3D Printing Medical Devices Market worth $6.9 billion

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:

Easy development of customized medical products using 3D printing

Restraints:

Stringent regulatory process for the approval of 3D-printed medical devices

Opportunities:

Increasing adoption of CAD/CAM technology and desktop printers

Challenges:

Socio-ethical concerns related to the use of 3D-printed products

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:

In Feb 2023 Stratasys Ltd launched TrueDent resin, which is used in labs for the application in dental structure shades.

In May 2023 CELLINK launched Lumen X a new benchtop DLP bioprinter.

3D Printing Medical Devices Market Advantages:

Customization and Patient-Specific Devices: 3D printing enables the production of medical devices that are tailored to individual patients, ensuring a precise fit and improved patient comfort.

Design Flexibility and Complexity: 3D printing allows for the creation of intricate and complex designs that are not easily achievable with traditional manufacturing methods, unlocking new possibilities for innovative and advanced medical devices.

Rapid Prototyping and Production: With 3D printing, medical devices can be rapidly prototyped and produced, reducing time-to-market and facilitating faster innovation cycles, leading to accelerated product development and commercialization.

Supply Chain Efficiency and Cost-Effectiveness: 3D printing offers on-demand production capabilities, reducing inventory costs and enabling local manufacturing. This improves supply chain efficiency, eliminates the need for extensive warehousing, and reduces transportation and distribution costs.

Sustainability and Waste Reduction: 3D printing is an additive manufacturing technique that minimizes material waste by precise material deposition. This contributes to sustainability efforts, optimizing resource utilization and reducing environmental impact.

Enhanced Product Functionality: 3D printing allows for the integration of complex features and structures into medical devices, enhancing their functionality and performance.

Personalized Treatment Approaches: The customization capabilities of 3D printing enable personalized treatment approaches, such as patient-specific implants and prosthetics, leading to improved treatment outcomes and patient satisfaction.

Accessibility and Affordability: As 3D printing technology advances and becomes more accessible, it has the potential to make medical devices more affordable and accessible to a larger population, particularly in resource-constrained settings.

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.

The research study comprises the patent analysis of technologies/solutions used in the 3D Printing medical devices market

The new market study consists of the trends/disruptions impacting customers' businesses.

The new market study consists of information on key conferences and events in 2022–2028.

The new market study consists of the region-wise regulatory landscape.

The new market study provides details of the strategies of the top 5 players operating in the market.

The competitive landscape chapter has been updated with the market evaluation matrix. The competitive landscape also includes the market share analysis of major global players (as of 2021), updated competitive leadership mapping, and competitive situations and trends.

The new market study comprises 25 players. These companies have emerged as key market players in recent years due to their products and various strategic investments undertaken in the 3D Printing medical devices market.

Updated financial information/product portfolio of players: The new edition of the report provides updated financial information in the context of the 3D Printing medical devices marketfrom January 2020 to July 2022 (depending on availability) for each listed company in graphical representation.

Updated market developments of profiled players: The current report includes the market developments from January 2022 to July 2022.

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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