February 17, 2021
According to the research report titled ‘Global Medical 3D Printing Plastics Market Size study, by Type (Acrylonitrile Butadiene Styrene (ABS), Polyetheretherketone (PEEK), Polyethylene Terephthalate Glycol (PETG), Photopolymer, Polyamide, Polylactic Acid), by Form (Filament, Powder, Ink) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global medical 3D printing plastics market amassed USD 209 million in 2019 and is anticipated to grow at a CAGR of 27% during 2020-2027.
Increasing health consciousness among people and mounting cases of osteoarthritis and vascular diseases owing to booming elderly population are the key factors stimulating global medical 3D printing plastics market growth.
Notably, the medical industry has started to acknowledge the added value of 3D printing (or additive manufacturing) for a wide variety of medical applications over the last few years. 3D printing plastics are commonly used to improve new surgical cutting and drilling guides, catheters, orthopedic implants, and prosthetics, as well as to produce replicas of organs, bones, and blood vessels as per patient-specific requirements. In fact, FDA (Food and Drug Administration) has approved over 20 various implants created with 3D printing technologies, ranging from cranial implants to spinal, hip, and knee implants. 3D printing plastics are also utilized for manufacturing shoe cover, face mask, surgical masks, and other several associated products.
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Considering the recent developments, the outbreak of COVID-19 across the globe has forced different regional governments to mandate the use of face masks & hand gloves for individuals and healthcare workers to prevent the spread of this infectious diseases. This is expected to strengthen the adoption of 3D plastic printing in the manufacturing of face masks and other personal security equipment by healthcare companies, thus boosting the global medical 3D printing plastics market growth.
Despite the favorable business scenario, health risks from exposure to toxic materials used in printers and hefty costs of 3D printed products are likely to impede the industry expansion over the study period.
Speaking of the geographical ambit, North America currently holds significant portion of global medical 3D printing plastics market share, creditable to increasing healthcare expenditure, rising health cognizance, and soaring demand for disposable plastics in the region.
On the other hand, Asia Pacific medical 3D printing plastics industry is slated to grow substantially by 2027, owing to escalating cases of vascular and osteoarthritis diseases among the populace and burgeoning elderly population.
Well-established companies in global medical 3D printing plastics market sphere are Victrex plc, Stratasys Ltd., Solvay S.A., SABIC (Saudi Basic Industries Corporation), Evonik Industries AG, EnvisionTEC, Koninklijke DSM N.V., Arkema S.A., Apium Additive Technologies GmbH, and 3D Systems Inc.