3D Printing Medical Devices Market worth $6.9 billion

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07 Jun, 2023, 13:00 ET

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CHICAGO, June 7, 2023 /PRNewswire/ -- The 3D printing of medical devices is poised to transform the healthcare industry in the near future. With advancements in technology and material science, the possibilities for creating customized, complex, and patient-specific medical devices are expanding rapidly. This industry is set to revolutionize the way medical devices are designed, manufactured, and utilized. The key advantages of 3D printing medical devices include enhanced customization and personalization, improved patient outcomes, accelerated production timelines, cost-efficiency, and accessibility to remote or underserved areas. 3D printing allows for the creation of highly intricate and tailored devices that precisely fit the anatomy and needs of individual patients. This customization not only improves treatment efficacy but also enhances patient comfort and satisfaction. Additionally, 3D printing enables faster prototyping and production, reducing the time required to bring new medical devices to market. It also offers cost savings by eliminating the need for expensive tooling or molds. Furthermore, 3D printing can address the healthcare needs of remote or underprivileged communities by providing on-demand production of medical devices, reducing transportation costs, and increasing accessibility. With these advantages, the 3D printing of medical devices is poised to revolutionize patient care, improve treatment outcomes, and drive innovation in the healthcare industry.

3D Printing Medical Devices Market in terms of revenue was estimated to be worth $2.7 billion in 2022 and is poised to reach $6.9 billion by 2028, growing at a CAGR of 17.1% from 2022 to 2028 according to a new report by MarketsandMarkets™. 3D printing enables rapid prototyping and iteration of designs, reducing the time and cost required for traditional manufacturing processes. This advantage has been embraced by product designers, engineers, and architects, facilitating faster innovation and time-to-market for new products. Continuous technological advancements in 3D printing have significantly improved the quality, speed, and efficiency of the devices. Innovations in materials, printing processes, and software have expanded the industry. Various industries, including aerospace, automotive, healthcare, consumer goods, and education, have increasingly adopted 3D printing for various applications. As more organizations recognize the benefits and potential of 3D printing, the demand for 3D printing devices continues to grow. e range of applications and made 3D printing more accessible to various industries.

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3D Printing Medical Devices Market Scope:

Report Coverage

Details

Market Revenue in 2022

$2.7 billion

Estimated Value by 2028

$6.9 billion

Growth Rate

Poised to grow at a CAGR of 17.1%

Market Size Available for

2020–2028

Forecast Period

2022–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Component, Technology, Application, End User and Region

Geographies Covered

North America, Europe, Asia Pacific, Latin America, and Middle East and Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increasing adoption of CAD/CAM technology and desktop printers

Key Market Drivers

Easy development of customized medical products using 3D printing

Software and Services component segment to register a significant growth rate over the forecast period of 2023-2028

Based on the component segment, Software, and services are projected to reach USD 3.2 billion in 2028 from USD 1.5 billion in 2023 with a CAGR of 17.0%. The services segment in 3D printing medical devices includes services such as design assistance, pre-processing, post-processing, and quality control. Software solutions are increasingly being utilized to streamline and automate these workflows. Software platforms are used to manage the entire additive manufacturing process, from design to final production, ensuring accuracy, consistency, and traceability. 3D printing allows for highly customized and personalized medical devices. The software segment plays a crucial role in enabling this customization by providing software solutions that can generate patient-specific designs based on medical imaging data. These software tools help in converting imaging data into 3D models that can be used for creating personalized implants, prosthetics, and surgical guides.

Based on Application, Custom Prosthetics and Implants are anticipated to witness the highest growth during the forecast period.

Compared to conventional manufacturing techniques, 3D printing offers faster production times for custom prosthetics and implants. This can be particularly advantageous for patients who require timely solutions, such as in urgent medical cases or situations where a quick turnaround is crucial. The increasing use of custom prosthetics and implants demonstrates the potential of 3D printing and personalized medicine in improving patient care. It allows for patient-specific solutions, faster production, cost-effectiveness, and iterative design processes, ultimately enhancing patient outcomes in the field of medical devices.

