Healthcare 3D Printing Market
Number of pages: 100 | Report Format: PDF | Published date: February 10, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 2.4 billion |
|
Revenue Forecast in 2030 |
US$ 9.13 billion |
|
CAGR |
16% |
|
Base Year For Estimation |
2021 |
|
Forecast Year |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Technology, Component, Application, End user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global healthcare 3D printing market was valued at US$ 2.4 billion in 2021 and is expected to register a revenue CAGR of 16% to reach US$ 9.13 billion by 2030.
Healthcare 3D Printing Market Fundamentals
Additive manufacturing, also known as 3D printing, produces three-dimensional solid products that are commonly used in the healthcare industry. Additive manufacturing procedures are used to create 3D-printed products. This technique involves building up layers on top of one another to create an object. The layouts appear as very thinly sliced layers when seen as a cross-section of the product. With the help of this technique, customized medical equipment and tools are produced for usage in the healthcare industry.
A broader range of industries may now use 3D printing due to its several advantages over traditional manufacturing techniques. Healthcare 3D printing technology is known to be utilized in burn treatment, bioprinting, and tissue engineering. Such technology has made it possible for 3D printing to produce layers of human skin that preserve the lives of people who have experienced serious accidents and severe injuries. Many hospitals have been using these devices, which has increased the demand for such cutting-edge technology and positively impacted the market revenue growth. In order to offer specific advances in healthcare, including 3D printing that enables scanning via smartphone devices, several industry firms are concentrating their efforts on R&D activities.
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Healthcare 3D Printing Market Dynamics
Increase in public-private funding supporting various 3D printing industry activities is anticipated to accelerate the development of 3D printing technologies and goods, consequently bolstering the healthcare 3D printing market. For instance, in September 2020, nTopology (US) raised US$ 40 million in funding to create the nTop software platform for additive manufacturing processes. Moreover, the global healthcare 3D printing market is expected to register growth at the highest revenue CAGR during the projected period due to the increase in bone and musculoskeletal injuries and the rising demand for 3D anatomical components. Additionally, the uses of 3D printing in healthcare have expanded significantly. Bones, hearing aids, cell cultures, exoskeletons, windpipes, eyeglasses, tissues, stem cells, blood vessels, vascular networks, organs, novel dosage forms, and medication delivery systems are all produced using 3D printing. For many biotech corporations, developing tissues and organs for medical research is the top aim. Moreover, several research centers are collaborating with researchers to construct artificial organs and to study how pharmaceuticals alter the way those organs operate. The popularity of the animal rights movement is anticipated to encourage the growth of 3D printing technology during the pre-human clinical testing stages.
Healthcare 3D Printing Market Ecosystem
The global healthcare 3D printing market has been analyzed from five perspectives: technology, component, application, end user, and region.
Healthcare 3D Printing Market by Technology
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Based on technology, the global healthcare 3D printing market has been segmented into electron beam melting (EBM), laser beam melting (LBM), photopolymerization, droplet deposition, three-dimensional printing (3DP), and polyjet printing.
The laser beam melting (LBM) segment accounts for the largest market share. The significant market share of this segment is linked to the technology’s expanding usage in the dental industry and the production of implants for minimally invasive surgeries.
Healthcare 3D Printing Market by Component
Based on component, the global healthcare 3D printing market has been segmented into 3D printers, 3D bioprinters, materials, and software & services.
The software and services segment dominates the market for healthcare 3D printing. This can be attributed to the cost-effectiveness, utility, uniformity, and accuracy provided by medical device 3D printing services.
Healthcare 3D Printing Market by Application
Based on application, the global healthcare 3D printing market has been segmented into surgical guides, prosthetics, and implants.
The implants and prosthetics segment accounts for the highest market revenue share. Biological materials (such as skin and bones), plastics, ceramics, and metals can be used to create highly customizable prosthetics and implants using 3D printing. The development of this segment is anticipated to be fueled by increase in the trend of using 3D printing of customized implants, which is pulling in new investors and medical device companies.
Healthcare 3D Printing Market by End User
Based on end user, the global healthcare 3D printing market has been segmented into hospitals, pharmaceutical & biotechnology companies, and academic institutions.
The hospitals segment accounts for the largest market revenue share due to the growth in the uptake of cutting-edge medical technology by hospitals, the expansion of existing 3D printing facilities, and the increase in affordability of 3D printing services.
Healthcare 3D Printing Market by Region
Based on region, the global healthcare 3D printing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is expected to dominate the global markets during the forecast period owing to a combination of factors, including an aging population, a rise in the incidence of cardiovascular diseases, and an increase in number of replacement and implant surgeries. Technological advancements in 3D printing technology are likely to further extend the global 3D printing demand. Moreover, the demand for the global 3D printing market is projected to increase as a result of technological developments in 3D printing. Furthermore, the extensive usage of 3D printing technology and the partnerships between commercial and academic institutions in this region are also boosting the healthcare 3D printing demand. Additionally, advances in 3D printing technologies, increased financing in the field of 3D printers, and a rise in the number of surgeries in this region have all contributed to the dominance of the North America healthcare 3D printing market. The growth of the North America healthcare 3D printing market is also fueled by an increase in product approvals, product launches, and acquisitions by major firms operating in the space.
The market is expected to register growth at the fastest CAGR in the Asia Pacific region during the forecast period from 2022 to 2030. The advancements in the medical manufacturing industry have contributed to the rapid adoption of the healthcare 3D printing market in Asia Pacific. The automobile and healthcare industries are developing production hubs in Asia Pacific. Rapid urbanization and the rise in consumer electronics manufacturing are other factors boosting the healthcare 3D printing market revenue growth.
Healthcare 3D Printing Market Competitive Landscape
The prominent players operating in the global healthcare 3D printing include:
Healthcare 3D Printing Market Strategic Developments
North America is anticipated to dominate the global healthcare 3D printing market during the forecast period from 2022 to 2030.
The major players are adopting organic and inorganic techniques such as mergers and acquisitions, new product launches, and upgrades to stay ahead of the competition.
The global healthcare 3D printing market is expected to register a revenue CAGR of 16% during the forecast period from 2022 to 2030
3D Systems Corporation, Exone Company, Stratasys Ltd., Formlabs Inc., and General Electric are among the top market players.
The laser beam melting (LBM) segment dominates the global healthcare 3D printing market.
*Insights on financial performance are subject to the availability of information in the public domain