According to a new market report published by Transparency Market Research, “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″, in 2012, the global 3D printing in medical application market was valued at USD 354.5 million and is expected to grow at a CAGR of 15.4% from 2013 to 2019 to reach a market of USD 965.5 million by 2019.
Increasing demand in the medical industry for various technological developments has augmented the growth of 3D printing in numerous medical applications. 3D printing has provided the medical industry with a plethora of solutions for large problems. It has revolutionized the healthcare segment by providing surgical guides, medical implants, surgical instruments and bioengineered products. 3D printing in medical applications is expected to grow at a significant CAGR of 15.4% from 2013 to 2019. This growth is attributed to an increase in demand of quick and cheap solutions for medical problems. In addition, the market would also grow owing to an increase in investment in R&D for the technologies of 3D printing. The growth of this market may, however, get affected due to lack of trained professionals and raw materials.
3D printing technologies help in manufacturing medical implants and surgical guides such as dental, orthopedic and cranio-maxillofacial. In addition, they increase the efficiency of surgical instruments by manufacturing self-sterilizing surgical instruments. The manufacturing of these bio-models is done by using various raw materials such as metal, polymer, ceramic and biological cells. These raw materials, when used with 3D printing technologies such as laser beam melting (LBM), electron beam melting (EBM), droplet deposition manufacturing (DDM) and photopolymerization, result in the manufacturing of various bio-models.
Geographically, although the North American region constituted the largest market for 3D printing in medical applications in year 2012; Europe is expected to witness the highest growth rate of more than 15% from 2013 to 2019. This growth is mainly due to the increase in government funding in this market along with various small and big mergers and acquisitions of companies for technological advancement coupled with enhancement in application areas. Favorable reimbursement policies in the region will also provide the required impetus for the growth of the market.