3D Printing Market is Estimated To Expand with a CAGR of 15.3% from 2016 to 2023 Credence Research - Crossroads Today

New Market Research Reports Title “ 3D Printing Market - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2023 ” Has Been Added to Credenceresearch.com Report Database.

According to a new market research report published by Credence Research“3D Printing (Polyjet, Stereolithography (SL), Fused Deposition Modelling (FDM), Electron Beam Melting, Selective Laser Sintering (SLS), Others) Market - Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 - 2023”,the global 3D printing market stood at US$4.83Bn in 2015and is estimated to expandwith a CAGR of 15.3% from 2016 to 2023.

The complete report is available at http://www.credenceresearch.com/report/3d-printing-market

Market Insights

3D printing, also called as additive manufacturing, refers to a process of making three-dimensional (3D) solid objects using a digital model. In 3D printing, the object is prepared by placing down successive layers of material. Since the introduction of 3D printing technology in 1984, the technology is steadily becoming popular and is expected to gain substantial traction in the coming years. Till date, the 3D printing technology is used in various applications such as jewelry, consumer goods, industrial design, aerospace, construction, automotive, healthcare, geographic information systemsand others. The technology is, however, used majorly for prototyping and marketing purposes. End-users are still hesitant in shifting towards 3D printing for large scale manufacturing which may challenge the market growth.

The 3D printing market is majorly driven by the superior advantages of the technology as compared to the traditional (subtractive) manufacturing. Some of the most significant advantages observed of using 3D printing technology are listed below:

  • Efficient use of raw materials with minimal wastage
  • Easy customization of the desired end-products
  • Reduced output time
  • Less error possibility

Additive manufacturing offers better overall efficiency as compared to the traditional manufacturing processes. As a result, the technology is expected to expand exponentially in the coming years.

Competitive Insights:

The global 3D printing market is highly fragmented in nature with large number of players striving to establish their remarkable presence in the market. The companies operating in the market compete primarily on the basis of technology, ease of process and providing a full suite of products and services. The market comprises various technologies that are designed for specific applications. Thus, no company has established monopoly in the overall market over the period of time. Nevertheless, with various tech giants such as Google, Inc., Hewlett-Packard (HP) Company, Lenovo Group Ltd. and others, the market is expected to emerge highly competitive in the coming years. Major companies plan to expedite their operation in the 3D printing segment from the year 2016 onwards.

The complete report is available at http://www.credenceresearch.com/report/3d-printing-market

Key Trends:

  • 3D printing for manufacturing end-use products rather than simply prototyping
  • Focus on gaining expertise in different 3D printing technologies
  • Acquisition of other players for strengthening technological position as well as global presence
  • Focus on specific applications such as residential, automotive and healthcare

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VA launches collaborative 3D printing hospital network

Stratasys has established a 3D printing lab network as part of an agreement with Center for Innovation at the Department of Veterans Affairs. The move signals the medtech company’s ambitions to move customized prosthetics into the mainstream of healthcare.

The agreement with the Center for Innovation at the Department of Veterans Affairs will make five hospitals part of the initial network in Puget Sound, San Antonio, Albuquerque, Orlando, and Boston. They’ll be equipped with 3D printers, materials, and training to support development of custom orthotics, prostheses, and anatomical models for personalized healthcare, a company release said. The equipment is fully integrated across hospitals, generating a network for building skills and knowledge-sharing across sites. The goal is to generate better patient outcomes, but also to improve surgical collaboration, and reduce costs.

Dr. Beth Ripley, a radiologist who is leading the VA initiative, said the network marked a milestone in how the VA develops patient treatments.

“The technology not only enables 3D models of a patient’s unique anatomy for diagnosis and treatment, but can also be used to engineer personalized health solutions for veterans — including prostheses and assistive technologies,” Ripley said.

