North America Healthcare 3D Printing Market - Segmented by Technology, Application, Materials, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The North America healthcare 3D printing market is expected to register a CAGR of 20% during the forecast period of 2018–2023. 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.
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. 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 factors, such as technological advancements leading to the enhanced application and increasing scope of bioengineering products are driving the healthcare 3D printing market to grow.
High Cost of 3D Printed Organs and Tissue
3D printing as an innovation is a new technology in the healthcare department. Organs have been scarce, but the demand for organ transplantation is huge. Hence, 3D printing helps in this as it can produce essential organs artificially. However, it is very expensive, as the availability of this 3D printing systems is very low in the market. The high cost of 3D printing is hindering the growth of the healthcare 3D printing market. The other factors, such as lack of trained professionals and regulatory issues are also hindering the market.
United States to Lead the Market
The United States healthcare 3D printing market held the largest market share in 2017 in North America due to the presence of high-quality healthcare system and presence of high technological advancements in the country.
Key Developments in the Market:
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