Global 3D Bioprinting Market is witnessing a high CAGR growth of 19.3% and is expected to reach USD 5.1 Bn by 2027
The global 3D bioprinting market is growing significantly due to increasing applications in medical procedures such as drug validation, living tissue recreation, and 3D bioprinting provide the generation of patient-specific tissue for precise tissue & targeted drug delivery of personalized medications. Moreover, majority of medical devices companies rely on 3D bioprinting for orthopedic implants which boost the growth of 3D bioprinting demand during the forecast period across the globe. Additionally, rising investments in the R&D by government and private companies is expected to propel the growth of 3D bioprinting demand during the forecast period. For instance, in November 2018, Aspect Biosystems (Canada) received USD 2.7 Mn from the Government of Canada’s Western Innovation Initiative (WINN) in the form of funds to carry out 17 projects in British Columbia in coming years. The total funding for the project was ~USD 20 Mn. This government initiative aimed to give rise to companies in British Columbia to grow and complete the project.
Rising government support in terms of funding is expected to fuel the growth of 3D bioprinting demand in the market. In addition, upcoming advances in the bioprinting is expected to lead the production of the high-throughput, resolution 3D bioprinters, more progressive & improved vascularization of bioprinted tissue, and generation of in vivo and in vitro tissue models is expected to fuel the growth of 3D bioprinting demand during the forecast period.
Moreover, 3D bioprinting hold the potential to the counterfeit biomedical devices, implants, prosthetics, organs, and tissues during the forecast period. Availability of specialized medical devices, surgical instruments hold the capacity of manufacturing quickly and cost effectively. Thus, additive manufacturing also known as 3D bioprinting, which is expected to create patient centric medical care and boost the growth of 3D bioprinting demand during the forecast period.
Covid-19 pandemic has affected the supply chain and production of pharmaceutical products across the globe. 3D bioprinting companies relocated their units near hospitals and transportation hubs to serve the rising need of the medical profession during the covid-19 outbreak. Moreover, 3D bioprinting companies has reallocated their capabilities to serve covid-19 cases and demonstrated their competitive advantage in the critical situation. Moreover, rising demand for covid-19 vaccines has created curiosity among researchers and scientists to accelerate the development of drug and vaccines through new technology for the safety testing. The accelerated demand for the medical devices and drug evaluation is expected to boost the growth of 3D bioprinting during the forecast period.
Global 3D Bioprinting Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, Asia-Pacific market is expected to witness the highest growth during the forecast period due to increase in research activities, increasing penetration of new entrants in the market, and growing adoption of stem cell therapy for research purposes. Moreover, emerging economies in region such as India and China are expected to provide the opportunities for key players in 3D bioprinting market. Besides, increasing demand for the 3D bioprinting in cosmetic surgeries and presence of less stringent regulatory policies when compared with developed regions are expected to fuel the growth of 3D bioprinting demand during the forecast period.
The Global 3D Bioprinting Market Segmentation:
Global 3D Bioprinting Market by Component Type Outlook (Revenue, USD Million, 2021-2027)
Global 3D Bioprinting Market by Applications Outlook (Revenue, USD Million, 2021-2027)
Global 3D Bioprinting Market by Materials Type Outlook (Revenue, USD Million, 2021-2027)
Global 3D Bioprinting Market by End Users Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the 3D bioprinting market are: