Is 3D Printing Growing in the Healthcare Industry?by Susan Hill Business Consultant
The global healthcare 3D printing market is estimated to grow at a CAGR of 15.6% from 2014 to 2020 on account of growing need for manufacturing automated products. Rising geriatric population and increasing healthcare requirements across the globe have been majorly driving demand. Rise in number of orthopaedic and cardiovascular disorders occurring prominently among the aged population have resulted in an increased demand for these printing facilities.
Healthcare 3D printing market provides significant opportunities for manufacturing various medical equipment including dental implants, prosthetic limbs, hearing aids and orthotic footwear. Government initiatives to develop healthcare infrastructure and rising investments for R&D are some of the factors driving growth. The ability of the technology to reduce the risks involved with anaesthesia during prolonged surgeries has been another factor resulting in their increasing demand. The market is estimated to be worth USD 1.13 billion by 2020.
Polymers captured over 35% of the overall market share in 2013, dominating the raw material segment of the healthcare 3D printing industry. They are primarily used in bio-model printing.
Ceramics are commonly used for manufacturing tooth or mandible (jaw bone). Increasing occurrences of tooth problems including fractures and decays resulting in replacement of crowns or entire teeth is expected to propel demand for biocompatible materials including ceramics. The market is expected to grow at a CAGR of 15.6% over the forecast period.
Implants accounted for over 60.0% of the global market share in 2013. They are not only cost effective but also provide accuracy which is expected to fuel demand. Customized orthopedic implants increase performance as they reduce time duration of surgeries. Also, it is convenient and less expensive to tailor 3D printed parts. Dental printers provide metal and wax prosthetics. Rising consumer awareness regarding maintaining oral health is expected to bolster growth over the projected period.
Photo-polymerization technology is extensively utilized by research organizations to produce accurate and efficient bio-models. It was valued over USD 140.0 million in 2013 dominating the global industry. However, laser beam melting is estimated to grow at a CAGR exceeding 16% from 2014 to 2020, thus, becoming the fastest growing technology. It is mostly used for producing orthopedic implants.
North America accounted for over 35% of the global revenue dominating the regional industry in 2013. Rising awareness among patients, mounting investments for dedicated R&D facilities, advanced healthcare infrastructure coupled with development of 3D printing-based products are expected to drive demand in the region over the forecast period.
Rising demand for customized medical equipments and huge investments in R&D programs in Europe are expected to make it the fastest growing market in the next few years. Increasing healthcare investments and expenditures in emerging economies of Asia Pacific are expected to drive demand at a rapid pace over a period of six years.
Prominent players in the industry include Envision TEC, Materialise NV, Stratasys Inc., 3D Systems Software, Organovo, Bio-Rad Laboratories, SOLS, Metamason, Simbionix, RegenHU Ltd., Youbionic, 3D Matters Pte Ltd., 3D Systems Corporation (3DS), Roche Pharmaceuticals, Ekso Bionics, Renishaw plc., Delcam India, Robohand, Worrell, Archam, ALD Vacuum Technologies and Rainbow Biosciences.
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Created on Sep 5th 2019 07:18. Viewed 214 times.