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3D Printing in Healthcare Market to Reach $1.2B by 2020
April 14, 2016 | PRNewswireEstimated reading time: 2 minutes
According to the report "3D Printing in Healthcare Market - By Material (Donor Cells, Plastics, Metals, Ceramics, Bone Cement); By Application (Implants, Tissue Engineering, Surgical Guides, Hearing Aids, Dental Implants, Medical Components) - Forecast (2015 to 2020)", published by IndustryARC, the 3D Printing in Healthcare Market is estimated to reach $1.2 Billion by 2020 at a high CAGR.
3D printing has begun to flourish in various application areas in healthcare such as dental, medical, implants, drug manufacturing and so on. The materials used for these purposes vary accordingly. While dental implants mostly use metals and ceramics to print dental crowns, the medical industry has its own array of bio-materials. The key driving factor for 3D printing in healthcare is the decrease in prices of printers and also approval of possible subsidies from governments as part of research grants.
The 3D printing materials in healthcare market in 2015 were $308 Million according to research conducted by IndustryARC, and is dominated by Americas with more than 60% market revenue share. The U.S. itself holds around 40% of the entire 3D printing in healthcare market share with existing major players like 3D Systems and Stratasys along with the new entrants and their investments to acquire the growing market. Asia-Pacific's (APAC's) market is relatively small as compared to Americas region; however it is growing at a higher rate compared to Americas. Emerging economies such as China, Japan and India play vital role in the forecast period.
The global 3D printing in healthcare market is estimated to grow at a CAGR of 18.3% to reach $1,210m by 2020.he 3D printing industry has become a mainstream technology rather than a niche technique of prototyping in healthcare in the past few years. The 3D Printing industry has always faced regulatory issues, in the context of healthcare based products. But for the first time, MedShape received the clearance from FDA for its 3D printed bone tether plate which repairs foot deformity. Recently Oxford Performance Materials also got clearance from the Food and Drug Association for its biomaterials being used in complex surgeries.
The clearance from FDA is done through 510(k) process, wherein a manufacturer must show that the printed device is not "considerably similar" to any another device that is legally marketed in the U.S. While there are questions popping up that whether this 510 (K) process is apt for judging the 3D printed devices, on the other hand, FDA is actively seeking support from various researchers and academicians to set new guidelines for judging the devices produced through 3D printing. Recently a public workshop was launched to provide a forum for all those directly related to additive manufacturing, so that they can discuss the technical challenges and solutions for 3D printing.
These upcoming clearances form FDA has boosted the confidence of many manufacturing companies and as a result, the industry today has so many new entrants that are investing in R&D. Major companies are adapting this technology to manufacture advanced devices especially that are automated.
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