3D Printing Market in Healthcare Industry Projected to Grow by USD 2.53B till 2025
Technavio report suggests that the 3D printing market in the healthcare industry is set to grow by USD 2.53 billion, progressing at a CAGR of almost 18% during 2021-2025. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The 3D printing market in the healthcare industry will witness a positive impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
3D Printing Market: Segmentation by Application
Based on the segmentation by application, the market generated maximum revenue in the orthopaedic and spinal segment in 2020. Factors such as the increasing prevalence of orthopaedic and spinal disorders, the rising demand for patient-specific orthopaedic and spinal implants, the growing need for advanced surfaces and structures in implants, and the aging population are driving the growth of the segment. The growth of the orthopaedic and spinal segment will be significant over the forecast period.
3D Printing Market: Segmentation by Geography
37% of the market's growth will originate from North America, which held the largest market share in 2020. The growth of the market in North America is expected to be faster compared to the growth of the market in other regions. The US is the key market for the 3D printing market in the healthcare industry market in the North American region over the forecast period.
3D Printing Market: Opportunities
Factors such as the practical implementations and continued advancement of the technology and rising cost efficiency are enhancing the growth of the market. Over the years, countries across the world have been making significant investments in the healthcare sector. This will create considerable demand for the 3D printing market in the healthcare industry, thereby opening several growth opportunities for market vendors.
Key Market Dynamics:
- Market Drivers
- Increased demand for personalized or customized medical devices
- Increasing adoption of 3D printing technology by medical professionals
- Rising cost efficiency and enhanced productivity
- Market Challenges
- High initial setup cost of 3D printing facilities
- The threat of counterfeiting products
- Limitations of raw materials and 3D-printing techniques
Available Customization
Along with the market data, Technavio offers customizations as per the specific needs of the companies. The following customization options are available for the 3D printing market in the healthcare industry report
- Further breakdown of the market segmentation in requested regions.
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.