The global 3D printing medical devices market is estimated to grow at a CAGR of 25.3% from 2015 to 2020. Although developed countries (such as the U.S., Germany, and the U.K.) hold larger shares in the 3D printing medical devices market, the Asia-Pacific region is poised to witness the highest CAGR in the coming five years. Factors such as the presence of a large patient population, increasing efforts by leading market players to expand their distribution networks, rising awareness regarding the benefits of 3D printing technology in the emerging Asian countries, and establishment of novel 3D printing research and training centers are propelling the growth of the 3D printing medical devices market in the Asia-Pacific region. In addition, growing government investments to enhance the application of 3D printing technology in various industries, including healthcare, is likely to drive the demand of 3D printing solutions in the Asia-Pacific region.
The growth of the global 3D printing medical devices market is driven by factors such as continuous technological advancements in 3D printing, rising government financial support to develop novel healthcare applications of 3D printing technology, ability to develop customized medical products using 3D printing technology, and growing acceptance of 3D-printed organs in organ transplantation surgeries. In addition, rising demand of organ transplantation, strong mergers and acquisitions, and expiry of key patents are offering new growth opportunities for manufacturers and distributors of 3D printing solutions. On the other hand, the high cost of 3D printing systems and complexity in process control and understanding of 3D printing technology are some of the key challenges faced by market players.
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In this report, the 3D printing medical devices market has been segmented on the basis of component (covering 3D printing equipment, materials, and services & software), technology (including electron beam melting (EBM), laser beam melting (LBM), photopolymerization, droplet deposition (DD) or extrusion-based technologies, and three dimensional printing (3DP) or adhesion bonding), medical product (including surgical guides, surgical instruments, prosthetics and implants, and tissue engineering products), and region (North America, Europe, Asia-Pacific, and the Rest of the World). The services and software component segment is estimated to account for the largest share of the global 3D printing medical devices market in 2015. This is attributed to the increased acceptance and application of 3D printing in medical and dental industries and development of advanced software to produce 3D models.
Geographically, North America (comprising the U.S. and Canada) commands the largest share of the global 3D printing medical devices market in 2015, followed by Europe. The 3D printing medical devices market in North America is primarily driven by various factors such as government funding and public-private partnerships for research and development of novel 3D printing technologies, growing efforts by market players to expand their distribution networks, and increasing number of 3D printing-oriented exhibitions and conferences. However, the stringent regulatory process for the approval of 3D-printed medical products by the U.S. FDA is negatively affecting the growth of the 3D printing medical devices market in North America.
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The global 3D printing medical devices market is fragmented and competitive with a large number of global and local developers of 3D-printed printers, materials, and software. As of 2014, Stratasys Ltd. (Israel & U.S.) held the leadership position in the global 3D printing medical devices market. New product launches; product enhancements; partnerships, agreements, and collaborations; mergers and acquisitions; and geographic expansions are the major strategies adopted by most of the market players to achieve growth in the 3D printing medical devices market.