3D Printed Medical Devices Market Revenue Expected to Reach US$ 1469.4 Million by 2026 - Future Market Insights
Valley Cottage, NY, December 6, 2017 (Newswire.com) - 3D printed medical devices are state-of-the-art medical devices that involve a process of developing three dimensional solid objects from a digital model. Patient specific treatment is the main advantage of 3D printing technology in the healthcare industry. In the domain of healthcare, 3D printing technology is used to develop medical devices such as dental implants, orthopaedic implants, prosthetics, and hearing aids. Furthermore, hospitals and academic institutes use 3D printing technology to develop various models for training purposes. 3D printed medical devices considered in the report typically use technologies such as stereolithography (SLA), selective layer sintering (SLS), digital light processing (DLP), fused deposition modelling (FDM), polyjet / inkjet 3D printing, and electronic beam melting (EBM).
In terms of revenue, the global 3D printed medical devices market is anticipated to grow at a CAGR of 17.7% during the forecast period and is projected to be valued at US$ 1469.4 million by the end of 2026.
Increasing geriatric population and a rise in the number of accidents is fuelling the global market for 3D printed medical devices
Growth of the global 3D printed medical devices market is principally driven by increasing geriatric population across the globe, thus increasing the risk of diabetes-related gangrene cases, peripheral vascular disease, and osteoarthritis among elderly individuals. Additionally, increasing incidence of accidents due to rapid modernisation, use of fast moving machinery, and increasing prevalence of chronic diseases is expected to fuel market growth over the forecast period. However, relatively low adoption of 3D printing technology and regulatory considerations may hinder the growth of the 3D printed medical devices market over the forecast period.
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The plastics segment is expected to remain dominant throughout the forecast period
In terms of revenue share, the plastics material segment dominated the global 3D printed medical devices market in 2015 and is expected to dominate throughout the forecast period. The plastics segment is expected to account for 72.0% market share of the global 3D printed medical devices market in 2016. In terms of value, the biomaterial Inks segment is expected to register the highest CAGR of 20.1 % during the forecast period.
Orthopaedic segment is the largest segment by application
In terms of revenue share, the orthopaedic implants application segment dominated the global 3D printed medical devices market in 2015 and is expected to dominate throughout the forecast period, registering a higher CAGR as compared to other application type segments. The orthopaedic segment is expected to account for 19.9% market share of the global 3D printed medical devices market in 2016.
Polyjet/Inkjet 3D printing to be the dominant segment by technology type
In terms of revenue share, the SLS technology segment dominated the global 3D printed medical devices market in 2015 whereas the polyJet / inkJet 3D printing segment is expected to dominate throughout the forecast period, registering a steady CAGR.
Hospital segment is the largest segment as per the distribution channel segment
In 2016, the hospital segment is estimated to account for the highest market share, expected to reach a value of US$ 862.1 Mn by 2026, and is anticipated to remain the dominant segment during the forecast period.
North America to be the largest market for 3D printed medical devices
In terms of value, North America is expected to be the dominant regional market by 2016 end, and is expected to register a CAGR of 19.2% over the forecast period. Western Europe is expected to be the second fastest growing market registering a CAGR of 18.5% over the forecast period followed by Eastern Europe, APEJ, and Japan.
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Key players are focussing on introducing innovative marketing strategies to increase their market share
Some key players in the global 3D printed medical devices market are 3D Systems, Inc., Arcam AB, Stratasys Ltd., FabRx Ltd., EOS GmbH Electro Optical Systems, EnvisionTEC, Cyfuse Biomedical K.K., and Bio3D Technologies. Increasing mergers and acquisitions and introducing innovative marketing strategies are some of the important steps taken by key market players to increase their consumer base.
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Source: Future Market Insights