Global Market for 3D Printing in Medical Applications to Rise at 15.40% CAGR Fueled by Strong Government & Private Funding

Despite being at a nascent stage, the global 3D printing in medical applications market exhibits intense competition among the leading companies operating therein. According to Transparency Market Research (TMR), the top four companies held over 88% of the global 3D printing in medical applications market in 2012. These players are 3D System, EnvisionTEC, Materialise NV, and Stratasys Inc. To expand their footprint, the companies operating in the market are focusing on mergers and acquisitions. They are also aiming competitive advantage through continuous product innovation.

As per TMR, the global 3D printing in medical applications market was valued at US$354.5 mn in 2012. The market is poised to exhibit a CAGR of 15.4% between 2013 and 2019 to reach US$965.5 mn by the end of 2019. Regionally, Europe emerged as the dominant segment in the global market and is expected to report a CAGR of 16.9% during the forecast period. By application, the medical implants market is expected to report the leading CAGR of 16.8% from 2013 to 2019.

Rising Application of 3D printing for Customizing Prosthetic Implants to Augment Market’s Growth

Persistent technological advancements over the last few years have broadened the scope for medical applications of 3D printing. “The technology is still at a primitive stage, but holds immense potential for a plethora of medical applications,” said a lead TMR analyst. Currently, 3D printing has found application in the construction of surgical templates, customized impacts, and anatomic structures.

“With government and private agencies funding to push 3D printing usage in the healthcare sector, the future of the market seems quite promising,” added the TMR analyst. In regions such as the Americas, Asia, and Europe, governments have already adopted considerable strategies expediting the 3D printing application in the medical sector.

Recently, the technology has discovered application in dentistry, cranio-maxillary, and orthopedic implants. The use of 3D printing has enabled customization of prosthetic implants thus providing faster and cost-effective alternative to traditional prosthetic production. Spurred by these factors, the global 3D printing in medical applications market is expected to report growth at a significant pace over the forecast period.

Lengthy Approval Process Creating Hindrances for the Market

Different raw materials are needed for the fabrication of various implants. It is imperative for these manufacturing materials to be high performing to aid the progress of the medical 3D printing market. Hence, the use of these materials for complex procedures such as cytotoxicity, irritation, delayed hypersensitivity, and genotoxicity requires FDA approvals. However, the approval is attained post extensive clinical trials. This creates significant hindrance for the market.

Besides this, the market also faces challenge from the lack of trained professionals. Being at a nascent stage, major companies operating in the medical 3D printing market are left to target small clinics and dental laboratories to augment use of 3D printing in medical applications. These are the factors inhibiting the market’s trajectory to an extent.

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Acquisition of Software Firms to Bolster 3D Printing in Medical Applications

The market is expected to gain impetus in the forthcoming years from the acquisition of software firms for 3D designing. This trend has been associated with cost reduction in 3D printing for medical applications. It is thus creating considerable opportunity for existing players to remain competent in the disruptive 3D printing in medical applications market.

Information included in the review is based findings published by TMR in a report, titled “3D Printing in Medical Applications Market (Medical Implants (Dental, Orthopedic, Cranio-maxillofacial), Surgical Guides, Surgical Instruments, Bio-engineered Products) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”

3D Printing in Medical Applications Market Segment Forecast up to 2019

A new Transparency Market Research report states that the global 3D printing in medical applications market stood at US$354.5 mn in 2012 and is predicted to reach US$965.5 mn by 2019. It is predicted to expand at an extraordinary CAGR of 15.40% from 2013 to 2019. The title of the report is “3D Printing in Medical Applications Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”

3D printing or three-dimensional printing is a manufacturing method wherein objects are manufactured by depositing or fusing materials such as metals, plastics, powders, ceramics, living cells, and liquids in layers for producing a 3D object. The use of 3D printing in medical applications is swiftly rising. The medical utilization of 3D printing, both potential and actual, can be segmented into several categories such as the creation of customized implants, prosthetics, and anatomical models, and tissue and organ fabrication, among others.

As per the report, the rising funding by private and government agencies globally and the increasing count of medical applications will propel the growth of the market. In addition, the increasing technological advancements for widening the scope of medical applications are also boosting the growth of the market. Furthermore, the increasing trend of customization of 3D printed medical products and the reduced costs and time of medical procedures due to usage of 3D printing are also augmenting the growth of the market. On the other hand, the absence of trained professionals is a key factor restraining the growth of the market.

In terms of application, the market for 3D printing in medical applications is segmented into surgical guides, surgical instrument, implants, and bioengineering. The segments of surgical guides and implants are further segmented into dental, orthopedic, and cranio-maxillofacial. Amongst these, the segment of implants is predicted to expand at the highest CAGR of 15% between 2013 and 2019.

By technology, the report segments the market into electron bean melting (EBM), droplet deposition manufacturing, and stereolithography. The segment of EBM is further segmented into photopolymerization and laser beam melting (LBM). The segment of droplet deposition manufacturing is further segmented into fused deposition modeling, inkjet printing, and multiphase jet solidification. On the other hand, the segment of stereolithography is further segmented into digital light processing and two-photon polymerization. Amongst these, the segments of LBM and photopolymerization led the market in 2013 and are predicted to rise at the greatest growth rate in the forecast horizon. In terms of raw material, the report segments the market into polymers, metals, biological cells, and ceramics.

On the basis of geography, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America led the market in 2012. On the other hand, Europe is expected to rise at the greatest CAGR from 2013 to 2019. This is owing to the rising funding by governments and the increasing number of mergers and acquisitions between companies for technological developments within Europe.

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As stated in the report, the chief players dominant in the market for 3D printing in medical applications are EnvisionTEC GmbH, 3D System, Stratasys Inc., and Materialise NV, among others.