The medical device additive manufacturing market is expected to reach US$ 4,440.5 million by 2027 from US$ 1,350.4 million in 2019; it is estimated to grow at a CAGR of 16.2% from 2020 to 2027.
Additive manufacturing is a technique used for manufacturing rapid prototypes as well as functional parts. The use of additive manufacturing in the medical industry has increased in the recent years owing to technological advancements. With the rising adoption of additive manufacturing in the healthcare sector, the scope for customization and innovation of medical devices has increased considerably over the last few years.
Lucrative Regional Markets for Medical Device Additive Manufacturing
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Market Insights
Increasing Demand for Additive Manufacturing in Healthcare
Additive manufacturing (AM), also known as 3D printing, holds great potential to transform the conventional process of manufacturing of medical products and components. Additive manufacturing allows companies to provide extensive customization based on the individual patient requirements for medical applications. This helps save time and efforts by allowing the manufacturing of medical devices and implants that are ideal fit for patient’s needs. The technique helps overcome the constraints of traditional manufacturing methods—mainly associated with the mass customization; fabrication; milling, casting, and forging; and so on.
Additive manufacturing is majorly beneficial in medical fields such as production of new orthopedic products, fabrication of customized maxillofacial prostheses, and casting of dental implants. Further, it is also receiving attention as a method used in biomedical modeling and organ printing. The increase in demand for additive manufacturing has encouraged medical device manufacturing companies to invest significantly in the development of commercial models and reduction of the cost of modeling. Leading medical device market players have uniquely positioned themselves to benefit from the advances offered by additive manufacturing. For instance, in May 2018, Medtronic announced development of the TiONIC Technology, which is a new 3D printed technique that helps tobuild enhanced surface techniques for designing of medical devices. Further, axial3D, a company developing automated 3D printing solutions for healthcare sector, announced the completion of a funding round for raising US$ 3 million in funds to expand its operations in the US. Thus, the increasing demand for the additive manufacturing technology in healthcare, leading to rising investments by market players for its advancement, fuels the growth of the medical device additive manufacturing market.
Technology-BasedInsights
Based on technology, the medical device additive manufacturing market is segmented into laser sintering, stereolithography, electron beam melting, and extrusion. In 2019, the laser-sintering segment accounted for the largest share of the market. The growth of the market for this segment is attributed to the fact that there is no need to provide support structures for fragile and thin parts of devices, unlike the devices produced with the use of stereolithography. Further, high precision in geometries achieved by laser sintering is not possible with any other technology, which would contributes dominance of this segment in the market in the coming years.
Global Medical Device Additive Manufacturing Market, by Technology– 2019and 2027
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Product-Based Insights
Based on product, the medical device additive manufacturing market is segmented into surgical guides, surgical instruments, implants and prosthetics, tissue engineering, and other products. The surgical instruments segment held the largest share of the market in 2019, whereas the implants and prosthetics segment is estimated to register the highest CAGR in the market during the forecast period.
Application-Based Insights
Based on application, the medical device additive manufacturing market is segmented into dental, orthopedic, bioengineering, and craniomaxillofacial. The orthopedic segment held the largest share of the market in 2019, and it is further estimated to register the highest CAGR of 16.7% in the market during the forecast period.
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Medical Device Additive Manufacturing Market: Strategic Insights
Market Size Value in US$ 1,350.4 Million in 2019 Market Size Value by US$ 4,440.5 Million by 2027 Growth rate CAGR of 16.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Device Additive Manufacturing Market: Strategic Insights
Market Size Value in | US$ 1,350.4 Million in 2019 |
Market Size Value by | US$ 4,440.5 Million by 2027 |
Growth rate | CAGR of 16.2% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystProduct launches, and mergers and acquisitionsare the commonly adopted strategies by companies to expand their global footprintsand product portfolios, which allowsthemmeet the growing consumer demand. Product launches areamong the major strategies adopted by the medical device additive manufacturingmarketplayers to enlarge their respective customer bases; this also permits them maintain their brand name globally.
Medical Device Additive ManufacturingMarket– byTechnology
- Laser Sintering
- Stereolithography
- Electron Beam Melting
- Extrusion
Medical Device Additive ManufacturingMarket– by Product
- Surgical Instruments
- Implants and Prosthetics
- Surgical Guides
- Tissue Engineering
- Other Products
Medical Device Additive ManufacturingMarket– by Application
- Orthopedic
- Dental
- Craniomaxillofacial
- Bioengineering
Medical Device Additive ManufacturingMarket – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of Asia Pacific
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
South and Central America
- Brazil
- Argentina
- Rest of South and Central America
Company Profiles
- 3D Systems, Inc.
- GE Additives
- Materialise NV
- 3T Additive Manufacturing Limited
- Renishawplc
- Stratasys Ltd
- Vaupell, INC.
- Precision ADM INC
- EOS GmbH
- ALLEVI, INC
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology ; By Product ; and By Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Additive manufacturing is a technique used for manufacturing rapid prototypes as well as functional end-use parts. The use of additive manufacturing in the medical industry have witnessed an accelerating adoption in the recent years owing to technological advancements. With additive manufacturing being implied in the healthcare industry, the scope for customization and innovation of medical devices has increased considerably over the last few years.
Factors such increasing demand for additive manufacturing in healthcare and rising number of musculoskeletal and dental diseases are expected to boost the growth of the global medical device additive manufacturing market. However, the market is likely to get impacted by exorbitant costs of automated medical device additive manufacturing during the forecast period.
Global medical device additive manufacturing market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. In North America, the U.S. is the largest market for medical device additive manufacturing. The growth of the medical device additive manufacturing market in the country is estimated to grow due to factors such as rapidly expanding medical device market, growing research and development for developing sustainable models to streamline additive manufacturing, and increasing demand for advanced and customized therapeutic and diagnostic medical instruments, implants and devices. Besides, the large pool of patients suffering with various chronic diseases is also responsible to accelerate the growth of market in the country during the forecast period.
The List of Companies - Medical Device Additive Manufacturing Market
- 3D Systems, Inc.,
- GE Additives,
- Materialise NV,
- 3T Additive Manufacturing Limited,
- Renishaw plc, Stratasys Ltd,
- Vaupell, Inc.,
- Precision ADM Inc,
- EOS GmbH
- STRATASYS LTD.
- Allevi, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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