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Bangalore, India, November 11, 2021/PRNewswire/ - The healthcare 3D printing market is segmented by type (systems/devices, materials, services) and applications (wearable devices, implants, clinical research devices) . The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in the evaluation report under the category of medical devices and equipment.
By 2027, the global healthcare 3D printing market is expected to reach US$4.9571 billion from US$1.3834 billion in 2020, with a compound annual growth rate of 20.0% from 2021 to 2027.
The main factors driving the growth of the healthcare 3D printing market are:
The increased demand for personalized medicine by providing customized medical equipment according to individual needs is expected to drive the growth of the 3D printing market.
Increasing public and private funding for 3D printing activities, high incidence of dental and orthopedic diseases, easy development of customized medical products using 3D printing, increasing applications of 3D printing in the healthcare industry, and availability of advanced 3D printing materials for dental and medical applications , The growing demand for 3D printing products in the cosmetics and pharmaceutical industries is a key factor supporting market growth.
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Trends affecting the growth of the healthcare 3D printing market
It is expected that the expansion of the 3D printing market will be driven by the increasing demand for personalized medicine, which is to provide customized medical equipment according to individual needs. Additive manufacturing technology is used to create 3D printed objects. An object is built by adding successive layers of material until the object is complete. Each of these layers can be seen as a cross-section of the lightly cut article. It is used in the healthcare industry to manufacture personalized medical equipment and products. External wearable devices, clinical research equipment, implants, and other healthcare 3D printing applications are common.
Patient-specific gadgets (such as hearing aids) and implants (such as prosthetic joints, skull plates, and even heart valves) are increasingly turning to 3D printing because 3D printing is easy to customize and fast to produce. This in turn is expected to drive the healthcare 3D printing market. Traditionally, heart valves and hearing aids require strict manual adjustments by experts for a whole week. From casting to fitting, hearing aids require nine steps before 3D printing. Hearing aids can now be scanned and printed in 3D in one day. There are also some design advantages: 3D printed silicone heart valves provide a perfect fit, which is not possible with traditionally manufactured hard heart valves. 3D printing can provide complex porous surfaces for implants such as titanium prosthetic joints or skull plates, making them less likely to be rejected by the patient's body.
3D printing helps train medical professionals and doctors with the help of simulated models of body parts. This factor has led to an increase in the use of 3D printing in global healthcare, thereby driving the growth of the healthcare 3D printing market.
The increasing number of operations involving surgical implants is expected to further promote the healthcare 3D printing market. Among several factors, the increase in the number of road traffic accidents is significantly stimulating the demand for 3D printing in healthcare. Accurate and customized implants can be specially developed according to the patient's anatomy.
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Market share analysis of medical 3D printing
Based on the type, the equipment sub-segment is expected to be the most profitable during the forecast period. The main factor driving growth is the increasing adoption of 3D printing technology worldwide. Technological advancements in 3D printing and software have made the transition smoother and more effective. The increase in R&D investment has ensured that technology continues to evolve to meet the needs of the rapidly expanding impoverished patients.
Based on application, the implant market segment accounted for the largest market share in 2018, about 60.34%. Due to the increase in population and the incidence of various diseases, the market has grown.
From a regional perspective, North America is expected to be the most profitable part. Various technological developments, the widespread use of 3D printing technology in the region, the increase in research and development expenditures, and various collaborations between academic and commercial organizations have all contributed to the growth of the market in this region.
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Major players in the healthcare 3D printing market
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