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| 3D Printing for Medical Sector Market |
The Global 3D Printing
for Medical Sector Market is projected to reach US$ 1,109.2 million by 2024
experiencing market growth at a CAGR of 11.7% from 2016 to 2024, according to a
new report published by Coherent Market Insights. 3D printing has
revolutionized the way medical procedures are performed, medical training is
provided, and cost-effective medical products are being developed. Improved
clinical outcomes is attracting the medical community to explore various avenue
of 3D printing in the medical sector.
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3D printing has been
around since 1984. However, until recent advancements in technology which
attracted people’s attention, 3D printing also gained traction for applications
in healthcare. This includes development of surgical implants, biological
prototypes, artificial organs, and dental implants. Innovation in 3D printing
technology is expected to drive down healthcare costs much lower than current
levels and increase medical product accessibility. Also, increasing demand for
personalized medicines, and reduction in manufacturing cost and time would
propel demand for 3D printed medical products in the near future. Wiiv—a
Vancouver-based startup—uses 3D printing technology to create customized
insoles for patients suffering from joint discomfort, plantar fasciitis pain,
and general foot fatigue.
3D printing is a
disruptive technology for conventional manufacturing process that involve major
input costs, time, high amount of waste, and high error rate. This is owing to
the fact that 3D printing involves layer by layer printing which eliminates
waste generation and allows error-free process. Furthermore, the polygel
technology enables producing product or device in desired color utilizing
different materials.
3D printing in the
medical sector has gained significant success in the dental and orthopedic
implant segments. Currently, there is inadequate reimbursement for dental
procedures in the U.S. 3D printed dental implants and products would lower the
cost of dental procedures, making it more affordable and accessible to
patients.
Various technologies
such as electron beam melting, laser beam melting, photo polymerization,
droplet deposition, and laminated object manufacturing are implemented in 3D
printing of healthcare products. These technologies are gradually evolving with
increasing knowledge about 3D printing products and demand for innovative and
personalized medical products. However, clarity on regulatory aspects on
manufacturing and approval process of 3D printed products is sought for the
technology to be implemented on a large scale. This would also enable
pharmaceutical and medical device manufacturers to focus on development of
innovative healthcare products at low costs without compromising on profit
margins.
Despite significant
advantages of this technology, 3D printing for medical sector technology is
facing challenge in terms of high installation cost of the machine in order to
achieve desired operational efficiency. Moreover, lack of trained professionals
is also acting as a key challenge for its adoption. However, with the focus on
introducing cost effective products, pharmaceutical and medical device
manufacturers are expected to invest a huge amount of capital in research and
development related to 3D printing.
Key takeaways of the market:
·
The droplet deposition technology is a principle
technology used in 3D printing primarily due to high heat and chemical
durability. This technology segment held a market share of around 35% (in terms
of revenue) in 2015.
·
The surgical implants application segment
dominated the market in 2015, value of US$ 265.0 million. Large pool of
patients suffering from dental issues, cardiovascular, metabolic and bone
disorders, is attributable to this dominant market value.
·
Currently, 3D printing is highly used in the
academic and research institutes for creating 3D printed biological models
which are used for training and pre-operative preparation purpose
·
In 2015, North America dominated the global
3D printing for medical sector market (in terms of revenue) owing to
favorable government policies for 3D printing and also rapid adoption of 3D
printing in improving health outcomes. However, demand for 3D printing for
medical application is expected to increase rapidly in the Asia Pacific region
owing to favorable government policies propelling investments and use of 3D
printing in medical sector For instance, Shanghai Children's Medical Center
opened China’s first pediatric-specific 3D printing medical research unit in
2015. Furthermore, Chinese government, in July 2016, announced the establishment
of its first 3D printing factory specifically for medical products in
Chongqing, Southwest China.
Market players are
collaborating for conducting research and developing 3D printed products at
affordable price. Johnson & Johnson collaborated with Organovo in January
2016 to study the viability of bioprinted human tissue in testing new drugs.
Also, Stratasys, Inc. partnered with a New York-based Jacobs Institute in April
2016 to establish a new Center of Excellence (COE) at the institute. This COE
will be aimed at using 3D printing to develop and assess new medical devices
and promote clinical education and training.
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COMPANY OVERVIEW
Coherent
Market Insights is a global market intelligence and consulting organization
focused on assisting our plethora of clients achieve transformational growth by
helping them make critical business decisions. We are headquartered in India,
having office at global financial capital in the U.S. Our client base includes
players from across all business verticals in over 150 countries worldwide. We
are uniquely positioned to help businesses around the globe deliver practical
and lasting results through various recommendations about operational
improvements, technologies, emerging market trends and new working methods. We
offer both customized and syndicated market research reports that help our
clients create visionary growth plans to provide traction to their business. We
meticulously study emerging trends across various industries at both the global
and regional levels to identify new opportunities for our clientele. Our global
team of over 100 research analysts and freelance consultants provide market
intelligence from the very molecular country level and also provide a global
perspective of the market. Our team is of the most vital cog in our robust
machinery that gives us the ability to deliver independent insight relying on
our cognitive defusion training module.This allows for an objective and
unbiased assessment of the market. We pride ourselves in my constantly striving
to update our extremely in-depth understanding of the market by closely
monitoring and analyzing markets, trends, and emerging best practices, across allfathomable
industries under the sun. This enables us to equip our valued clientele with
key decisive inputs to capitalize on lucrative growth opportunities in the
market and to follow firmly position themselves on a high growth path in the
future.
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