The Asia Pacific medical device additives manufacturing market is expected to reach US$ 8457.79 million by 2027 from US$ 249.15 million in 2019; it is anticipated to grow at a CAGR of 16.8% during 2019–2027.
The medical device additives manufacturing market is growing primarily due to high investments and expenditure on healthcare and advancing technologies in manufacturing medical devices, strong presence of key market players and the increasing demand for implants of orthopedic, dental and cochlear applications.Factors such high costs associated to medical device additives manufacturing process damage the growth of the market.
Additionally, increasing financial contributions by government and private sector in medical device industries is likely to fuel the growth of the medical device additives manufacturing market during the forecast period.
Additive manufacturing is a technique used for manufacturing rapid prototypes as well as functional end-use parts.The use of additive manufacturing in the medical industry has witnessed an accelerating adoption in the recent years owing to various technological advancements such as custom-made medical devices.
With additive manufacturing being implied in the healthcare industry, the scope for customization and innovation of medical devices has increased considerably over the last few years.
Additive manufacturing is majorly beneficial in medical fields such as production of new orthopedic products, fabrication of customized maxillofacial prostheses, and casting of dental implants.Further, it is also receiving attention as a method used in biomedical modelling and organ printing.
The increase in demand for additive manufacturing has encouraged medical device manufacturing companies to invest significantly in the development of commercial models and reduction of the cost of modelling.Leading medical device market players have uniquely positioned themselves to benefit from the advances offered by additive manufacturing.
For instance, in May 2018, Medtronic announced development of the TiONIC Technology, which is a new 3D printed technique that helps to build enhanced surface techniques for designing of medical devices. Thus, the increasing demand for the additive manufacturing technology in healthcare, leading to rising investments by market players for its advancement, fuels the growth of the medical device additive manufacturing market.
Moreover, in 2017, the ‘Additive Manufacturing Industry Development Action Plan’, announced by Chinese government aimed at making a national AM industry worth US$3 billion by 2020.Further, companies such as UnionTech (one of China’s largest SLA 3D printer manufacturers), INTAMSYS and Farsoon Technologies implementing innovative technologies and offers smarter and efficient production of medical devices additives.
The growing geriatric population as well as increasing number of private dental hospital and clinics across the Asia Pacific is expected to be the major factor responsible for the increased demand for dental restoration devices.
In 2019, the laser sintering segment accounted for the largest share of the Asia Pacific medical device additives manufacturing market.The growth of the market for this segment attributes to the factors such as advantageous over Stereolithography and other methods and Laser sintering can develop medical devices and its parts with high-precision and geometries that are almost impossible to achieve by other methods.
Moreover, the same segment is also likely to register the highest CAGR in the market during the forecast period.
In 2019, surgical instruments product segment held the largest share of the market, whereas the implants and prosthetics segment is estimated to register the highest CAGR in the market during the forecast period.The growth of this segment can be attributed to minimum practical barriers, and ease of manufacturing these surgical instruments.
Moreover, Additives manufacturing technologies enables manufacturers to develop more personalized, surgeon-specific instruments with significant cost-effectiveness, which is expected to gain major market share for the surgical instruments segment. In terms of application segment, The Orthopedic segment held the largest share of the market in 2019, and same segment is estimated to register the highest CAGR of in the market during the forecast period. Factors such as development of customized orthopedic devices and implants and reduced overall treatment cost are responsible for the growth of this segment. A few of the significant secondary sources associated with the Asia Pacific Medical Device Additives Manufacturing market report are the World Health Organization (WHO), Asia Pacific Centers of Disease Control and Prevention (CDC), Chinese government, Ministry of Health and welfare, Japan and among others.
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