$6000
3D printing, often known as additive manufacturing, is a method of creating three-dimensional solid objects in the healthcare industry. Additive manufacturing technologies are used to create 3D printed objects. An object is built in an additive technique by laying down successive layers of material until the object is complete. Each of these layers can be viewed as a cross-section of the item that has been lightly cut. It's used in the healthcare industry to make personalized medical equipment and products. Furthermore, 3D printing technology meets the growing demand for personalized medical care by producing bespoke medical devices that are tailored to the individual's needs. In healthcare, 3D printing is used to develop living human cells or tissue in regenerative medicine and tissue engineering. 3D printing is also used to create precision and personalized pharmaceuticals. Furthermore, it has various advantages over traditional reconstructive surgeries, including low operating risk during difficult procedures, a reduction in infection susceptibility, and decrease in anaesthetic exposure time.
The availability of bioprinting tissues and organs, as well as an increase in pharmaceutical applications, are potential for market expansion during the projection period. Furthermore, significant R&D investments, quick development of the client base, expansion of biomedical applications, and substantial R&D activities for the advancement of 3D printers at the academic and industrial levels have all propelled market growth. Collaborations between academic institutions, hospitals, and businesses have also aided the market's expansion. Several regulatory groups are working to develop 3D printing in healthcare standards. In December 2017, the US Food and Drug Administration (FDA) issued an advice titled "Technical Considerations for Additive Manufactured Devices." The guidance emphasizes on technical concerns and recommendations for 3D-printed medical device design, manufacture, and testing.
During this COVID-19 outbreak, market is observing the full utility of 3D printed medical equipments. Doctors and nurse practitioners around the country are dealing with crises and attempting to make the most of the limited tools at their disposal. Many hospitals are concerned that they will be inundated by COVID-19 cases, and they are doing everything they can to help flatten the curve and avoid worst-case scenarios. According to a paper published in Progress in Additive Manufacturing Journal in November 2020 by Guilherme Arthur Longhitano, the additive manufacturing community arose to address the scarcity of medical devices amid the COVID-19 pandemic. Patients and healthcare professionals are currently using a variety of designs in hospitals. Furthermore, the adoption of 3D printed products such as face shields, face masks, valves, and nasopharyngeal swabs is on the rise, which is boosting market growth.
The greatest benefit of 3D printing is tissue bioprinting, which will increase the options for joint preservation, deformity treatment, and trauma management. In the future, 3D printing should be faster, more cost-effective, and easier to manufacture, even in OT. With better imaging and processing algorithms, surgeon dependency could be decreased, resulting in a product that meets the exact needs of the patients. Moreover, the digitization of dentistry and medical processes has come a long way in recent years, with the goal of enhancing clinical workflow through the use of technology. Traditional dentistry and surgeries are giving way to digital dentistry and operations. Direct digital manufacturing is the method of creating a physical thing from a digital design using computer-controlled procedures. Direct digital manufacturing is becoming a more extensively utilized technology than traditional production techniques, thanks to developments in 3D printing. It has a unique combination of benefits in that it removes the need for tooling, lowers the time between design and manufacturing, and boosts output.
Stratasys Ltd. Is among the leading players in 3D printing medical devices market. The company's 3D printing product portfolio includes a variety of 3D printing systems and consumables to meet the needs of a variety of industries, including automotive, consumer electronics, aerospace, dental, defence, education, commercial products, architectural, and medical. In addition to its 3D printing products, the company also provides services. To maintain its leadership position in the worldwide market, it largely focuses on product innovation and new product launches as its primary business strategy. Additionally, the company used techniques such as collaborations, agreements, and mergers and acquisitions to increase its product line and client base, as well as expand its presence across other countries, in order to assure its future growth.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
- Stratasys Ltd
- Formlabs Inc.
- Renishaw PLC
- 3D Systems Corporation
- Exone Company
- Nanoscribe GmbH & Co. KG
- Nano3D Biosciences Inc
- Oxford Performance Materials, Inc.
- Organovo Holdings, Inc.
- General Electric
- Materialise NV
- Proto Labs
- Envision TEC GmbH
- SLM Solutions Group AG
- Aspect Biosystems
- Bio 3D Technologies
- BioBots
- Aram AB
- 3Dynamics Systems
- 3D Biotek
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.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
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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