The global 3D printing healthcare market is expected to have a compound annual growth rate (CAGR) of 26.2% up through the year 2020, according to a new report, World 3D Printing Healthcare Market-Opportunities and Forecasts, just published by Allied Market Research.
The report found many different factors that are influencing market growth, including breakthrough technologies. Portable, solar-powered, multi-material, and full color 3D printers make the technology easy to use anywhere.
Patient need is a strong factor driving growth: a rising number of people face issues related to old age, such as osteoporosis, which 3D printed technologies can address.
The report says that rising numbers of amputees, patients with auditory loss and dental problems will also fuel the need of external wearable devices, while the increased availability of biocompatible materials will help meet the demand. Customized 3D printed external wearable devices are widely considered to be better treatment options with optimized fitting and comfort.
External Wearable Devices
The application of external wearable devices are expected to contribute $2.3 billion to the 3D printing healthcare market by 2020.
There are a wide range of external wearable devices available thanks to 3D printing, such as prosthetic limbs.
Medical and surgical centers are also responsible for a considerable amount of growth, controlling roughly three-fourths of the global market.
Another reason growth is expected to continue is that the use of 3D printing for medical practice will help reduce surgery times, anesthesia exposure and risks during operation, which ultimately reduces surgical costs.
3D printed organs are also offering affordable alternatives to animal testing in medicine and pharmaceutical research. Using the organs allows researchers to reduce the time of clinical trials and risks associated with drug testing.
At the same time, advanced 3D printers are often costly. Medical practices and pharmaceutical companies making use of 3D printers are also often impeded by a lack of regulatory frameworks and copyright issues related to 3D printing of patented products.
While North America accounts for 2/5 of the healthcare 3D printing market, new regions will emerge as influential by 2020. Asia-Pacific is expected to be the fastest growing market, with a CAGR of 29.7% for the forecast period.
The growth is mostly fueled by rising awareness and the development of start-up companies in the Asia-Pacific and LAMEA regions. The materials segment in particular will grow throughout North America, Europe, and other areas thanks to the availability of biocomaptible materials.
Other Key Findings
• The highest CAGR of the forecast period for 3D healthcare services is projected at 26.6%.
- Polymers account for roughly half of the market revenue for materials. Ceramics are also projected as the fastest growing segment (a CAGR of 32.1%).
• The electron beam melting technology segment is expected to grow at 29.6% CAGR from 2015 to 2020, higher than any other segment.
• Medical and surgical centers (accounting for 2/3 of the market) will continue to dominate throughout the forecast period.
• The fastest growing segment is expected to be engineering application, with a CAGR of 31.7% from 2015 to 2020.