3D printing is the next technology frontier in the healthcare industry as it has become a global market and is estimated to grow significantly in the medium and long terms.
Experts at Frost & Sullivan highlights that the global market of 3D printing in healthcare is estimated to expand at a compound annual growth rate (CAGR) of 26.2% reaching $4.7 billion by 2023 from $1.46 billion in 2018.
To learn more about Frost & Sullivan’s report, 3D Printing Revolutionizing Medical Device Manufacturing, visit https://bit.ly/2JA1m2B.
The growing demand for patient-customized products, enhanced productivity that reduces the waiting period for medical devices, and lower costs in comparison to traditional manufacturing are key drivers to expedite the 3D printing market in the healthcare sector.
Regionally, North America and Europe are the top adopters of 3D printing in healthcare, contributing nearly 60% of the global market share. Initially, both regions were early adopters of 3D computer-aided design (CAD) due to which 3D printing is gaining rapid momentum at present.
In Asia, the governments in China and Japan have allocated significant budgets for manufacturing and research centers for 3D printing over the past few years. Asia-Pacific follows closely behind North America and Europe with a little over a 20% share in the global market.
From the lens of a nation-wise adoption of healthcare 3D printing technology, the United States is ahead of all countries and is followed by Germany and the United Kingdom. Both European nations are the next big adopters of additive manufacturing/3D printing technology, as they are receiving significant investments from the private sector and a keen interest from the government to develop this industry.
Despite immense prospects for the 3D printing industry, regulatory challenges are key restraints behind the growth of the sector. To catch up with technological advancements, several governments across the globe are mulling over policies and guidelines to bring 3D printing into the mainstream of healthcare applications.
Top Growth Opportunities for Market Participants Involved in Healthcare 3D Printing
- 3D printing is cost-effective for small production runs, especially for small-sized standard implants or prosthetics, used for spinal, dental, or craniofacial applications. 3D printing is advantageous for companies with low production volumes or those that produce parts or products that are highly complex or require frequent modifications.
- 3D printing has the potential for large-scale production in markets where high volumes of parts are required—whether it is hearing-aid shells, spinal implants, standard hip cups, or surgical guides.
- 3D printing is expected to allow drug dosage forms, release profiles, and dispensing to be customized for each patient.
Subarna Poudel is a researcher with Frost & Sullivan. He can be reached at email@example.com