This study intends to analyse diverse aspects of the global 3D printing in healthcare market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Increasing Public-Private Investments in Medical Sector to Augment Growth in 3D Printing in Healthcare Market
3D printing is the process of making 3-dimensional solid objects from a digital file. 3D printing in healthcare industries is also referred to as additive manufacturing. In this process, an object is created by laying down successive layers of material until the object is developed, using Magnetic Resonance Imaging (MRI) and Computer-Aided Design technologies. Each of these layers can be viewed as a thinly sliced cross-section of an object. This method allows users to create or produce more complex shapes using lesser materials than traditional manufacturing processes. As such, this developing technology is steadily being adopted across a wide range of end-use industries.
The healthcare market has continued to thrive, particularly over the last few years for several reasons. None more so than a steady increase in public-private investments. Given the increase in chronic disorders prevalence, a greater number of patients globally due to booming population figures, a gradual surge in geriatric individuals, and progressions made in the field of 3D printing are all elements expected to have a profound influence in augmenting growth for the 3D printing in healthcare market in the future. For example, owing to a significant shortage in organs worldwide, 3D printing technology is employed to mitigate this issue. Furthermore, increased investments toward R&D endeavours aimed at creating or developing fully functional organs is a factor that is also expected to positively boost the growth trajectory of this market. The bioprinting of tissue is another area of application that is slated to further contribute to the expansion of this global market.
COVID-19 Impact on 3D Printing in Healthcare Market
With the onset of the COVID-19 pandemic, the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles, resulted in a significant decline in generated revenues for several industries. This was no different for the market for 3D Printing in Healthcare. However, as restrictions were gradually relaxed, post the 3rd and 4th respective waves, this global market regressed to its pre-COVID state of operations.
Lack of Skilled Manpower Owing to Sparse Specialized Training Resources Influences 3D Printing in Healthcare Market
As this is a recent technology, there continues to be a lack of resources to train individuals in 3D printing processes. This has resulted in a smaller workforce that is proficient, irrespective of the rapid pace at which the technology and raw materials used have advanced. If this discrepancy is not addressed soon enough, it could have a detrimental impact on the projected growth of the 3D Printing in Healthcare Market.
Higher Adoption of 3D Printing in Dentistry to Boost 3D Printing in Healthcare Market Growth
Owing to higher disposable incomes, individuals are now more capable of affording dental procedures. Better insurance policies also contribute to an increase in the number of dental procedures being undertaken across the globe. Moreover, the rise to prominence of social media which has made people more concerned with their physical appearances has also played its part in boosting the number of individuals seeking dental treatments. Factors such as these are expected to bolster the growth trajectory of the global 3D Printing in Healthcare Market over the forecast period.
Asia Pacific to Retain Dominance in Global 3D Printing in Healthcare Market
While North America is slated to index a significant CAGR over the forecast timeline owing to the continued growth of this industry, as well as the presence of several industry players in the region, the market for 3D Printing in Healthcare is expected to be dominated by the Asia Pacific. The establishment of 3D printing education, training, and research centres, as well as greater efforts by leading players to better market penetration and distribution channels, particularly in the various emerging nations of this region are all elements that are predicted to positively influence the growth of this market in the future. Moreover, a significant difference in the cost of raw materials and labour, in comparison to developed nations is another element that is slated to aid in the overall growth of the 3D Printing in Healthcare Market.
3D Printing in Healthcare Market: Competitive Landscape
Major players in the 3D Printing in Healthcare Market include 3D Systems Corporation, Exone Company, Formlabs Inc., General Electric, Materialise N.V., Oxford Performance Materials Inc., Organovo Holdings Inc., Proto Labs, SLM Solutions Group AG, and Stratasys Ltd., to name a few. As a means of gaining a competitive edge, various established industry players are more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments:
The Global 3D Printing in Healthcare Market is Segmented as Follows:
By End User
Key Elements Included In The Study: Global 3D Printing in Healthcare Market
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