3-D printing for medicine to exceed $965M in 2019
The global market for 3-D printing in medical applications will hit $965.5 million by 2019, according to 3D Printing in Medical Applications Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019, a recent market report published by Transparency Market Research.
The market was valued at $354.5 million in 2012 and is expected to grow at a compound annual growth rate of 15.4 percent from 2013 to 2019.
This growth is attributed to increased demand for quick, cheap treatments for medical conditions as well as to increased R&D investment in 3-D printing technologies. 3-D printing has revolutionized health care by providing surgical guides, self-sterilizing surgical instruments and bioengineered products, including implants for dental, orthopedic and cranio-maxillofacial applications.
The manufacture of these bio-models is achieved by using various raw materials such as metal, polymer, ceramic and biological cells. These raw materials are used with photonic techniques such as laser beam melting, two-photon photopolymerization and digital light processing, and can also be used with other methods such as electron beam melting and droplet deposition manufacturing.
North America was the largest market for 3-D printing in medical applications in 2012, but Europe is expected to see the highest growth rate of more than 15 percent from 2013 to 2019. Growth in Europe is mainly due to an increase in government funding, along with various company mergers and acquisitions for technological advancement. Favorable reimbursement policies in the region will also provide a needed push for growth.
A lack of trained professionals and raw materials could negatively affect future market growth, Transparency noted.
For more information on the report, visit www.transparencymarketresearch.com.
MORE FROM PHOTONICS MEDIA