One reason why this network is so interesting is that it offers a way to improve upon the training required to make 3D printing a more integral part of hospitals. To that end, hospitals in the network will also share best practice guidance with each other. In addition to prosthetics, 3D printing can help hospitals develop organ models to prepare for complex procedures.

Last year, MedCity News noted analysts have predicted that 3D printing will be a major disruptive force in the healthcare industry before the end of the decade. According to a Gartner study published late last year, 10 percent of people in the developed world will be living with 3D-printed items on or in their bodies by 2019, and 3D printing will be a central tool in roughly one-third of surgical procedures involving prosthetic and implanted devices.

IndustryArc, the global market for 3D printing in healthcare, has projected that the market to be worth $1.2 billion by 2020.

3D Printing Applications for Healthcare Will Transform Medical Devices and Pharma Industries - MarketWatch

SANTA CLARA, California, Mar 21, 2017 (PR Newswire Europe via COMTEX) -- Pharmacy distribution is expected to be disrupted by 3D printing that simplifies drug customization, finds Frost & Sullivan's TechVision team

SANTA CLARA, California, March 21, 2017 /PRNewswire/ -- 3D printing technology is the ideal solution for the healthcare industry's need for the efficient production of complex and personalized products. A large number of market majors have shown deep interest in adopting 3D printing for its ability to customize drugs, active pharmaceutical ingredients (APIs) and medical devices, driving an era of personalized medicine. The field that is most likely to be disrupted by 3D printing is pharmacy distribution of drugs because of the ease of obtaining customized dosage quantities of medication.

"Using 3D-printed tissues for drug testing, clinical trials and toxicity testing will have a huge impact in the pharmaceutical sector, as they will help eliminate costly animal testing and use of synthetic tissues," noted Frost & Sullivan TechVision Research Analyst Madhumitha Rangesa. "However, traditional, large-scale manufacturing is still more economical for mass production of drugs; 3D printing will be viable for small-volume production in orphan diseases."

3D Printing for Healthcare Applications, recent research from Frost & Sullivan's TechVision (Medical Devices & Imaging [http://ww2.frost.com/research/techvision/medical-devices-imaging]) Growth Partnership Service program, finds that there is a slow shift in pharma toward continuous manufacturing (CM), which can shrink production time to less than 10 days. When this practice is merged with 3D printing, pharma companies can develop various dosage forms for a specific, customized demographic. 3D printing will also bring about a change in the structure of the medication, making it easier to swallow or dissolve, and more attractive to children by printing them in any shape and size.

 

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Currently, the most researched and popular tools for the development of drugs/medication using 3D printing techniques are thermal inkjet printers, which can be used with powder-based medications. The tablets/pills manufactured can be customized to the patient's requirements by structuring them layer by layer, with precise dosage of each ingredient, at a granular level. The use of 3D printing technology in designing and prototyping will also tremendously reduce material wastage.

Despite all the progress being made, the pharma industry is facing challenges in securing approval from various government regulatory bodies for medical application of 3D printing. Furthermore, there are high chances of counterfeiting in the market.

"Current products being developed using 3D printing are largely in applications areas such as medical implants, surgical guides, prosthetics, orthotics, orthodontics and anatomical models for surgery," noted Rangesa. "Furthermore, a wealth of opportunities is opening up in future healthcare applications areas such as creation of bone structures, airway tracheal splints and medicine."

About TechVision

Frost & Sullivan's global TechVision practice is focused on innovation, disruption and convergence, and provides a variety of technology-based alerts, newsletters and research services as well as growth consulting services. Its premier offering, the TechVision program, identifies and evaluates the most valuable emerging and disruptive technologies enabling products with near-term potential. A unique feature of the TechVision program is an annual selection of 50 technologies that can generate convergence scenarios, possibly disrupt the innovation landscape, and drive transformational growth. View a summary of our TechVision program by clicking on the following link: http://ifrost.frost.com/TechVision_Demo [http://ifrost.frost.com/TechVision_Demo].

About Frost & Sullivan

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