The global 3D printing in Healthcare Market is estimated to be valued at US$ 2.21 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
3D printing in healthcare manufactures medical devices such as surgical guides, hearing aids and dental crowns through additive manufacturing. The advantages of 3D printing include customization of devices for patient specific needs, reduce cost and time of production.
Market key trends:
One of the key trends in the 3D printing in healthcare market is the advancement of 4D printing technology. 4D printing involves materials that can change shapes or properties over time when exposed to stimuli like water, heat or light. This emerging technology is being researched for biomedical applications like developing biocompatible materials and structures that can morph or assemble inside the body for improved treatment outcomes. Researchers are working on 4D printed structures that can assemble into tissues or expand to fill gaps over time post implantation. Such smart biomaterials hold immense potential for future of regenerative medicine and tissue engineering.
SWOT Analysis
Strength: 3D printing technology is useful in customizing medical devices and implants according to patients’ anatomy. Such customization allows better treatment outcomes.
Weakness: High initial costs associated with 3D printing equipment and materials. Regulatory issues also exist around the use of 3D printed medical devices.
Opportunity: Rising demand for personalized healthcare and growing number of aesthetic and reconstructive surgeries offer significant growth opportunities. Emerging economies also present an expanding market.
Threats: Stringent regulatory approvals and compliance issues. Competition from alternative technologies.
Key Takeaways
The Global 3D Printing in Healthcare Market Share is expected to witness high growth, exhibiting a CAGR of 19% over the forecast period, due to increasing demand for customized medical products.
Regional analysis: North America dominates the global market due to presence of advanced healthcare infrastructure and regulatory approval process for 3D printed medical devices in the region. Asia Pacific exhibits fastest growth in adoption of 3D printing in healthcare driven by increased healthcare spending, large patient pool, and improving quality of healthcare facilities especially in China and India.
Key players operating in the 3D Printing in Healthcare market are 3D Systems Corporation, Exone Company, Formlabs Inc., General Electric (GE Additive), Materialise NV, Organovo Holdings, Inc., Oxford Performance Materials Inc., Proto Labs, Inc., Stratasys Ltd., SLM Solutions Group AG, and among others. The major players are focusing on new product launches, collaborations and expansion strategies to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it