The global healthcare additive manufacturing market size is valued at USD 6.4 billion in 2028 and is anticipated to grow at a CAGR of 21.8% over the forecast period.
Easy development of customized products, reduction in manufacturing cost due to technological advancements, and possibilities of using various material for printing are propelling market growth.
The growing success of additive manufacturing is due to its benefits over conventional manufacturing methods. Some of the benefits include the application of advanced technology; use of a wide range of materials like metal, plastics, and polymers; flexibility in design; build speed; dimensional accuracy; and its ability to produce complex parts/geometry, such as cooling channels and honeycomb structure. Production of implants and prosthetics is the largest application for additive manufacturing in the healthcare industry.
There is an increasing demand for orthopedic procedures, such as knee & hip replacements, due to the increasing geriatric population. Moreover, the increasing application of dental implants along with a growing need for prosthetics is another key factor expected to drive the market. North America and Europe were the leading regional markets in 2020. This growth was attributed to extensive R&D, advanced healthcare system, and the presence of leading 3D printing machinery manufacturers & material suppliers in these regions.
Additive manufacturing is playing a significant role in the fight against COVID-19 by compensating for the shortage of medical supplies by speeding up the manufacturing process. This will drive the growth of the market over the forecast period. However, stringent regulatory approvals associated with medical devices might hinder the growth.
Laser sintering accounted for the largest market share of 31.0% in 2020 as it uses a wide variety of materials to make high-quality, complex geometries and can produce several pieces at one time.
The polymers material segment accounted for the largest revenue share of more than 50% in 2020, as polymer-based AM has been used for decades in creating medical instruments as well as prosthetic limbs & related accessories.
North America led the market in 2020 and accounted for the largest share of more than 35% due to the presence of several additive manufacturing companies with a robust distribution network.
Asia Pacific is projected to be the fastest-growing regional market over the forecast period due to significant demand for dental 3D printing as a result of an increasing number of people undergoing tooth replacement surgeries.
Key Topics Covered:
Chapter 1 Methodology and Scope 1.1 Market Segmentation & Scope 1.2 Research Methodology 1.3 Information Procurement 1.4 Information or Data Analysis 1.5 Market Formulation & Validation 1.6 Model Details 1.7 List of Secondary Sources 1.8 List of Primary Sources 1.9 List of Abbreviations 1.10 Objectives
Chapter 2 Executive Summary 2.1 Market Outlook 2.2 Segment Outlook 2.3 Competitive Insights