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3D Bioprinting Market Growing at CAGR of 26.5% during 2016 to 2021
February 6, 2017 | PRNewswireEstimated reading time: 1 minute
The 3D bioprinting market is expected to reach USD 1,332.6 million by 2021, at a CAGR of 26.5% from 2016 to 2021 while the microextrusion 3D bioprinting market is estimated to command the largest share of the global market in 2016, due to its high affordability and simple setup process.
The 3D bioprinting market is primarily driven by the rising demand for organ transplantation across the globe. In addition, growing R&D in the field of 3D bioprinting, increasing public and private investments to support 3D bioprinting research, and rising use of 3D bioprinting in drug discovery are supporting the growth of this market. On the other hand, limitations of biomaterial-based products and socio-ethical concerns are the major challenges in this market.
In this report, the 3D bioprinting market has been segmented on the basis of technology, applications (clinical and research applications), materials (living cells, hydrogels, extracellular matrices, and other biomaterials), and regions(North America, Europe, APAC, and the RoW). By technology, the global 3D bioprinting market is segmented into four categories, namely, microextrusion, laser-assisted, inkjet, and magnetic 3D bioprinting. The microextrusion 3D bioprinting market is estimated to command the largest share of the global market in 2016, due to its high affordability and simple setup process.
The 3D bioprinting market consists of a number of big, medium-sized, and small companies. As of 2015, the syringes market is dominated by Organovo Holdings Inc. (U.S.), EnvisionTEC GmbH (Germany), and Nano3D Biosciences, Inc. (U.S.).Product launches, development, and commercialization; agreements; collaboration; and partnerships were the major strategies adopted by most of the market players between 2013 and 2016to achieve growth in the3D bioprinting market.
Geographically, North America (comprising the U.S. and Canada) is expected to command the largest share of the 3D bioprinting market in 2016, followed by Europe. Increasing government initiatives and rising demand for organ transplants are the major factors driving market growth in North America. However, the presence of a stringent regulatory process for the approval of 3D bioprinting products is a major factor restraining the growth of this regional segment.
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