A new report by Market Data Forecast has predicted the growth of the global medical device 3D printing market.
Market Growth
The report states that that by 2020, the market will reach $2368 million growing at a CAGR of 23.45%. Market Data Forecast highlight the importance of 3D printing and that it has the potential to transform the way medical devices are used to treat patients.
The technology can impact healthcare through implantable and non-implantable medical devices, along with cost-effective customisable devices.
The report shows that the rising demand for patient-specific products in orthopaedics and maxillofacial surgery are some of the major driving forces for the medical 3D printing industry. More so, advancements in technologies, growing awareness about new developments and government funding are also helping the market grow. Additionally, the prices of 3D models and the availability of materials have increased the adaptability of 3D printing in the healthcare sector.
The market is segmented mainly between North America, Europe, Asia-Pacific, Latin America & Middle-East and Africa, the report says. North America is currently the leading consumer of 3D printing technology and accounted for nearly 40% of the market share in 2015. Europe comes in as the second major market for medical 3D printing applications whilst the Asia-Pacific region is a target for future growth.