Publication Month: Aug 2020 | Report Code: TIPHE100000975 | No. of Pages: 177 | Category: Medical Device | Status: Published
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.
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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.
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.
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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.
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.
|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|
|No. of Pages||177|
|No. of Tables||71|
|No. of Charts & Figures||72|
|Historical data available||Yes|
|Segments covered||Technology ; By Product ; and By Application , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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Product 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.
The List of Companies - Medical Device Additive Manufacturing Market