San Francisco, California – The global market for health care 3D printing is expected to reach $1,129.8 million by 2020, growing at an estimated CAGR of 15.6% from 2014 to 2020, according to a new study by Grand View Research Inc. A growing need to produce automated products and the increasing number of cost curbing initiatives undertaken by medical device manufacturers are expected to drive market growth during the forecast period. In addition, this technology serves as an effective tool in rendering simulations and clarity to health care practitioners while performing or preparing for complicated medical procedures.
Implants dominated the overall market in 2013, accounting for over 60.0% of global revenue, primarily owing to high procedure volumes. Growing demand for this technology as a cost effective and accurate tool is expected to drive segment growth during the forecast period.
“Health care 3D Printing Market Analysis By Application And Segment Forecast to 2020,” is available now, with key findings from the study suggesting:
Polymers dominated the raw materials market in terms of shares at more than 35% in 2013 owing to their high usage rates in printing bio-models. The market for ceramics is expected to grow at a lucrative CAGR of 15.6% during the forecast period as it is widely used to manufacture the tooth or the mandible (jaw bone). Both these raw materials have been included in the U.S. FDA’s list of approved materials to be used for manufacturing implants that will be in contact with the body for long duration of time.
Photo-polymerization dominated the overall technology market and was valued at more than $140 million in 2013. This technology is used widely by research organizations and companies to manufacture efficient and accurate bio-models.
Laser beam melting is expected to be the fastest growing technology, at an estimated CAGR of over 16% from 2014 to 2020 on account of its growing demand in manufacturing orthopedic implants and hip stems.
North America was the largest regional market in 2013, accounting for more than 35% of global revenue owing to the presence of high patient awareness levels, increasing health care expenditure, sophisticated health care infrastructure and increasing investment in R&D facilities pertaining to the development of 3D technologies based products.
Europe is expected to be the fastest growing regional market over the forecast period. Presence of a large number of R&D funding programs and increasing demand for customized medical devices in this region is expected to drive market growth over the next six years.
Key participants of this market include Envision TEC, Stratasys Inc., Materialise NV, 3D Systems Software, Bio-Rad Laboratories, Organovo, SOLS, Simbionix, Metamason, RegenHU Ltd., Youbionic, Bio3D Technologies Pte Ltd, 3D Matters Pte Ltd., 3D Systems Corp. (3DS), Ekso Bionics, Roche Pharmaceuticals, Renishaw plc., Robohand, Delcam India, Worrell, mobileOCT, Archam, Rainbow Biosciences, ALD Vacuum Technologies, and 3T RPD Ltd.
source:Today's Medical Developments