A new Transparency Market Research report states that the global 3D printing in medical applications market stood at US$354.5 mn in 2012 and is predicted to reach US$965.5 mn by 2019. It is predicted to expand at an extraordinary CAGR of 15.40% from 2013 to 2019. The title of the report is “3D Printing in Medical Applications Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
3D printing or three-dimensional printing is a manufacturing method wherein objects are manufactured by depositing or fusing materials such as metals, plastics, powders, ceramics, living cells, and liquids in layers for producing a 3D object. The use of 3D printing in medical applications is swiftly rising. The medical utilization of 3D printing, both potential and actual, can be segmented into several categories such as the creation of customized implants, prosthetics, and anatomical models, and tissue and organ fabrication, among others.
As per the report, the rising funding by private and government agencies globally and the increasing count of medical applications will propel the growth of the market. In addition, the increasing technological advancements for widening the scope of medical applications are also boosting the growth of the market. Furthermore, the increasing trend of customization of 3D printed medical products and the reduced costs and time of medical procedures due to usage of 3D printing are also augmenting the growth of the market. On the other hand, the absence of trained professionals is a key factor restraining the growth of the market.
In terms of application, the market for 3D printing in medical applications is segmented into surgical guides, surgical instrument, implants, and bioengineering. The segments of surgical guides and implants are further segmented into dental, orthopedic, and cranio-maxillofacial. Amongst these, the segment of implants is predicted to expand at the highest CAGR of 15% between 2013 and 2019.
By technology, the report segments the market into electron bean melting (EBM), droplet deposition manufacturing, and stereolithography. The segment of EBM is further segmented into photopolymerization and laser beam melting (LBM). The segment of droplet deposition manufacturing is further segmented into fused deposition modeling, inkjet printing, and multiphase jet solidification. On the other hand, the segment of stereolithography is further segmented into digital light processing and two-photon polymerization. Amongst these, the segments of LBM and photopolymerization led the market in 2013 and are predicted to rise at the greatest growth rate in the forecast horizon. In terms of raw material, the report segments the market into polymers, metals, biological cells, and ceramics.
On the basis of geography, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America led the market in 2012. On the other hand, Europe is expected to rise at the greatest CAGR from 2013 to 2019. This is owing to the rising funding by governments and the increasing number of mergers and acquisitions between companies for technological developments within Europe.
As stated in the report, the chief players dominant in the market for 3D printing in medical applications are EnvisionTEC GmbH, 3D System, Stratasys Inc., and Materialise NV, among others.