3D Printing Medical Devices Market Outlook

3D Printing Medical Devices Market Outlook

The global 3D printing medical devices market in terms of revenue grew at a CAGR of 22.5% from USD 1,186 million in 2020 to USD 2,180 million in 2023. This trend is expected to continue in the coming years with the global 3D printing medical devices market expected to grow at a CAGR of 19.2% from 2023 to 2028, reaching USD 5,252 million in 2028. One of the primary factors propelling the sales of 3D printing medical devices is the global healthcare expenditure. Hospitals and clinics serve as the primary end users of 3D printing medical devices, as they are the venues where surgical procedures, joint replacements, and emergency medical services are predominantly carried out.

In terms of technology, the Extrusion-Based Technology segment dominated the market studied in 2022, holding a substantial share of 26.9%. The valuation of the Extrusion-Based Technology segment in 2022 stood at USD 485 million, and it is projected to reach USD 1,312 million by 2028. Furthermore, the Selective Laser Melting segment is anticipated to exhibit the highest CAGR of 21.4% during the forecast period from 2023 to 2028.

The hospitals & clinics segment generated USD 961 million in revenue in 2022. It is projected to reach USD 2,775 million by 2028, representing a CAGR of 19.0% over the forecast period of 2023 to 2028. The revenue of research centers & institutes segment has grown from USD 160 million in 2020 to USD 298 million in 2023, with a CAGR of 23.0%, and it is expected to further grow at a CAGR of 22.5% to USD 822 million in 2028. The trend of utilizing medical images for diagnostic and surgical planning applications has been increasingly popular among hospitals and clinics. To reduce production costs, many healthcare facilities are now implementing in-house 3D printing capabilities. As such, hospitals and clinics constitute the largest segment of the end-user market for 3D printed medical instruments. Hospitals tend to be early adopters of new medical technologies that either lower outsourcing costs or can be leveraged to demonstrate the facility's commitment to innovation.

The 3D printing medical devices market has proven to be highly profitable, despite significant competition among major players. The products sold in this market have considerable profit margins. The prominent players operating in the global 3D printing medical devices market include Stratasys, Ltd., 3D Systems Corporation, GE Additive, Materialise N.V., Renishaw plc, HP Inc., EOS GmbH, Desktop Metal, Inc., SLM Solutions Group AG, Prodways Group SA, BICO Group AB, Carbon, Inc., Formlabs Inc., Markforged Holding Corp., Proto Labs, Inc., among others.

In 2022, the North American 3D printing medical devices market was valued at USD 737 million and is expected to reach USD 2,236 million by 2028. Meanwhile, the Asia-Pacific region is anticipated to exhibit a higher CAGR of 20.4% from 2023 to 2028. The market's growth in North America is driven by technological advancements, collaborations, and partnerships between manufacturers, research institutions, and commercial organizations. Companies like Smile Direct and Align Technology in the United States are leveraging 3D printing technology for teeth straightening. Additionally, increased investments in healthcare infrastructure by both government and private organizations are specifically targeting the development and implementation of 3D printing technology in the medical field.

This study aims to analyze the global market for various segments of 3D printing medical devices, including:

Technology: Extrusion-Based Technology, Selective Laser Melting, Photopolymerization, Material Jetting, and Others.
Component: Software and Services, Hardware, and Materials.
Raw Material:Polymers, Metal and Metal Alloys, Ceramics, and Others.
Application: Implants and Prosthetics, Surgical Instruments, Anatomical Models, Hearing Aids, and Others.
End-User: Hospitals & Clinics, Research Centers & Institutes, Pharmaceutical & Medical Device Companies, and Others.
Region: North America, Europe, Asia-Pacific, and Rest of World (RoW).