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3D Printed Medical Devices Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The 3d printed medical devices market size is expected to see exponential growth in the next few years. It will grow to $12.01 billion in 2028 at a compound annual growth rate (CAGR) of 28.2%” - The Business Research Company
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The 3D printed medical devices market has grown exponentially in recent years. It's predicted to surge from $3.57 billion in 2023 to $4.44 billion in 2024. That's an impressive compound annual growth rate CAGR of 24.5%. Factors like customization, regulatory approvals, surge in demand for patient-specific solutions and the rise of collaborations and partnerships have all contributed to this significant market growth. Also, time and cost-efficiency provided by 3D printing technologies played a crucial role.
What's the Projected Market Size for 3D Printed Medical Devices in the Coming Years?
The leaps and bounds in growth don't stop in 2024. According to the 3D Printed Medical Devices Global Market Report, the market is expected to swell to an estimated $12.01 billion in 2028. This represents a compound annual growth rate CAGR of 28.2%. Factors enhancing this growth include increased accessibility and affordability of 3D printing, widespread adoption in healthcare, significant improvements in sustainable practices and biocompatible material innovations. Major trends in the forecast period include regulatory adaptation to technological advances, the integration of artificial intelligence and revolutionary advancements in 3D printing.
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What Are The Key Drivers Boosting The 3D Printed Medical Devices Market?
A significant factor driving the growth of the 3D printed medical devices market is the increasing prevalence of osteoarthritis and similar musculoskeletal conditions. Osteoarthritis, a disorder that damages the joint cartilage and surrounding tissues, causes pain, stiffness, and loss of joint functions. The 3D printed medical devices enable the creation of a precise replica of a patient's joint, providing surgeons with crucial information that might not be visible on a 2-dimensional scan. The chance of developing osteoarthritis increases with age. By 2040, it's estimated that approximately 78 million 26% US adults aged 18 years and above will have doctor-diagnosed arthritis, driving the adoption of 3D printed medical devices, thus positively impacting market growth.
Which Companies Are Leading in the 3D Printed Medical Devices Market?
Major companies operating in the 3D printed medical devices market include Siemens AG, General Electric Company, Arcam AB, Hewlett Packard Development Company LP, Adobe Inc., Dassault Systèmes SE, Phidias Technologies, Ansys Inc., Bio3D Technologies Pte Ltd., Renishaw plc, Stratasys Ltd., Concept Laser GmbH, 3D Systems Corporation, Protolabs Inc., Materialise NV, Groupe Gorgé SA, SLM Solutions Group AG, Carbon Inc., Formlabs Inc., ExOne Company, Envision TEC Inc., Nano Dimension Ltd., Cyfuse Biomedical K.K., EOS GmbH Electro Optical Systems, Oxford Performance Materials Inc., FabRx Ltd., Organovo Holdings Inc., Laser GmbH, 3T RPD Ltd.
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What Are The Emerging Trends In The 3D Printed Medical Devices Market?
An emergent trend is the increased use of 3D printing in the spine industry. Surgeons are adopting 3D printing to produce innovative products that promote bone ingrowth and improve implant fixation to spine bone. Examples include Medtronic's TiONIC Technology and K2M's Lamellar, both utilising 3D Titanium Technology to create spinal implants with complex structures.
How Is The 3D Printed Medical Devices Market Segmented?
1 By Type: Implants, Surgical instruments, Prosthetics, Tissue engineering devices, Other Types
2 By Raw Material: Plastics, Biomaterial inks, Metals and Alloys
3 By Technology: Fused Deposition Modelling, Digital Light Processing, Stereolithography, Selective Laser melting
4 By Application: Orthopedic, Spinal, Dental, Hearing Aids, Other Applications
5 By End User: Hospitals, Diagnostics Centres, Academic Institutions, Other End Users
What Are The Regional Insights Into The 3D Printed Medical Devices Market?
North America was the largest region in the 3D printed medical devices market in 2023. Western Europe took the second spot. The other regions covered in the report are Asia-Pacific, Eastern Europe, South America, Middle East, and Africa.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.