3D Printing in Medical Applications Market Set for Rapid Growth
The global 3D printing in medical application market is highly competitive in nature and is estimated to witness a significant rise in the level of competition throughout the forecast period, states a new market research study by Transparency Market Research. The leading players in the market are focusing on development of new product and innovations, which is likely to generate promising growth opportunities for the market players in the next few years. Some of the key players operating in the 3D printing in medical applications
Across the globe are Materialise NV, Nanoscribe GmbH, EnvisionTEC GmbH, Voxeljet Technology GmbH, 3D Systems Corporation, and Stratasys Ltd. The growing demand from for 3D printing form the medical industry is considered to attract a large number of players to enter the market and expand their business horizon in the next few years.
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According to the market intelligence report by Transparency Market Research, in 2012, the global market for 3D printing in medical applications was worth US$354.5 Mn and is likely to reach a value of US$965.5 Mn by the end of 2019. The market is expected to exhibit a promising 15.40% CAGR between 2013 and 2019.
North America to Lead Global 3D Printing in Medical Applications Market
Among the key regional segments, North America is expected to account for a large share of the global 3D printing in medical applications market in the next few years. The increasing contribution from the U.S. and the presence of a large number of players in the 3D printing market are the key factors that are estimated to accelerate the growth of the 3D printing market in medical applications market in North America in the next few years. Furthermore, Europe is estimated to witness a healthy growth in the coming years, thanks to the favorable policies regarding medical reimbursements. In addition, the rising funds from government organizations and technological advancements are some of the other factors are estimated to enhance the growth of the 3D printing in medical applications market across Europe in the coming few years.
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Among the key applications, the implants segment is expected to lead the global 3D printing in medical applications market throughout the forecast period. According to the study, this segment is likely to remain in the leading position and account for a promising growth rate in the coming few years. The rising demand for implants for diverse medical applications is considered as a key factor estimated to encourage the growth of this segment throughout the forecast period. In addition, developments in this field is likely to add to the growth of the market in the next few years.
Increasing Demand for Customized 3D Printing to Accelerate Market Growth
The increasing number of medical applications and the rising trend of customized 3D printed medical products are the key factors that are projected to encourage the growth of the global 3D printing in medical applications in the next few years. The increasing trend of customized 3D printed medical products and the high funding from government and private organizations are further predicted to accelerate the growth of the market in the coming years.
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On the other hand, the lack of skilled professionals and several issues related to the material characteristics and developments are estimated to restrict the growth of the global 3D printing in medical applications market throughout the forecast period.
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