The biocompatible 3D printing materials market is expected to grow at a CAGR of 26.15% over the forecast period of 2017- 2023. The growth of this market is majorly attributed to the growth of the healthcare industry worldwide. Huge investments being funneled by major healthcare providers into new technologies, which can aid them in delivering enhanced patient care, is increasing the adoption of biocompatible 3D printing materials for use in various applications such as implants, prostheses, tissue engineering, and hearing aids among others. The rapid growth of medical tourism in many regions across the globe is another major factor driving the market growth. The number of medical tourists globally has gone up to more than 10.5 million and this number is increasing at an impressive rate as the governments continue to extend their support to this sector. For instance, besides offering fiscal incentives for the development of medical tourism in India, the government of India is implementing various strategies to strengthen the Indian medical tourism industry. The government funds roadshows, focusing on medical tourism, at various locations around the globe from time to time. The growth of medical tourism is pushing the healthcare providers at key destinations to adopt state-of-the-art technologies in order to offer the highest levels of patient satisfaction. This is increasing the adoption of various products manufactured using biocompatible 3D printing materials, thus boosting the growth of the market.
By type, the biocompatible 3D printing materials market has been segmented as plastic and metal. Plastic holds a significantly large share in this market on account of widespread adoption of this material by various healthcare solution manufacturers. Various 3D printing processes have been in trend, which is compatible with plastics. Metals are anticipated to show good growth over the projected period. The growth of metals will majorly be driven by the growing adoption of biocompatible metal-based 3D printed solutions in industries like automotive and aerospace. Investments in research and development by many solution manufacturers will further fuel the adoption of this material, thus driving market growth.
Based on application, the biocompatible 3D printing materials market has been segmented into medical, automotive, and aerospace. Medical applications hold the largest share in this market. The rapid growth of the global healthcare industry and impressive growth of medical tourism in many regions across the globe are driving the growth of this market in this application. The market for these materials in aerospace and automotive applications can be expected to pick up pace over the projected period on account of huge investments by industry players into research and development.
Geographically, the biocompatible 3D printing materials market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America and Europe hold a significantly large share in this market on account of flourishing industries like healthcare, automotive, and aerospace in these regions. State-of-the-art research facilities in these regions and investments by various industry players into new technologies are further supporting the growth of the market. The market in the Asia Pacific is anticipated to show rapid growth over the forecast period. The growth will majorly be attributed to rapidly growing medical tourism in many countries in this region. India, for instance, is one of the top 10 destinations for medical tourism. Increasing investments by key players in the healthcare, aerospace, and automotive industry in this sector will also contribute to the market growth in this region over the projected period.
Major industry players profiled as part of the report are Prodways Group, EnvisionTEC, Stratasys Ltd., NextDent B.V., 3D Systems, Inc., Rapid Processing Solutions Inc., Formlabs, Inc., and SCHIVO Group.
Segmentation
The biocompatible 3D printing materials market is segmented by type, 3D printing process, application, and geography.
• By Type
o Plastic
o Metal
• By 3D Printing Process
o Stereolithography (SLA)
o Digital Light Processing (DLP)
o Material Jetting
o Fused Deposition Modeling (FDM)
o Direct Metal Laser Sintering (DMLS)
o Selective Laser Melting (SLM)
• By Application
o Medical
o Automotive
o Aerospace
• By Geography
• North America
o US
o Canada
o Mexico
o Others
• South America
o Brazil
o Argentina
o Others
• Europe
o UK
o Germany
o France
o Italy
o Others
• Middle East and Africa
o Saudi Arabia
o UAE
o Israel
o Others
• Asia Pacific
o China
o India
o Japan
o Australia
o Others
Key Questions answered by the report
What is the biocompatible 3D printing materials market size from 2018 to 2023?
How are the major drivers and restraints affecting the biocompatible 3D printing materials market and the opportunities which exist for the key vendors?
Which segment and region will drive or lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants behaviour
Key strategies being adopted by vendors, with in-depth analysis of their impact on competition and market growth.
Prodways Group
EnvisionTEC
Stratasys Ltd.
NextDent B.V.
3D Systems, Inc.
Rapid Processing Solutions Inc.
Formlabs
Inc. and SCHIVO Group.
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