3D Printing Market Overview:
According to the International Diabetes Federation, 425 million people globally are currently suffering from diabetes, and the disease results in lower limb amputation one in every 30 seconds. However, artificial 3D printing has opened up scope in the modern medical industry for people to opt for advanced, cost-effective, and appealing designed prosthetics. Healthcare sector has helped in generating a huge demand in the 3D printing market owing to a versatile application in the dental implants, hearing aids, artificial organs, etc. 3D bioprinting fills up the gap of animal and human experimental trials with advanced bio-printed human skin, thyroid gland, and many other vital parts. The global 3D printing market generated a market value of $14.5 billion as of 2018. Technological advancement have extended manufacturing of almost every possible subject for 3D printing: automotive parts, metal printing, sample architectures and constructions, prototypes of footwear, energy production, food, educational, aeronautical approach, robotics and drones, and many other. Moreover, continuous and limitless breakthroughs in 3D printing have created an enormous impact on the industrial and commercial field thereby expanding the 3D printing economy. The extensive market opportunity is expected to advance at a robust compound annual growth rate (CAGR) of 23% through to 2025.
3D Printing Market Outlook:
Computer-aided high quality 3D printing designs of delicate human organs and vascular system provides a better chance to medical experts for performing risk free preliminary trials of critical surgery. Earlier 3D printing was accomplished with inkjet printers but vernacular mediums and innovations have made it comparatively easier to print 3D model of any object successfully in the modern times. Prototyping is the major push towards 3D printing industries leaving behind conventional practices of manufacturing models and machineries. It uses high performing materials such as thermoplastics for yielding engineered aeronautical, automotive, and medical utilities. Booming 3D printing market is anticipated to leverage a mounting demand from the automotive industry with an outstanding CAGR of 15% during the period 2019-2025.
Statistical data from John Hopkins school of Medicine reveals that approximately 2 million loss of limb and 185,000 amputation cases surface in U.S. annually. Rising physical deformity and incrementing medico technical advances are the prime factors because of which North America held 40% regional share in the year 2018. Apart from North America other provinces are susceptible to 3D printing market transition with compelling revenue income during the forecast period.
3D Printing Market Growth Drivers:
·Surgical trials on 3D printed organ model leads to minimal risks, proper surgery planning, identifying suitable tools for a particular case, and shrinks surgical complications, consequently, enhancing medical prowess and driving the global 3D printing market demand.
·Designing of new tools and its effective application generates amplifying future prospects for the 3D printing companies.
·Automotive industry is a major driving force to the 3D printing market owing to better customization, lower material wastage, accuracy and less time consumption, and flexible designing.
·Researches on 3D printing organ transplantation is conducted on a large scale to replace the complication of live organ transplantation owing to the cost-inefficiency, inadequate donor availability, and donor-receiver incompatibility. Around 13 people die every day without a kidney transplantation. Persistent biomedical engineering advances will increase the efficacy of 3D bio-printed organs and will accomplish sophisticated applications in the medical field in the forthcoming years.
3D Printing Market Challenge:
Critical problems associated with the trending 3D printing progression includes limited material variety, limited repetition process, and narrow scale of niche expertise. Albeit the low cost 3D printing products, exorbitant rates of manufacturing procedure, equipment installation, and post-processing necessities thwart the global 3D market development. However, the optimistic approach of the manufacturing companies outpace these market challenges with rigorous investment in the technologies and embracing strategic changes.
3D Printing Market Key Players:
The leading market innovators of the global 3D printing market include Flashforge, HP, 3D Systems, Stratasys, SLM Solutions, ExOne, Organovo, EOS, GE, Materialise, XYZ Printing, Wanhau, Monoprice, Voxeljet, Prusa Research, Protolabs, Nano Dimensions, and others.
XYZ Printing is a 3D printer manufacturing company incorporating the 3D printing experience in offices, schools, and homes with accessible and less expensive printers. With 8500 engineers, they deliver products such as 3D pen, mini, and nano series, original and junior series, color, pro, nobel, and 3D scanner series.
3D Printing Market Trends:
· 3D Printing Bunion Rectification
Traumatic bunion development on the foot leads to difficulty in walking and toe movement. MedShape Orthopedic Solution Company has invented a new device for correcting hallux valgus deformity with FDA administered bone tether plate sculpted through 3D titanium alloy printing. Furthermore, mechanical drilling of bones will be escaped owing to the innovative FastForward bunion correction plate.
· Revolutionary Bio-Printed Human Skin
Recent research directed by the unique 3D bio-printer to create a lab-made skin is suitable for testing chemicals, cosmetics, and pharmaceutical experiments as well as compatible for transplantation in burn incidences. A close replica of human skin bio-printing, this method is cost-effective as compared to manual production of artificial skin.
· Persuasive Prosthetic Designs
Prosthetics have improved physical deformity with newer advances keeping an eye on the quality, design, and comfort level of the patients. Amputees changed outlook of the modern world have shaped their personal preferences. Designer prosthetic in the form of modern bionics of popular characters such as artificial hero arm are widely gaining traction among children worldwide. Widely accepted by teenagers and young amputees, the bionic trend is gradually overpowering the 3D printed prosthetics market.
3D Printing Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the 3D printing market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the type of 3D printing in 3D printing market, and their specific applications in different areas.
3D Printing Market: Industry Coverage:
Global 3D printing market is segmented on the basis of offering, application, and end user. Bifurcation based on offering includes printer, scanner, material, software, service, and others. On the basis of application categorization includes production, prototyping, and research and education. By end user this market is divided into consumers, automotive, construction, and so on.
The 3D printing market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia