Europe Healthcare 3D Printing Market - Segmented by Technology, Application, Materials, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Europe healthcare 3D printing market is expected to register a CAGR of 15% during the forecast period, 2018 to 2023. 3D printing is defined as an automated process for manufacturing prototypes, medical devices, and implants. The increasing cost pressure on medical device manufacturers has forced them to adopt 3D printing technology to eliminate the traditional prototyping process. Moreover, the growing income levels, low manufacturing costs, and quick product development have augmented the interest of players in emerging markets.
Increase in Demand for Customized 3D Printing
Additive manufacturing, often referred to as 3D printing, has the potential to provide cost-efficient methods to produce highly complex and customized components, single parts or small batches of products. Dental laboratories and hearing aid manufacturers get the maximum benefit from 3D printing in healthcare. In Europe, Germany and Italy have the highest prevalence of self-reported hearing loss. According to the report by Eurostat, of all the people with self-reported hearing loss, only 51% are referred to hearing care professionals. Furthermore, the uptake of hearing aids by these referred persons is 76%. Thus, there is a huge unmet demand for hearing aids in the market. Since almost all hearing aids are 3D printed, the market is expected to grow positively in the forecast period. Similar has been the case with dental implants. With increasing number of procedures of dental implants, the need for customized procedures has risen. This can be catered by 3D printing techniques. 3D printing technologies have exposed the capabilities for customization in a wide variety of applications in the medical field.
The other factor, such as the technological advancements leading to the enhanced application is driving the healthcare 3D printing market.
Absence of Specific Regulatory Guidelines
Manufacturing of implantable devices represents the most sophisticated applications of 3D printing, which requires high accuracy & quality in the product’s design. The design of implantable prosthesis is based on morphological features specific to each patient. This category of devices is classified as Class III “custom-made” devices. Despite the high-risk associated with these devices, there are no specific regulatory guidelines in place to guarantee safety. The European Commission had been set up to explore the new technologies in the field of biomedical devices. However, it failed to update the guidelines for custom-made devices. So, the absence of regulation has resulted in skepticism from patients. Many implants need to be studied over a period for their efficiency, and thus the absence of regulation discourages patients from adopting 3D printed implants. This absence of specific regulatory guidelines is hindering the growth of the healthcare 3D printing market. Also, lack of trained professionals is hindering the market.
Germany to Lead the Market
The German healthcare 3D printing market held the largest market share in 2017 in Europe due to the increased awareness of 3D printing technology. The United Kingdom is one of the upcoming markets due to the rising adoption of novel 3D printing technologies in the medical field.
Key Developments in the Market: