By 2019, 3D printing in the medical applications market is expected to reach $965.5 million (£622.6 million).
This is according to a fresh report published by Transparency Market Research, which anticipates a compound annual growth rate of 15.4 per cent between 2013 and 2019, when the 3D printing medical application market was valued at $354.5 million in 2012.
The report is entitled 3D Printing in Medical Applications Market (Medical Implants (Dental, Orthopedic, Cranio-maxillofacial), Surgical Guides, Surgical Instruments, Bio-engineered Products) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 and was compiled by the Transparency Market Research team of experts based in Albany, New York.
The organisation states: "Increasing demand in the medical industry for various technological developments has augmented the growth of 3D printing in numerous medical applications. 3D printing has provided the medical industry with a plethora of solutions for large problems. It has revolutionised the healthcare segment by providing surgical guides, medical implants, surgical instruments and bioengineered products."
The research revealed that the anticipated growth in 3D printing medical applications is attributed to an increase in demand for affordable and easily-accessible solutions for medical problems. Furthermore, the market would be given a boost due to the increasing research and development funding governments and companies are pumping into the industry to remain competitive.
However, the report indicated growth may be curtailed by the lack of trained 3D printing experts and raw materials.
3D printing technologies assist in manufacturing medical implants and surgical guides including orthopedic, dental and cranio-maxillofacial. These developments are also increasing the efficiency of surgical instruments by manufacturing self-sterilizing surgical instruments. The manufacturing of such bio-models is done by using raw materials such as metal, polymer, ceramic and biological cells when used in procedures such as laser beam melting and electron beam melting, result in the manufacturing of various bio-models.
North America, according to the report, remains the largest regional market for 3D printing in medical applications using 2012 data. The region is also expected to experience the highest growth rate of 15 per cent from 2013 to 2019. This growth is mainly thanks to increased government financing along with mergers and acquisitions of companies made to access and develop cutting edge technologies.