3D Printing in Healthcare Market to Reach $1.2B by 2020
April 14, 2016 | PRNewswireEstimated reading time: 2 minutes
According to the report "3D Printing in Healthcare Market - By Material (Donor Cells, Plastics, Metals, Ceramics, Bone Cement); By Application (Implants, Tissue Engineering, Surgical Guides, Hearing Aids, Dental Implants, Medical Components) - Forecast (2015 to 2020)", published by IndustryARC, the 3D Printing in Healthcare Market is estimated to reach $1.2 Billion by 2020 at a high CAGR.
3D printing has begun to flourish in various application areas in healthcare such as dental, medical, implants, drug manufacturing and so on. The materials used for these purposes vary accordingly. While dental implants mostly use metals and ceramics to print dental crowns, the medical industry has its own array of bio-materials. The key driving factor for 3D printing in healthcare is the decrease in prices of printers and also approval of possible subsidies from governments as part of research grants.
The 3D printing materials in healthcare market in 2015 were $308 Million according to research conducted by IndustryARC, and is dominated by Americas with more than 60% market revenue share. The U.S. itself holds around 40% of the entire 3D printing in healthcare market share with existing major players like 3D Systems and Stratasys along with the new entrants and their investments to acquire the growing market. Asia-Pacific's (APAC's) market is relatively small as compared to Americas region; however it is growing at a higher rate compared to Americas. Emerging economies such as China, Japan and India play vital role in the forecast period.
The global 3D printing in healthcare market is estimated to grow at a CAGR of 18.3% to reach $1,210m by 2020.he 3D printing industry has become a mainstream technology rather than a niche technique of prototyping in healthcare in the past few years. The 3D Printing industry has always faced regulatory issues, in the context of healthcare based products. But for the first time, MedShape received the clearance from FDA for its 3D printed bone tether plate which repairs foot deformity. Recently Oxford Performance Materials also got clearance from the Food and Drug Association for its biomaterials being used in complex surgeries.
The clearance from FDA is done through 510(k) process, wherein a manufacturer must show that the printed device is not "considerably similar" to any another device that is legally marketed in the U.S. While there are questions popping up that whether this 510 (K) process is apt for judging the 3D printed devices, on the other hand, FDA is actively seeking support from various researchers and academicians to set new guidelines for judging the devices produced through 3D printing. Recently a public workshop was launched to provide a forum for all those directly related to additive manufacturing, so that they can discuss the technical challenges and solutions for 3D printing.
These upcoming clearances form FDA has boosted the confidence of many manufacturing companies and as a result, the industry today has so many new entrants that are investing in R&D. Major companies are adapting this technology to manufacture advanced devices especially that are automated.
Suggested Items
Real Time with... IPC APEX EXPO 2024: Going Vertical: Schmid's Advanced Solutions for Printed Circuit Boards
04/24/2024 | Real Time with...IPC APEX EXPOEditor Marcy LaRont chats with Bob Ferguson, the president of SCHMID, about advanced solutions for PCBs and the equipment they are highlighting at this year's show, delving into vertical no-touch handling systems and the prospect of achieving sub 10-micron lines. Inspired by SCHMID's technology, Ferguson expresses excitement about where the industry is today.
Big Win for Defense Production Act Budget Allocation in FY24 Budget
04/23/2024 | I-Connect007 Editorial TeamOne year ago, President Biden issued a determination that chips and packaging are critical for national security. Since that time, much work has been done to continue the conversation in Washington, elevating the importance of the entire chips value chain, and including printed circuit boards and substrates, without which chips cannot operate.
Zentech’s Board of Directors Announces the Return of Matt Turpin as President and CEO
04/22/2024 | Zentech ManufacturingTurpin draws upon over 35 years of experience in the electronics industry and has an 18-year history with Zentech. He previously served as President and CEO from 2006 to 2019 after which time he has remained active in the EMS industry as an advisor to Zentech and other industry organizations.
Aaron Woolf, Dylan Peterson Join SIA Team
04/22/2024 | SIAThe Semiconductor Industry Association (SIA) announced Aaron Woolf and Dylan Peterson have joined the SIA team. Woolf will serve as director of global policy for economic security and Peterson will be a communications associate. SIA represents 99% of the U.S. semiconductor industry by revenue and nearly two-thirds of non-U.S. chip firms.
It’s Only Common Sense: OCCAM—the Time Is Now
04/22/2024 | Dan Beaulieu -- Column: It's Only Common SenseOne of my favorite books is a little tome called Who Moved My Cheese? Even those of you who don’t spend a lot of time reading books have at least heard of it and know that it refers to people, especially in business, who are so stuck in their ways that they get upset when something changes. In our business, we know this kind of thinking is especially true. In fact, it always makes me laugh when one of my innovative friends finds a new way to do something and is afraid that someone will steal his idea. I always tell him that no one in our business, especially a PCB engineer, has ever thought about someone else’s innovative idea enough to steal it.