Global 3D printed medical device market expected to reach USD2.2 billion by 2021
Global 3D printed medical device market is anticipated to reach USD2.2 billion by 2021 with a CAGR of 25.6%. In 2015, North America dominated the market with 37% share followed by Europe and Asia-pacific. The North American 3D printed market is expected to show a healthy growth attributed to growing awareness, increasing health care spending and R&D investments. However, Asia-Pacific is estimated to record highest CAGR in comparison to other geographies till 2021 with improving 3D printing research centers in countries such as China and India. 3D printing is a procedure of creating three dimensional hard objects using digital file. The technology has wide applications and is being used in various industrial sectors including manufacturing, healthcare and automotive. The market in healthcare is driven primarily by innovation, increasing government support and growing knowledge of its applications in organ transplantation surgeries. However, cost and skill-set requirements pose to be few of the challenges to the market growth. Key players in this market are Stratasys Inc., Envision TEC, Materialise NV, Robohand, Worrell, Rainbow Biosciences.