Report cites that medical 3D printing market will hit $965.5M worldwide by 2019

Albany, NY - A report by Transparency Market Research forecasts that the medical 3D printing market will grow at a compound annual growth rate (CAGR) of 15.4 percent from 2013 to 2019, reaching $965.5 million globally by 2019. This market was valued at $354.5 million in 2012.

According to analysts, North America held the largest market share for 3D printing in medical applications in 2012. However, in the forecasted period between 2013 and 2019, Europe is expected to the highest growth rate of 15 percent. This growth will be attributable to funding by the government, various mergers and acquisitions of companies that have better technology, and conducive reimbursement policies.

Global 3D printing in medical applications has seen a rise in the recent years, as the industry is in a perpetual need for technically sound products. 3D printing has provided the healthcare segment with surgical instruments, bioengineered products, medical implants, and surgical guides, among others. These solutions have thoroughly helped the medical industry in solving complex medical problems. Other factors contributing to the growth of 3D printing in medical applications is a huge and quick demand for cost-effective solutions to many medical problems. However, despite such strong market drivers, 3D printing in medical applications faces challenges such as volatile prices of raw material and untrained professionals to use these devices, the report says.

The evolution of 3D printing in medical applications has helped in manufacturing surgical guides such as for orthopedic, dental, and cranio-maxillofacial uses. This technological advancement has also made the use of surgical instruments far more efficient by enabling self-sterilizing surgical equipment.

The full report is available for purchase at www.transparencymarketresearch.com.