Published Date : Sep 15, 2016
In the last couple of years the use of 3D printing in medical applications has significantly increased. Several factors have aided the rising use of the technology in medical application, the demand for cost-effective customization of prosthetic implants being the primary one. Besides this, accelerating funding from government and private agencies is creating lucrative opportunities for the market.
According to Transparency Market Research, the global 3D printing in medical applications market is expected to report a CAGR of 15.4% between 2013 and 2019. The market was valued at US$354.5 mn and is poised to reach a valuation of US$965.5 mn by the end of 2019. Regionally, Europe emerged as the most lucrative market for 3D printing in medical applications.
Continuous Advancements in Technology to Boost Use of 3D Printing in Medical Applications
The evolution of technologies, coupled with continued advancements, is broadening the scope for 3D printing in medical application. The technology is still developing, but holds significant potential for a myriad of medical applications. Currently 3D printing has been successfully used in the construction of customized implants, anatomic structures, and surgical templates. Besides this, the market is also expected to gain from favorable strategies adopted by governments in Asia, Europe, and the Americas to promote the use of 3D printing in the medical sector.
Lengthy FDA Approval to Inhibit Market’s Growth
On the downside, the lengthy approval processes for materials used in 3D printing for medical applications is inhibiting the market’s growth to an extent. Various materials are required for fabricating various implants. It is thus important to ensure that the manufacturing materials used in the process are high-performing to support the growth of the medical 3D printing market. Hence, FDA approvals are required for use of these materials in complex procedures such as irritation, delayed hypersensitivity, cytotoxicity, and genotoxicity. However, the approval is achieved after extensive clinical trials, thus slowing the market’s growth to an extent.
Nevertheless, the market is poised to gain from the acquisition of software firms for 3D designing in the near future.