Global 3D Printing Medical Devices Market to Reach $3.2 Billion by 2026

3D Printing, also referred to as Additive Manufacturing (AM), Layered Manufacturing (LM), Rapid Prototyping (RP), and Additive Fabrication (AF), is described as collection of technologies, which build physical 3D objects, tooling components, final production parts, and prototypes by using a layer by layer process. 3D printing has gained recognition during the coronavirus pandemic. While aerospace and defense, medical and dental sectors are the high-value industries already utilizing the technology, automotive and oil and gas are emerging users. As many countries consider moving key production activities to home, 3D printing is expected to play a vital role in facilitating this migration. As the world grappled to deal with the coronavirus outbreak and the ensuing emergency demand for a wide range of products, 3D-printing emerged as the technology of choice that helped governments and the healthcare communities across the world deliver enhanced medical care to patients. Recent innovations in the area of 3D printing are attracting a larger number of consumers, thereby accelerating the global market growth. Moreover, the seamless development of customized medical products using 3D printing technology is expected to significantly enhance the market growth in the near future.

Amid the COVID-19 crisis, the global market for 3D Printing Medical Devices estimated at US$1.3 Billion in the year 2020, is projected to reach a revised size of US$3.2 Billion by 2026, growing at a CAGR of 16.3% over the analysis period. Systems, one of the segments analyzed in the report, is projected to grow at a 15.9% CAGR to reach US$2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Materials segment is readjusted to a revised 17.9% CAGR for the next 7-year period. This segment currently accounts for a 29.2% share of the global 3D Printing Medical Devices market. Advent of new and effective technologies and approaches, expanding application areas, and funding support from government agencies are expected to foster demand for 3D printing systems.

The U.S. Market is Estimated at $507.8 Million in 2021, While China is Forecast to Reach $418.5 Million by 2026

The 3D Printing Medical Devices market in the U.S. is estimated at US$507.8 Million in the year 2021. The country currently accounts for a 35.33% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$418.5 Million in the year 2026 trailing a CAGR of 17.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.4% and 15.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.8% CAGR while Rest of European market (as defined in the study) will reach US$488.5 Million by the end of the analysis period. Rising technological advancements and growth in research and development activities are some of the major factors set to drive growth in the North America region. Asia-Pacific is also anticipated to grow at a significant rate, attributed to a surge in population and rising number of 3D printing applications in the region.

Services Segment to Reach $408.3 Million by 2026

In the global Services segment, USA, Canada, Japan, China and Europe will drive the 14.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$160.5 Million in the year 2020 will reach a projected size of US$406 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$32.3 Million by the year 2026.