Nov 14, 2016 | By Tess
According to a recent report put out by marketing research firm Future Market Insights, the global 3D printed medical device market is expected to reach $279.6 million in 2016 and grow at a Compound Annual Growth Rate (CAGR) of 17.5% over the next 10 years. The report, which estimated a $238 million market in 2015, attributes the significant growth to a number of factors, including the increase in certain medical disorders, increased personal care awareness, a growing geriatric population, and more.
The report, called “3D Printed Medical Devices Market: Global Industry Analysis and Opportunity Assessment, 2016–2026,” has broken the 3D printed medical device market into six different segments based on the type of additive manufacturing technology used. They are stereolithography (SLA), selective laser sintering (SLS), digital light processing (DLP), fused deposition modelling (FDM), polyjet/inkjet 3D printing, and electronic beam melting (EBM). Of course, within the medical field, each 3D printing technology has its own level of importance and suitability for certain applications, such as the manufacturing of prosthetics, implants, orthopaedics, and dental devices.
In terms of the different segments, SLS 3D printing technology demonstrated the highest revenue share within the market in 2015 and is expected to reach a value of $230 million by the year 2026 with a CAGR of 15.3%. Over the forecast period, however, polyjet printing technologies are expected to grow significantly as well, even surpassing all other segment categories.
The report also addresses the various 3D printing materials used for manufacturing medical devices, including resins, plastics, and certain metals. Among them, the plastics material segment showcased the highest revenue share, with a projected value of $984.7 million by 2026 and a CAGR of 17.2%.
As expected, the report lists orthopaedic implants as the most significant application within the 3D printed medical device market, as it accounted for the highest revenue share compared to other applications. With an expected value of $643.5 million by 2026, the orthopaedic implant sector has a projected CAGR growth rate of 19.9%. According to the report, the hospital end user distribution channel was listed as most important in terms of having the highest demand compared to other distribution channel categories such as ambulatory surgical centers and diagnostic centers.
Like the 3D bioprinting market, the 3D printed medical device market is currently dominated by North America, where it has proved most lucrative. According to the report, the North American 3D printed medical devices market accounted for $105 million of revenue in 2015, a number which is expected to grow. Similarly, while not as high, revenues across Western and Eastern Europe and the Asia-Pacific region are also expected to rise. For instance, Western Europe is expected to see a CAGR of $18.5%, while Eastern Europe should expect a CAGR of 15.6% over the next ten years.
Among the companies making a mark in the growing 3D printed medical device market are industry giants like 3D Systems, Inc., Stratasys Ltd., Arcam AB, FabRx Ltd., EOS GmbH Electro Optical Systems, EnvisionTEC. These companies and others are collectively and individually working towards breaking down existing barriers within the 3D printing medical device market, such as material limitations, build size restrictions, and overall costs.
As demand for custom, high-quality, and affordable medical devices grows, there is little doubt that 3D printing will continue to grow as a viable option for medical device manufacturing.
Posted in 3D Printing Technology
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