In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The growth of the global 3D printing medical implants market is thriving on the back of increasing focus on advancement of medical products backed by the rising investments in R&D by the key players, coupled with the growing importance of 3D printing in the healthcare industry. 3D printing plays an essential role in the healthcare industry as it provides healthcare specialists the power to manufacture several medical devices. 3D printing is a process in which a three-dimensional object is created by building consecutive layers of raw material. Each new layer created is fixed with the previous layer until the object is complete. Such objects are manufactured from a digital 3D file, such as Magnetic Resonance Image (MRI) or a computer-aided design (CAD) drawing. The 3D printing technology has numerous utilities in manufacturing medical devices such as cranial and orthopedic implants, titanium replacements of jaws and hips, surgical apparatus, dental fillings such as crowns, and external prosthetics, and limb prosthetics. Owing to the easy usage and innovative technology, many medical specialists prefer 3D printing devices before initiating any treatment or surgery, which tends to reduce the risk of any error.
The global 3D printing medical implants market reached a value of around USD 900 million in the year 2018 and is expected to garner a value of around USD 4800 million by the end of 2027 by registering a CAGR of around 19% across the globe over the forecast period 2019-2027. Further, the worldwide market of 3D printing medical implants is anticipated to achieve an incremental $ opportunity of around USD 800 million in the year 2027 as compared to the previous year.
The global 3D printing medical implants market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, North America 3D printing medical implants market is driven by U.S. and Canada, where U.S. held the dominating market share of around 70% in the year 2018. Increasing investments for the development of healthcare infrastructure in the nation followed by the support of the government in funding research and developmental activities in the nation are some of the factors anticipated to drive the growth of the market in the U.S. Additionally, North America held the largest market share of around 48% in the year 2018 and is anticipated to cross a value of around USD 2600 million by the end of 2027 by registering a CAGR of around 21% during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Further, Germany, U.K., France, Russia, and Italy are some of the prominent countries that are driving the growth of the Europe 3D printing medical implants market, where Germany accounted for the largest market share of around 20% in the year 2018. Additionally, the market in the nation is also anticipated to grow with the highest CAGR of around 23% over the forecast period and cross a value of around USD 320 million by the end of 2027.
The study further incorporates 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).
The global 3D printing medical implants market has been segmented on the basis of component into material, services and system. The material segment with around 49% share in the year 2018, occupies the largest market of 3D printing medical implants across the globe. Additionally, the material segment is anticipated to cross a value of around USD 2700 million by the end of 2025 by registering a CAGR of around 21% over the forecast period. On the other hand, the system segment is anticipated to grow with a significant CAGR of around 15% over the forecast period.
With the increasing technological advancements and development in the medical sector, the need for designing replicas of human anatomy, nanomaterials as well as polymer-based organs amongst the healthcare specialists have grown manifold, raising the need for the utilization of 3D printed medical devices. Additionally, the developments observed in orthopedics giving rise to the concepts of customized bone identical implant and CT-bone are also considered majorly to drive the demand for the deployment of 3D printing devices in the healthcare industry, which in turn is anticipated to drive the growth of the global 3D printing medical implants market. Moreover, several other factors such as increasing applications of 3D implants on the back of growing research and developments in surgeries of joint replacements and heart transplantation procedures, coupled with the benefit of using the technology, as healthcare specialists can build customized medical implant parts as per the need of the patient are anticipated to drive the growth of the global 3D printing medical implants market.
High cost associated with the 3D printing medical implants technology devices along with unavailability of skilled technicians and absence of reimbursement policies in many nations across the globe which restricts the sale of 3D printing medical implants devices are some of the factors anticipated to impact negatively towards the growth of the global 3D printing medical implants market.
Ans: Increasing applications of 3D printing medical implants, advancements in the healthcare industry and numerous benefits associated with 3D printing medical implants technology are some of the major factors that are driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of around 19% over the forecast period, i.e. 2019-2027.
Ans: The market in Europe is anticipated to provide more business opportunities in the future.
Ans: The major players in the global 3D printing medical implants market are Materialise NV, Stratasys Ltd., Renishaw plc, 3D Systems, Inc., Envisiontec, Inc., General Electric, SLM Solutions Group AG, Oxford Performance Materials, Bio 3D and Cyfuse Biomedical
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The material segment, which is a sub-segment of the component segment, held the largest market share of around 49% in the year 2018 is anticipated to show significant growth opportunity.
Ans: Growing concerns for the absence of reimbursement policies, high cost and unavailability of skilled technicians are the factors anticipated to act as a barrier towards the growth of the global 3D printing medical implants market.