Market Definition:
3D printing is a type of additive manufacturing. There are various types of additive manufacturing, but the terms 3D printing and additive manufacturing are often used mutually. 3D printing is a process that generates a three-dimensional object by constructing successive layers of raw material. Every new layer is attached to the previous one until the entity is complete. Objects are generated from a digital 3D file, such as a computer-aided design (CAD) drawing or a Magnetic Resonance Image (MRI). The flexibility of 3D printing allows creators to make changes simply without the need to set up additional equipment or tools. It also allows manufacturers to generate devices matched to a patient’s anatomy (patient-specific devices) or devices with very complex internal structures. These capabilities have surged huge interest in the 3D printing of medical devices and other products, comprising food, household items, and automotive parts.
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Market Outlook:
Rising public-private funding for 3D printing activities
In recent times, there has been a significant rise in public-private funding to support various initiatives in the 3D printing industry such as research and funding activities that are likely to boost the development of 3D printing products and technologies, thereby fuelling the growth of the 3D printing medical devices market. For instance, in September 2020, nTopolgy raised $40M to drive the future of engineering.
Market Opportunities
Direct digital manufacturing
The rising digitization of dentistry and medical procedures has advanced greatly over the years, with the aim of improving the clinical workflow through the incorporation of technology. The industry is witnessing a shift from traditional to digital dentistry and surgeries. Direct digital manufacturing comprises the application of computer-controlled processes for developing a physical object directly from a digital strategy. With the expansion in 3D printing, direct digital manufacturing is becoming a widely used technology as compared to traditional manufacturing techniques. It provides a unique set of advantages as it eliminates the investment in tooling, lowers the lag time between designing and production, and raised production.
Market Restraints
Shortage of a skilled workforce
One of the major barriers to the adoption of additive manufacturing or 3D printing is the lack of a skilled workforce. There is a very limited resource pool available for staff that is well-versed with 3D printing processes, which is further worsened by the rapid pace of evolution of the 3D printing medical devices market in terms of technology and materials.
Also, there is a shortage of training programs available for additive manufacturing, and there exists a wide gap between academia and practical applications in the industry that is tough to bridge. The lack of a workforce with a full understanding of the design process and production cycle in additive manufacturing affects the final quality of the product. The lack of such a workforce would like to hamper the overall adoption of 3D printing in the medical devices industry.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmental Analysis
The global 3D printing medical devices market is segmented into components, technology, medical product, and end users.
Market Players of Global 3D Printing Medical Devices Market
The key players in the global 3D printing medical devices market are Stratasys Ltd., 3D Systems Corporation, Materialise NV, Envisiontec GmbH, Eos GmbH Electro Optical Systems, Renishaw PLC., 3T RPD, Ltd., Arcam AB, Concept Laser GmbH and Prodways among others.
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – $1,6 bn
• Market Size in 2031 – $7.2 bn
• CAGR % – 16.8%
• Historic Period – 2015-2020
• Forecast Period – 2022-2031
• Base Year – 2021
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