Healthcare 3D Printing Market to Exceed USD 2.2 Billion by 2024

Healthcare 3D printing market size is set to exceed USD 2.2 billion by 2024. Increasing number of patients suffering from chronic diseases as well as more number of road accidents will substantially augment demand for the market. Trending developments associated with surgical prosthesis, pharmaceuticals and medical devices should upsurge revenue size. Rising technological advancements in healthcare 3D printing will favor market growth over the coming years. Moreover, many hospitals have adopted technologically advanced devices that will enhance the business growth. Launch of enhanced 3D printed devices through innovative research should foster market growth. Numerous research centers such as Organovo involve scientists in making artificial organs to study drug effects on functioning of organs. Additionally, prominent industry players are emphasizing efforts on R&D to introduce enhanced 3D printed products enabling scanning through smartphone devices. Aforementioned aspects should stimulate business growth over the forecast period. However, high cost associated with 3D printing software will impede global market growth.

Syringe based segment held largest revenue of USD 237.5 million in 2017. Segmental growth is attributable to advantages provided by syringe-based printers and escalating demand for syringe-based printers. Advantages offered by syringe-based printers include adaptability, simplicity and ease of controlling the flow rate of material. Laser based segment accounted for 18.6 percent market share in 2017, owing to growing usage of laser-based 3D printers for the process of DNA synthesizing. Moreover, laser printer speeds up the procedure of DNA printing thereby, making it affordable and facilitating effective formulation of medicines. Selective laser sintering (SLS) technology held USD 164.9 million and is estimated to grow significantly during forecast timeline. The segmental growth is attributable to wide-ranging applications in manufacturing of medical products, aerospace, healthcare, military hardware and consumer goods. In addition to SLS is extremely appropriate for bulky customization as well as custom-made manufacturing in small batches that should foster demand for SLS.

Dental application is projected to grow at 20.5 percent due to accessible customization at affordable price, and high acceptability by patients. It also allows surgeons to customize and cast mold according to patients’ preference through digital scan software such as, AutoCAD and is expected to encourage customer buying behavior. US market accounted for 91.1 percent revenue share of North America in 2017, owing to rising demand coupled with availability of advanced products that includes, kidney models, 3D printed bone, dental guides, 3D printable pill, ear implants, and automated suturing devices. UK market held USD 31.5 million in 2017 and will witness robust growth over the forecast timeline due to rising adoption of innovative technologies. UK has massive number of local 3D manufacturing hubs as well as they provide training program with an objective to produce wide variation of prosthetic devices. This will act as a growth rendering factor over the coming years.

Key business competitors functioning in global market are Aprecia Pharmaceuticals, Aspect Biosystems, Bio 3D Technologies, BioBots, Cyfuse Biomedical, Digilab, 3Dynamics Systems, Envision TEC, Luxexcel, Materialise NV, Nano3D Biosciences, Oceanz, Organovo Holdings, regenHU, Renishaw, Solidscape, Stratasys, TeVido BioDevices, 3D Bioprinting Solutions, 3D Biotek, and 3D Systems. Notable market players are adopting various strategies such as, merger, acquisition, new product launch to reap profits in healthcare 3D printing market. For instance, in January 2017, Aspect Biosystems announced research collaboration by DePuy Synthes Products, under agreement that is facilitated by Johnson & Johnson innovation. Additionally, Aspect Biosystems lab on a printer 3D Bioprinting platform would be used for developing bioprinted tissue for knee meniscus for surgical therapy. – Global Market Insights