3D printed medical devices refer to very high end medical devices that are engaged in the process of utilizing digital models to develop three dimensional solid objects. In the healthcare industry, 3D printing technology is used for patient specific treatment. It is used in the development of many medical devices like hearing aids, orthopedic implants, prosthetics, and dental implants. Apart from that many academic institutes and hospitals make use of this technology to create various models that are used for the purpose of training.
The global market of 3D printed medical devices is expected to expand at a double digit CAGR of 17.7% over the forecast period that extends from 2016 to 2026. The global market for 3D printed medical devices was prophesized to reach a market value of US$ 1469.4 mn towards the end of 2026. North America is projected to be a leader of this market for 3D printed medical devices and is prophesized to retain its supremacy during the period of forecast. The key market leaders are constantly making efforts to bring in more and more innovation. They are constantly emphasizing on reaching out to more consumers with better and improved product and services.
A few of the prominent companies in the global 3D printed medical devices market are Arcam AB, EnvisionTEC, EOS GmbH Electro Optical Systems, Bio3D Technologies, Stratasys Ltd., Cyfuse Biomedical K.K, 3D Systems, Inc., and FabRx Ltd. The key 3D printed medical devices companies are working on strategies that would expand their consumer base.
Osteoarthritis amongst Elderly People to Lead the Usage of 3D Printed Medical Devices
Many factors can be attributed with the progress of the market for 3D printed medical devices. Health related issues such as incidences of gangrene that are related with diabetes, osteoarthritis amongst the geriatric population, and peripheral vascular diseases.
There are some other factors that include cases wherein cranio-maxillofacial implants and dental implants are required. These reasons are expected to trigger collectively the revenue growth pertaining to the market for global 3D printed medical devices during the period of forecast that extends from 2016 to 2026.
Plastics, resins and a couple of few other metals are used for the purpose of 3D printing. Making use of materials other than this for the purpose of 3D printing leads to substantial consumption of time and high cost of the operation. Furthermore, it becomes more of a challenging task when it comes to the production of parts of huge industrial machines as the size of the product is limited by the size of the printer. Certain technical aspects act as major limiting factors for the 3D printed medical devices market. Many of the 3D printing makers are making use of open source technology because most of the equipment are complex in nature. Many of the users loose interest while trying to know and learn the operation of such devices as printing parameters and adjustment of equipment are quite a time consuming process.
The segment of plastic material is estimated to account for a major share of the world 3D printed medical devices market and is estimated to expand at a very high growth rate.
North America to Remain a Lucrative Market throughout Forecast Period
The geographical segment of North America has been leading the market and is anticipated to lead the world market for 3D printed medical devices during the forecast period of 2016 to 2026. Sale of these 3D printed medical devices in the US is quite good in terms of revenue and volume. As such, we see the region to lead the market globally. Europe also is a major market and is anticipated to display a robust CAGR. Western Europe is prophesized to exhibit relatively higher growth than the eastern one owing the technological advancement that prevails in the western part of the continent. Asia Pacific except Japan, Middle East and Africa and South America are also estimated to exhibit high market growth during the period of the forecast.
Research Report Reference: https://www.futuremarketinsights.com/reports/3d-Printed-medical-devices-market