3D printing is a method of producing three-dimensional objects by layering raw materials. A new layer is added above the one before it until the object is complete. Objects are created using a digital 3D file, such as a Magnetic Resonance Image (MRI) or a CAD drawing or a. Orthopedic and surgical instruments, cranial implants, dental restorations like crowns, and external prosthetics are examples of medical devices made possible by 3D printing.
The market for 3D printing has been growing exponentially and is projected to touch USD 5.1 billion by 2026 and at least USD 2.4 billion in 2021 with a CAGR of 16.3%. Market growth has been exceptional in North America as well as the Asia Pacific owing to favorable regulatory scenarios and increasing product launches.
In 2020, Stratasys Ltd. was the market leader in the global 3D printing medical devices market.The 3D printing product segment of the company comprises a diverse range of 3D printing systems along with consumables that meet the needs of a variety of industries, including automotive, defense, aerospace, dental, education, commercial products, architecture, consumer electronics, and medical. Along with that companies opted out of strategies for future growth, such as agreements, partnerships, and mergers and acquisitions. Other companies included have also grown in the past year and have together increased the global 3D printing medical device market
The rise in public-private funding for 3D printing activities is driving the growth
3D printing has gained lots of eyeballs in the past few years and which has in result led to rising in public-private funding in order to boost developments of 3D printing products and technologies. Recently nTopology (US) was able to raise USD 40 million from funding in September 2020 through the developments of the nTop software platform for additive manufacturing processes. The University of Huddersfield (UK) received USD 2.6 million (EUR 2.25 million) through funding by Innovate UK in March 2019 for the development of a new generation of electron-beam additive manufacturing (EBAM) printers.
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North America leading the 3D printing medical devices market
Currently, the market can dominantly be divided into five major geographies - North America, Europe, Asia Pacific, Latin America, and MEA. North America has held the largest market share in 2020 and the growing trend suggests that they would continue to do so. The major reason for it is the strong base of healthcare facilities, mainly hospitals and diagnostic imaging centers, and the increasing installation base for 3D printers in healthcare facilities.
3D Systems introduced titanium and nylon-made patient-specific VSP Hybrid Guides for maxillofacial procedures in April 2021. Stratasys Ltd. (US) introduced the J5 DentaJet 3D Printer PolyJet printer for dental laboratories in March 2021. EnvisionTEC was acquired by Desktop Metal, Inc. (US) in February 2021. (Germany). This acquisition will help the company's existing 3D Printing Medical Devices client base.
Attraction around 3D printing has been increasing every year and this has directly benefited the 3D printing medical devices market. It is expected to rise at an exponential speed during the forecasted period. During the initial pandemic phase, the industry did witness a few setbacks but they have covered them in the last two quarters of 2020 and at present CAGR is meeting 16.3% growth expectations. With the development in technologies, the market is expected to rise throughout the globe. The rise in public-private investment is a really good sign and if it continues the trend, it won’t be surprising to see the sector break the expected forecast.