Based on Technology, Laser Beam Melting is witnessed to have the Highest growth during the forecast period.

Laser Beam melting is witnessed to grow with the highest CAGR of 18.0% during the forecast period this is due to the following factors- Laser beam melting allows for the production of highly customized and patient-specific medical devices. It enables the creation of complex geometries and intricate designs, which is particularly important for personalized implants, prosthetics, and surgical instruments. Each device can be tailored to the specific requirements of an individual patient, resulting in better fit, comfort, and functionality. Laser beam melting technology offers high levels of accuracy and precision in the production of medical devices. The focused laser beam allows for precise control of melting and solidification, resulting in parts with tight tolerances and fine details. This level of precision is crucial for medical devices where accuracy and proper fit are of utmost importance.

On the Basis of End Users, Hospitals & Surgical centers are anticipated to have the highest growth during the forecast period.

In 2023, the hospitals & surgical centers segment accounted for 33.9% of the 3D printing medical devices market. This segment is projected to reach USD 2,372.2 million by 2028 from USD 1,073.1 million in 2023, at a CAGR of 17.2% during the forecast period. The large share of this end-user segment can be attributed to the increasing number of 3D printing laboratories, expansion of existing 3D printing laboratories, the outsourcing of certain manufacturing functions to 3D printing vendors, and the increasing demand for customized/fabricated solutions.

North America to dominate the 3D Printing medical devices market.

North America's 3D printing medical devices market is anticipated to register the highest growth over the forecast period of 2023 to 2028. North America accounted for the largest share of 45.5% of the total 3D printing medical devices market in 2023. This market is projected to reach USD 2,720.6 million by 2028 from USD 1,244.0 million in 2023, at a CAGR of 16.9% during the forecast period. market. The large share of North America can be attributed because North America has a well-developed and advanced healthcare infrastructure, including hospitals, clinics, and research institutions. This infrastructure provides a conducive environment for the adoption of innovative technologies like 3D printing in the medical field. The availability of skilled healthcare professionals, researchers, and industry experts contributes to the growth of the 3D printing medical devices market.

Asia Pacific is witnessed to grow with the highest CAGR of 18.5% during the forecast period. There is an increasing awareness and acceptance of 3D printing in the healthcare industry across the Asia Pacific region. Industry conferences, trade shows, and educational programs are promoting the benefits and applications of 3D printing in medical devices. This growing awareness is driving the adoption of 3D printing technology among healthcare providers, driving market growth. The Asia Pacific region has been witnessing significant growth and development in its healthcare infrastructure. Countries like China, Japan, South Korea, and Singapore have been investing heavily in healthcare facilities, hospitals, and research institutions. This expanding healthcare infrastructure provides a favorable environment for the adoption of advanced technologies like 3D printing in medical applications.

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3D Printing Medical Devices Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenges:

Key Market Players:

Major players in 3D printing medical devices market include Stratasys Ltd. (Israel), EnvisionTEC (US), 3D Systems, Inc. (US), EOS (US), Renishaw plc (UK), Materialise (Belgium), 3T Additive Manufacturing Ltd. (US), GENERAL ELECTRIC COMPANY (US), Carbon, Inc. (US), Prodways Group (France), SLM Solutions (Germany), Organovo Holdings Inc. (US), Groupe Gorgé (France), Cyfuse Biomedical K.K. (Tokyo), FIT AG (Germany), and Wacker Chemie AG (Germany) among others.

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Recent Developments:

3D Printing Medical Devices Market Advantages:

These advantages of 3D printing in the medical devices market are driving its adoption and revolutionizing the way medical devices are designed, manufactured, and utilized, ultimately improving patient care and treatment outcomes.

The updated version of the report covers the historical market for the 3D Printing medical devices market for the year 2021, the base year market for 2022, the estimated market for 2023, and the forecast till 2028 along with CAGR from 2023 to 2028.

During the production cycle of the report, in-depth interviews were conducted with various primary respondents, which include key opinion leaders, subject matter experts, directors, and C-level executives of selected particle counters vendors to obtain and verify critical qualitative and quantitative information. This primary data was collected mainly through questionnaires, mails, and telephonic interviews.

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