3D Printed Medical Device Market Value to More Than Triple by 2031

The global 3D printing medical devices market is set to skyrocket over the next eight years.

Straits Research estimates the sector’s size to be valued at $2.55 billion in 2022 predicts it will grow 16.15 annually to reach $9.79 billion by 2031. North America retains the most market share. 

The process of producing three-dimensional solid objects from digital files or designs is referred to as additive manufacturing or 3D printing. Hollowing out or cutting a piece of metal or plastic makes it possible to produce intricate functional shapes. In 3D printing, an object is made by adding materials in successive layers until the desired shape is achieved. Throughout the healthcare lifecycle, medical printing devices provide users with a wide range of advantages. With the potential to be used as a widespread care pathway for complex injuries, 3D printing helps to improve treatment outcomes, procedural efficiency, and reintervention costs.

Between 2023 and 2031, medical and surgical facilities will lead the demand for 3D-printed medical devices, according to Straits Research data. The demand for 3D printed devices is being driven by the quick uptake of technological innovations such as portable, multi-material, colored 3D printers, and others in the medical sector. Additionally, 3D printing technology is revolutionizing the medical industry by enabling doctors to create individualized and patient-specific implants through novel applications in surgical implants and prosthetics.
 
The amount of public-private funding for various 3D printing initiatives has significantly increased in recent years. These research and funding initiatives are expected to hasten the development of 3D printing technologies and products. In September 2020,  nTopology raised $40 million in funding to help develop the nTop software platform for additive manufacturing methods. In 2019 at the University of Huddersfield, a new generation of electron-beam additive manufacturing (EBAM) printer was developed with the help of $2.6 million in funding from Innovate U.K. 

With the aim of improving clinical workflow, there has been a significant advancement in the digitization of dental and medical procedures over time. Traditional dental and surgical procedures are being replaced by digital versions. Using computer-controlled processes, direct digital manufacturing is the process of making a physical object directly from a digital design. As 3D printing technology advances, direct digital manufacturing is becoming more popular in comparison to traditional manufacturing processes. Because it reduces the time between design and production, does away with the need for tooling, and increases output, it has a unique set of advantages.
 
North America is the most significant shareholder in the global 3D printing medical devices market and is expected to grow more than other regions due to increasing interest in 3D-printed medical devices and rising demand for them. U.S.-based service company FORECAST 3D recently announced the purchase of 12 H.P. Jet Fusion 3D printers with the ability to provide full-run 3D manufacturing. In addition, the University of California (UCSF) and the Chinese 3D printer manufacturer INTAMSYS collaborated to launch the 3D printed orthopedics research initiative with technically advanced, reasonably priced orthopedic implants in June 2018.
 
Due to technological advancements, a strong and stable R&D environment, and innovation, Europe is expected to experience significant growth in the 3D printing medical devices market. Adidas and Carbon, a Silicon Valley 3D printing company, announced their collaboration in April 2017 to produce the “Futurecraft 4D” shoes, which feature 3D printed soles made using digital light synthesis technology. In July 2022, the 3D-printed bone graft manufactured by the medical device company Cerhum received approval for use in patients throughout Europe. MyBone is the first commercially available 3D-printed bone graft that has been authorized under the Medical Device Regulation 2017/745, according to reports. Additionally, it has obtained ISO 13485 certification. Thus, orthopedic and maxillofacial surgeons will now have access to the patient-specific bone graft across the continent.
 
Asia Pacific’s 3D-printed medical devices market is likely to expand significantly. According to the E.U., as a result of government initiatives to promote the technological potential of orthopedics, the value chain for 3D-printed medical devices is gaining momentum. Additionally, nations like India and China are becoming more well-known due to factors like a rapidly aging population, a growing demand for cutting-edge healthcare, and others. In March 2022, Zoriox Innovation Labs will produce implants for facial reconstruction in India using 3D printing technology. In order to provide a 360-degree solution for facial reconstruction and related needs, a team of surgeons, dentists, mechanical engineers, biomedical engineers, software engineers, graphic designers, prosthetists, and anatomists collaborate at Zoriox Innovation Labs.
 
With several vendors expanding their operations and the implementation of favorable regulations in Latin America, the Middle East, and Africa, the LAMEA region is anticipated to experience moderate market growth. Using a 3D printed model of arteries to map out how to safely navigate the blood vessels, hospitals in Dubai have made it mandatory for doctors to use 3D printing to operate successfully on patients who have suffered a cerebral aneurysm in four veins.
 
Based on components, the market is bifurcated into printers, materials, and software/services (the latter category is the highest contributor to the market). Based on technology, the sector is divided into electron beam melting, laser beam melting, selective laser sintering, photopolymerization, direct metal laser sintering, and others. The laser beam melting segment is expected to grow at a higher annual rate. Based on application, the market is bifurcated into orthopedic and cranial implants, dental restorations, surgical instruments, tissue fabrication, and custom prosthetics.
 
Key players in the market include 3D Systems, Bio3D Technologies, Cyfuse Medical K.K., EnvisionTEC, Materialise NV, Organovo Holdings Inc., Oxford Performance Materials Inc., SLM Solutions Group AG, and Stratasys Ltd.