3D printing medical devices market expected to exceed $1.7bn
The 3D-printing medical devices market is expected to exceed $1.7billion globally in revenue by the end of 2022, according to recent research from Fact.MR.
It is estimated that implants will continue to be the most lucrative application of 3D-printing medical devices, followed by tissue engineering, while the sale of 3D-printing medical devices for application in building external wearable devices is estimated to exhibit a comparatively lower compound annual growth rate (CAGR) thorough until 2022.
Other key estimates include:
- Software & services are anticipated to remain preferred among products in the global market. Revenues from software & services are expected to account for more than one-third share of the market throughout the forecast period. In addition, sales of 3D-printing materials will exhibit the highest CAGR through 2022.
- Photo polymerisation is projected to remain the largest adopted technology in the global market for 3D-printing medical devices, followed by the laser beam melting technology. In addition, sales of electron beam melting technology, and three-dimensional printing technology are expected to exhibit a similar CAGR through 2022.
- On the basis of end-users, hospitals will remain dominant in the market, with sales poised to exceed revenues worth $1 billion by the end of 2022.
- Asia-Pacific excluding Japan (APEJ) will emerge as the fastest expanding market for 3D-printing medical devices during the forecast period. In terms of revenues, North America is expected to be the most lucrative region for growth of the market.
Potential of 3D-printing in transforming medical devices’ use to treat various diseases is impacting the healthcare sector, enabling construction of non-implantable and implantable medical devices, and cost-effective customisable medical devices. Rise in demand for medical devices that match a patient’s anatomy in orthopaedic, and maxillofacial surgery is favouring expansion of medical 3D-printing industry.