Considered as one of the most modern niche verticals of medical device manufacturing sector, the North America healthcare 3D printing market has gained significant prominence in recent years with the advent of innovative technologies.
Considered as one of the most modern niche verticals of medical device manufacturing sector, the North America healthcare 3D printing market has gained significant prominence in recent years with the advent of innovative technologies. The transformational shift from conventional manufacturing processes to 3D manufacturing techniques has significantly improved customized implant procedures across the medical fraternity. The latest medical 3d printing technologies have advanced to new horizons and are breaking new barriers.
Industry participants have been striving to tap the unexplored arenas and come up with a gamut of innovative products in the medical industry. Citing an instance to highlight the same, in January 2020, Organovo partnered with Murdoch Children’s Research Institute to develop an architectural bioprinted kidney for therapeutic application. Aided by advancements like the aforementioned, the market is expected to record significant growth over the forecast period.
As per the reliable reports, the North America healthcare 3D printing market is expected to record surpass USD 850 million by 2024.
Top 3 trends in North America market
Increasing demand for dental applications
The North America market is essentially gaining traction across dental applications in recent years. The increasing prevalence of dental diseases has accelerated the demand for cutting-edge technologies for the 3D development of implants, crowns fabrication of copings, bridges, and dental restorations, thereby accelerating the market. Due to its numerous benefits such as greater affordability, customization, and advanced methodology, 3d printing technology has garnered a profound place in modern dentistry. On this note, it is anticipated that the dental segment will record a 20% CAGR over the forecast period.
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Significant healthcare expenditure in the US
On the geographical front, U.S is expected to offer lucrative growth opportunities to North America market owing to increasing expenditure on the healthcare sector. The region garnered 90% of total revenue share in 2017 and is expected to display a similar trend by 2024. Technological advancements related to healthcare 3D printing are anticipated to increase the adoption of cutting-edge products like a 3D printable pill, dental guides, and 3D printed, thereby accelerating regional industry growth. Besides, the strong presence of industry participants is likely to further accelerate regional market growth over the forecast period.
The strong presence of industry participants
Considering the competitive landscape, industry participants are undertaking numerous growth strategies like collaborations, partnerships, and R&D initiatives, collaborations to get a competitive edge in the North America healthcare 3D printing market.
Citing an instance to highlight the same, for instance, in Sept. 2016, Cold Springs Harbor laboratory (CSHL) and Nano3D Biosciences partnered to advance the 3D printing spheroid technology in high throughput screening HTS. This collaboration was aimed at developing novel methodologies in drug discovery and cancer biology and helped firms to strengthen companies to strengthen their market position and broaden their customer base.
Notably, TeVido BioDevices, Organovo, Stratasys, Biosciences, Nano3D, Digilab, BioBots, Aspect Biosystems, Aprecia Pharmaceuticals, 3D Systems, and 3D Biotek are key companies operating in the North America market.
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