Digital 3D Printing Market Insight
Global digital 3D printing market is growing at a rapid pace. The market growth attributes to the rising adoption of 3D printing technology across the healthcare industry. The technology has improved practices in the medical field, bettering dental & orthodontic treatments, development of orthopedic implants and drugs, tissue engineering, and many more.
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The outbreak of COVID-19 has not only pushed economies into recession but has also brought forth the fragility of healthcare systems in general. In such scenarios, digital 3D printing technology is helping service providers to create a robust and critical infrastructure focused on patient’s safety and quality care. Deployment of digital 3D printing enables need-oriented solutions and the provision of preventative, clinical, and rehabilitative services.
Most notable one was the additive manufacturing of PPE materials using 3D printing systems. Further, 3D printing technology is projected to impact different forms of treatment, care concepts, and image of the medical profession and the role of patients. According to Market Research Future (MRFR), the valuation of global digital 3D printing market is estimated to reach USD 5,214.8 MN by 2025, growing at a whopping double-digit CAGR of 20.54% the forecast period (2019 – 2025).
Increasing upgrades in digital 3D printing technology and rising R&D funding & initiatives of public-private sectors are other major growth drivers. Conversely, the lack of expertise and knowledge about the technology are major factors estimated to impede the growth of the market. Nevertheless, rising usages of 3D printed models to restart surgical services following the COVID 19 interruption and to tackle the backlog of elective surgeries would support the market growth throughout the assessment period.
Global Digital 3D Printing Market – Segmentations
The Digital 3D Printing Market report is segmented into six dynamics;
By Component: System/Device and Software/Services.
By Material: Metal & Alloy, Polymers, Ceramics, and others.
By Technology: Deposition Modeling, Stereo Lithography, Electron Beam Melting, Laser Sintering Jetting Technology, and others.
By Applications: Dental, Prosthetics, Orthopaedics, Hearing Aids, Medical Components, Drug Screening, Tissue Engineering, and others.
By End User: Dental Clinics & Laboratories, Hospitals & Surgical Centers, Pharmaceutical & Biotechnology Companies, and others.
By Regions: Europe, Americas, Asia Pacific, and Rest-of-the-World
Digital 3D Printing Market – Geographical Analysis
North America leads the global digital 3D printing market. Market growth attributes to the presence of notable industry players and the augmenting demand for digital 3D printing technology in the region. Besides, the spurting growth in the medical device industries in the region fosters the growth of the market. Also, factors such as the rising patient population, high healthcare expenses, and increased adoption of medical devices for the treatment of myriads of chronic diseases boost the market growth.
Europe commands the second-largest share in the global digital 3D printing market. The market is fostered by favorable government initiatives for developing the technology and the presence of well-established medical device industries in the region. Moreover, the rapidly growing markets in Germany, the UK, and France influence the regional market growth. The European digital 3D printing market is projected to create a substantial revenue pocket over the forecast period.
The digital 3D printing market is brisk in the Asia Pacific region. Factors such as the rising adoption of medical devices and substantial investments to expand 3D printing capabilities, especially in China, South Korea, Japan, and India, drive the regional market growth exponentially. Additionally, the proliferating healthcare sectors and increasing per capita healthcare expenses are significant tailwinds for market growth.
Besides, the increasing per capita health spending, geriatric populaces, and incidence of accidents in the region substantiate market growth. The APAC digital 3D printing market is expected to remain among the top leaders throughout the assessment period.
Digital 3D Printing Market – Competitive Analysis
The digital 3D printing market appears highly competitive due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategic initiatives such as mergers & acquisitions, collaborations, expansion, and new technologies/product launches. Industry players make substantial investments to drive R & D to develop new products & technologies and increase their global footprints.
Digital 3D Printing Market Major Players:
Players active in the global digital 3D printing market include 3D Systems, Carbon, Inc. (US), Inc. (US), Stratasys Ltd (US), Formlabs (US), ExOne (US), EnvisionTEC (US), General Electric (US), Micron Dental (US), Materialise (Europe), and Renishaw PLC (UK), among others.
Digital 3D Printing Industry/ Innovation/ Related News
July 03, 2020 —- Axial3D, a leading global medical technology firm, announced its partnership with Corazon, Inc. to bring more value to its customers across the world. Corazon’s specialized healthcare expertise alongside the Axial3D’s expert medical 3D printing platform would enable 3D modeling programs into service line offerings. This comes at a critical time as many hospitals across the country begin to restart surgical services and tackle the backlog caused by COVID-19.
Axial3D is actively working to transform patient outcomes while driving the global adoption of 3D printing within healthcare in the US & UK. Corazon, Inc. is a leader in program development for the Heart and Vascular, Neuroscience, Spine, and Orthopedic service lines.
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