New York, United States: The Report on 3D Printing Medical Devices Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from 3D Printing Medical Devices Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.
The global 3D Printing Medical Devices market gathered revenue around USD 1.5 Billion in 2020 and market is set to grow USD 7.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 17.6% during the prediction period 2021 to 2027.
Overview of 3D Printing Medical Devices Market Study
3D Printing Medical Devices market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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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.
3D Printing Medical Devices Market Dynamics
Driver: Increasing public-private funding for 3D printing activities
In recent years, there has been a significant increase in public-private funding to support various initiatives in the 3D printing industry. Such research and funding activities are expected to boost the development of 3D printing products and technologies, thereby driving the growth of the 3D printing medical devices market.
Listed below are recent development in recent years:
- In September 2020, nTopology (US) raised funding of USD 40 million for the development of the nTop software platform for additive manufacturing processes.
- In March 2019, the University of Huddersfield (UK) raised funding of USD 2.6 million (EUR 2.25 million) from Innovate UK for the development of a new generation of the electron-beam additive manufacturing (EBAM) printer.
Restraint: Shortage of a skilled workforce due to limited specialized training in additive manufacturing
One of the prominent barriers to the adoption of additive manufacturing or 3D printing is the lack of a skilled workforce. There is a very limited resource pool available for staff that is well-versed with 3D printing processes, which is further worsened by the rapid pace of evolution of the 3D printing medical devices market in terms of technology and materials.
There is a dearth of training programs available for additive manufacturing, and there exists a wide gap between academia and practical applications in the industry that is difficult to bridge. The lack of a workforce with a full understanding of the design process and production cycle in additive manufacturing affects the final quality of the product. The lack of such a workforce would restrain the overall adoption of 3D printing in the medical devices industry.
Opportunity: Direct digital manufacturing
The digitization of dentistry and medical procedures has advanced immensely over the years, with the intention of improving the clinical workflow through the incorporation of technology. The industry is experiencing a shift from traditional to digital dentistry and surgeries. Direct digital manufacturing involves the application of computer-controlled processes for developing a physical object directly from a digital design. With advancements in 3D printing, direct digital manufacturing is becoming a widely used technology as compared to traditional manufacturing techniques. It offers a unique set of advantages as it eliminates the investment in tooling, reduces the lag time between designing and production, and increases production.
Challenge:High capital investment and operating costs
Small and medium-sized end users may find it unfeasible to establish 3D printing facilities due to financial constraints. This is a key challenge in the market. The cost of a high-resolution 3D printer is around USD 40,000–100,000, while the cost of a 3D printer used for printing craniomaxillofacial implants is approximately USD 3,500–4,000; ROI for these devices can only be met after 1–2 years. This also makes it difficult for healthcare facilities dependent on federal funding (for whom securing funds in itself is a time-consuming process) to install and use such equipment. Due to this financial aspect, many smaller dental and orthopedic clinics may choose to outsource production to service bureaus or laboratories.
By component, the Software and Services segment dominated the global 3D Printing Medical Devices market
Based on the component, the 3D Printing Medical Devices market is segmented into equipment, materials, and software & services. The software & services dominated the 3D Printing Medical Devices market in 2020. The cost-effectiveness, utility, uniformity, and accuracy offered by services for medical device 3D printing, is expected to fuels the growth of this segment during the forecast period.
By application, the custom prosthetics and implants segment dominated the global 3D Printing Medical Devices market
Based on the application, the 3D Printing Medical Devices market is 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. The custom prosthetics and implants segment accounted for a larger share in the market in 2020. 3D printing is used on a large scale in manufacturing highly customizable prosthetics and implants out of a variety of materials, including biological materials (such as skin and bones), plastics, ceramics, and metals. 3D printing of custom implants—are attracting many medical device companies and new investors to purchase 3D printer is expected to drive the growth of this market segment in the coming years.
By Technology, the laser beam melting segment accounted for the largest share of the 3D Printing Medical Devices market in 2020
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. Among these, the laser beam melting (LBM) segment accounted for the largest share of the market in 2020. The large share of this segment is attributed to the increasing application of this technology in the dental industry and for manufacturing implants for minimally invasive surgery.
By End User, the Standard power supply segment accounted for the largest share of the 3D Printing Medical Devices market in 2020
Based on End User, the 3D Printing Medical Devices market has been segmented into the hospitals & surgical centers, dental & orthopedic clinics, academic institutions & research laboratories, pharma-biotech & medical device companies, and clinical research organizations. Among these, the hospitals & surgical centers segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the expansion of existing 3D printing laboratories, growing affordability of 3D printing services, and the rapid adoption of advanced technologies by hospitals.
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COVID-19 Impact on 3D Printing Medical Devices Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the 3D Printing Medical Devices market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the 3D Printing Medical Devices market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the 3D Printing Medical Devices market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the 3D Printing Medical Devices market include:
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.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global 3D Printing Medical Devices Market, by Component
- 3D Printers
- 3D Bioprinters
- Metals and Metal Alloys
- Other Materials
- Services & Software
Global 3D Printing Medical Devices Market, by Application
- Surgical Guides
- Dental Guides
- Craniomaxillofacial Guides
- Orthopedic Guides
- Spinal Guides
- Surgical Instruments
- Surgical Fasteners
- Standard Prosthetics & Implants
- Custom Prosthetics & Implants
- Orthopedic Implants
- Dental Prosthetics & Implants
- Craniomaxillofacial Implants
- Tissue-engineered Products
- Bone & Cartilage Scaffolds
- Ligament & Tendon Scaffolds
- Hearing Aids
- Wearable Medical Devices
- Other Applications
Global 3D Printing Medical Devices Market, by Technology
- Laser Beam Melting
- Direct Metal Laser Sintering
- Selective Laser Sintering
- Selective Laser Melting
- Digital Light Processing
- Two-photon Polymerization
- PolyJet 3D Printing
- Droplet Deposition/Extrusion-based Technologies
- Fused Deposition Modeling
- Multiphase Jet Solidification
- Low-temperature Deposition Manufacturing
- Microextrusion Bioprinting
- Electron Beam Melting
- Three-dimensional Printing/Adhesion Bonding/Binder Jetting
- Other Technologies
Global 3D Printing Medical Devices Market, by End User
- Hospitals & Surgical Centers
- Dental & Orthopedic Clinics
- Academic Institutions & Research Laboratories
- Pharma-Biotech & Medical Device Companies
- Clinical Research Organizations
Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/3d-printing-medical-devices-market
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The purpose of Nova one advisor’s 3D Printing Medical Devices market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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