3D Printed Medical Device Market Growth
3D Printed Medical Device Market : Global Demand Analysis & Opportunity Outlook 2021
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3D Printed Medical Device Market : Global Demand Analysis & Opportunity Outlook 2021
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By Components
On the basis of components, the global 3D printed medical device market is segmented are as follows:
By Technology
On the basis of technology, the global 3D printed medical device market is segmented are as follows:
By Product
Based on products, the global 3D printed medical device market is segmented as mentioned below:
By Application
On the basis of application, the global 3D printed medical device market is segmented as:
With 37% of share in 2015, North America dominated the global 3D printed medical device market. The market in the region is anticipated to flourish owing to growing awareness in patients, expanding health care spending and rising expenditure on research and development.
Europe is the second largest 3D printed medical devices market behind North America. The market in the region is expected to augment from rising demands of customized medical instruments and devices. The Asia-Pacific 3D printed medical device market is estimated to nurture at highest CAGR over the period of 2015-2021 sparked by expanding government budget to improve establishment of 3D printing research centers in countries such as India and China.
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The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Technical innovations in 3D printing, increasing government support, and increasing applications of 3D-printed organs in organ transplantation surgeries are expected to be the main growth drivers of global 3D printed medical device market over the forecast period i.e. 2015-2021. In addition to that, escalating demand of organ transfer coupled with mergers and collaborations in 3D printing market are believed to garner the global 3D printed medical device market during 2015-2021.
However, high cost involved in 3D printing system and specific skills required to operate 3D printing technology are few of the major challenges which are expected to hamper the growth of global 3D printed medical device market in future.
The global 3D printed medical devices market encompasses some of the key players including Stratasys Inc., Envision TEC, Materialise NV, 3D Systems, Inc, Worrell, Rainbow Biosciences, FabRx Ltd., EOS GmbH, Cyfuse Biomedical K.K., Renishaw plc, etc.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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