A large number of small- as well as medium-scale companies have forayed into the global 3D printing medical devices market, thus leading towards a highly intense competitive landscape, says Transparency Market Research on the basis of a newly published report. A brisk rise in collaborations carried out among many players is expected to strengthen the vendor landscape in forthcoming years. Apart from collaborations, product differentiation, expansion of product portfolio, and research and development are three prominent strategies implemented by most companies in this market. Organovo Holdings, EnvisonTec, 3D Systems Inc., Concept Laser, Cyfuse Biomedical K.K., Arcam AB, SLM Solutions Group AG, FabRx Ltd., and Materialise NV, are some of the key players operating in the global 3D printing medical device market.
The global 3D printing medical devices market is divided into various segments based on component, technology, application, and region. Geography-wise, the global 3D printing medical device market is chiefly spread across North America, Asia Pacific, the Middle East and Africa, Europe, and South America. Of these, a strong healthcare infrastructure in North America has made gain maximum revenue.
According to expert analysts, the global 3D printing medical device market is expected to rake in revenue worth US$3513.0 mn by 2025, a significant rise from a previous revenue valuation of US$713.3 mn registered in 2016. This rise in revenue is predicted to occur alongside a stellar CAGR of 17.7% during the forecast period ranging from 2017 to 2025.
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Progressing Technology Boosts Adoption of 3D Printed Medical Devices
Extensive technological advancements occurring in the 3D printing sector since the advent of this concept is primarily responsible for the global 3D printing market to depict a fantastic performance. This is mainly due to the ample applications of the technology in the field of medicine, apart from being equally useful in construction, automobile, and military. A rapidly increasing rate of healthcare practitioners adopting 3D printing services and a rising number of patients embracing medical devices manufactured from 3D printing is also primarily driving the market. A mushrooming demand for 3D printed medical devices has occurred mainly due to increased utilization of implants, prosthetics, surgical instruments, dental restorations, and tissue fabrication.
High Initial Costs Might Discourage Potential Customers to Invest in the Devices
However, stringent regulations set up in several countries regarding sales of the medical devices by government as well as private agencies is restricting the market’s growth. The global 3D printing medical devices market is also being significantly hindered by high initial costs of the devices. The need for investing a lot of money might discourage small-scale healthcare institutions from using the devices, thus posing as a major restraint to the market. The lack of skilled expertise and less reach of the devices in remote and underdeveloped regions is also responsible for the market’s growth being restrained.