instruments, standard prosthetics and implants, custom prosthetics and implants, tissue-engineered products, hearing aids, wearable medical devices/implantable medical devices, and other medical devices. Among these, custom prosthetics and implants sub-segment dominated the market in 2020. The major share of the segment is attributed to the growing number of orthopedic and CMF procedures.
The external power supply segment is expected to register the highest growth rate during the forecast period
Based on technology, the 3D Printing Medical Devices market has been segmented into electron beam melting (EBM), laser beam melting (LBM), photopolymerization, droplet deposition or extrusion-based technologies, three-dimensional printing (3DP) or adhesion bonding, and other technologies. Significant market growth and a large share of laser beam melting (LBM) segment can primarily be attributed to the availability of printer in desktop and production grade configurations to cater to hospitals, medical devices OEMS, and physician clinics
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