by 3D printing, also known as additive manufacturing, refers to processes used to create a three-dimensional object in which layers of material are formed under computer control to create an object. In the healthcare sector, 3D printing is revolutionizing medical education, surgical planning, and customized prosthetics. It enables creation of customized anatomical models and medical devices. 3D printing helps doctors train for complicated procedures by practicing on accurately detailed 3D printed organ models and anatomical structures. The global 3D printing in healthcare market is estimated to be valued at US$2.21 billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers for the growth of 3D printing in healthcare is the ability to enable enhanced medical education. 3D printing allows creation of precise anatomical models which can be effectively used by medical students and doctors to understand complex internal body structures, visualize surgery processes and undertake mock procedures. This helps trainee doctors gain hands on experience that was previously not possible with traditional educational methods. 3D printed organ models and body parts help simplify complex subjects and improve comprehension of various diseases and conditions. The use of customized 3D printed models has shown to enhance surgical preparation and planning. It enables simulation of surgical procedures which reduces risks and improves outcomes for actual patients. The replication of rare diseases and difficult to access organs using 3D printing promotes collaborative discussions in the medical community and aids in treatment innovation.
The demand for personalized medical products and devices has increased exponentially with technological advancements. 3D printing is a boon to the medical implants industry as it facilitates custom-made prosthetics, dental implants and medical devices tailored to individual patient’s needs. Complex customized implants can be easily created using patient’s scans without long wait times. This personalized manufacturing streamlines production and enables delivery of implants on time. The ability of 3D printing to produce biocompatible materials and customized anatomical replicas on demand fuels its growth in the healthcare domain. Thus, the market opportunity provided by medical education is empowering the proliferation of 3D printing in the healthcare industry.
Segment Analysis
The 3D printing in healthcare market can be segmented into technology, component, application, and end-user segments. Based on technology, the market is dominated by photopolymerization segment due to its widespread usage for making dental implants, surgical guides, and prosthetics. It uses liquid polymers that solidify when exposed to light of a specific wavelength, allowing the production of complex 3D printed structures with great precision and resolution.
PEST Analysis
Political: Government initiatives to support innovation in healthcare through funding and regulations encourage adoption of new technologies like 3D printing. Economic: 3D printing reduces production costs of medical devices, surgical planning, and customized treatments compared to traditional methods driving significant savings for healthcare providers. Social: Advance printing technologies help address unmet needs of patients through personalized medical solutions and greater access to care. Technological: Rapid advances in areas of bio-printing, customized implants, and drug discovery extend applications of 3D printing improving patient outcomes.
Key Takeaways
The global 3D Printing In Healthcare Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by the abovementioned PEST drivers.
Regionally, North America dominates currently owing to significant technological advancements and availability of skilled workforce in the region. However, Asia Pacific is expected to emerge as the fastest growing regional market.
Key players operating in the 3D printing in healthcare market are Stallergenes Greer PLC, Sanofi SA, Novartis International AG, Dermapharm Holding SE, Leti Pharma, Johnson & Johnson, GlaxoSmithKline PLC, Nicox SA, F. Hoffmann-La Roche Ltd., Allergy Therapeutics PLC, AbbVie Inc. (Allergan), Bausch Health Companies Inc., Teva Pharmaceutical Industries, ALK-Abello AS, and Alembic Pharmaceuticals Limited, among others. They are investing heavily in R&D to develop new applications of 3D printing like targeted drug delivery, bio-printing of tissues and organs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
