(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for 3D Printing Medical Device Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for 3D Printing Medical Device Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
3D Printing Medical Device Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on 3D Printing Medical Device Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 and 2027. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter's five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Kenneth Research recently added a report on 3D Printing Medical Device Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on 3D Printing Medical Device Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 and 2027. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter's five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Global 3D Printing Medical Device Market Analysis – 2018-2027
3D Printing technology has multiple applications, and the fastest-growing innovation in the medical sector has been represented by the advent of the 3D printing itself. Several medical devices are manufactured using 3D printing which include surgical instruments, orthopedic and cranial implants, external prosthetics, and dental restorations such as crowns. Manufacturers of medical devices must refer to FDA guidance documents and Quality Systems regulations for more information on specific applications. The global 3D printing medical device market is anticipated to grow at a CAGR of around 17%% during the forecast period, i.e. 2019-2026.
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Factors such as growing advancement in healthcare infrastructure, increasing expenditure of the government for the development of healthcare industry along with the rising demand for organ transplant amongst individuals around the globe are anticipated to contribute significantly towards the growth of the global 3D printing medical device market. Additionally, increasing utilization of 3D printing medical devices in the healthcare industry owing to the numerous benefits associated to the utilization of the devices in the industry, coupled with the increasing geriatric population around the world, which demands a greater share of organ implants, are some of the factors anticipated to drive the growth of the global 3D printing medical device market.
The global 3D printing medical device market consists of various segments that are segmented by technology, by component, by type and by region. The component segment is sub-divided into equipment, materials and software & services. Out of these, the equipment segment, which had a market value of around USD 340 million in the year 2017 is anticipated to grow with the CAGR of around 16% during the forecast period. Additionally, the software & services segment is anticipated to grow with the highest CAGR of around 19% during the forecast period.
Based on region, the global 3D printing medical device market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The Asia Pacific 3D printing medical device market, which was valued at around USD 177 million in the year 2017 is anticipated to attain an absolute $ opportunity of around USD 600 million during the assessment period by growing at the highest CAGR of around 19% during the forecast period.
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Some of the affluent industry leaders in the global 3D printing medical device market are Prodways Group, Formlabs, Stratasys Ltd., 3D Systems, Inc., Materialise NV, Organovo Holdings, Inc., Renishaw plc, Envisiontec, Inc., EOS GmbH and General Electric.
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