Also known as additive manufacturing, 3D printing is the process or technique of manufacturing three dimensional objects by successively adding materials layer by layer. This is the reason why it is also known as additive manufacturing. 3D printing has gained immense popularity and recognition in the healthcare industry.
The materials used for additive manufacturing in the medical industry are biocompatible and these materials are being used for making implants, prosthetics, and dental crowns, and for tissue engineering. Biocompatible 3D printing materials can be of different types such as metals, ceramics, polymers, etc. These materials are mainly used in medical, clinical, and dental applications.
Due to rising applications of biocompatible 3D printing materials in the healthcare industry, the global biocompatible 3D printing materials market is expected to grow significantly in the coming years. The market is projected to grow at a CAGR of 22% during 2018 to 2023 and is expected to reach a value of USD 832.7 million by 2023, from USD 256.7 million in 2017.
The increasing demand for biocompatible materials for various medical applications is expected to drive the growth of the global market in the coming days. More importantly, the increasing application of biocompatible 3D printing materials in implants and prosthetics will give a major boost to the growth of the global biocompatible 3D printing materials market in the coming days.
The growing popularity of biocompatible 3D printing materials for these applications can be mainly attributed to the fact that these materials enable the making of patient-specific precise implants integrated with bioactive drugs, proteins or cells. In the coming years, newer medical applications for biocompatible 3D printing materials are likely to emerge, which will generate growth opportunities for players in the biocompatible 3D printing materials market.
Biocompatible 3D printing materials are also being used for developing 3D-printed tubular scaffolds with nanofibers for bone applications. This too will affect the growth of the global biocompatible 3D printing materials market favorably. Apart from these, the growth of the global market will be driven by the increasing demand for medical prosthetics with superior finish, increasing government spending on 3D printing, and rising investment in R&D.
However, developing low-cost and FDA compliant biocompatible 3D printing materials will be a major challenge for the market. North America is expected to dominate the global biocompatible 3D printing materials market by holding the largest share in the coming years. The growth and dominance of the North American market is mainly due to increasing government investments in 3D printing in the region.
The Asia-Pacific biocompatible 3D printing materials market is expected to display significant growth in the coming years. In fact, the region is projected to register the highest CAGR over the next few years due to growing demand for biocompatible 3D printing materials in China, South Korea, Japan, and other countries in the region, rising geriatric population, growing awareness about healthcare, and increasing willingness and ability of people to spend on medical treatments.
At present, the global biocompatible 3D printing materials market is dominated by players like 3D Systems, Inc. (US), Stratasys Ltd. (US), Evonik Industries AG (Germany), Concept Laser GmBH (Germany), EOS GmBH Electro Optical Systems (Germany), Renishaw PLC. (UK), EnvisionTEC, Inc. (Germany), Formlabs Inc. (US), 3D Composites (US), and Aspect Biosystems Ltd. (Canada).