Rise in prevalence of chronic diseases, surge in usage of 3D bioprinting in biomedical applications, and advancements in 3D bioprinting drive the growth of the global 3D bioprinting in medical market
PORTLAND, Ore., Jan. 22, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “3D bioprinting in Medical Market by Products and Solutions (Bioprinters, Consumables & Accessories, and Software & Services), Technology (Extrusion Based Bioprinting, Inkjet Based Bioprinting, Laser Assisted Bioprinting, and Others), Application (Tissue Engineering & Regenerative Medicine, Drug Discovery & Development, and Others), and End User (Biotechnology & Pharmaceutical Companies, Academic & Research Institutes, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global 3D bioprinting in medical industry generated $1.1 billion in 2022, and is anticipated to generate $4.9 billion by 2032, witnessing a CAGR of 15.5% from 2023 to 2032.
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Prime determinants of growth
Rise in prevalence of chronic diseases, surge in usage of 3D bioprinting in biomedical applications, and advancements in 3D bioprinting drive the growth of the global 3D bioprinting in medical market. However, the high cost associated with 3D printing and dearth of skilled professionals restricts the market growth. Moreover, growth opportunities in emerging markets and rise in pharmaceutical applications present new opportunities in the coming years.
Report coverage & details:
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Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
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Market Size In 2022 |
$1.1 Billion |
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Market Size In 2032 |
$4.9 Billion |
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CAGR |
15.5 % |
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No. of Pages in Report |
316 |
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Segments Covered |
Products & Solutions, Technology, Application, End User, and Region |
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Drivers |
Rise In Prevalence of Chronic Diseases Surge In Usage of 3D Bioprinting in Biomedical Applications Advancements In 3D Bioprinting |
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Opportunities |
Growth Opportunities in Emerging Markets Rise In Pharmaceutical Applications |
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Restraints |
High Cost Associated With 3D Printing Dearth Of Skilled Professionals |
What is the Impact of Recession 2023 on 3D Bioprinting in Medical Market?
During recession, individuals and governments might tighten their budgets, leading to reduced healthcare spending. This could affect patients’ ability to access and afford 3D bioprinting in medical, potentially leading to decreased demand for 3D bioprinting products. In addition, economic downturns often lead to reduced healthcare budgets, impacting the purchasing power of healthcare facilities. This results in delayed or scaled-down investments in expensive 3D bioprinting in medical technologies.
However, surge in prevalence of chronic diseases, rise in technological advancements and increase in awareness about early diagnosis and treatment boost the need for specific types of 3D bioprinting in medical sector.
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The consumables and accessories segment to maintain its leadership status throughout the forecast period
Based on products and solutions, the consumables and accessories segment held the largest market share in 2022, accounting for less than half of the global 3D bioprinting in medical market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the surge in adoption of consumables & accessories for 3D bioprinting, advancements in 3D bioprinting materials, collaborative research efforts and rise in utilization of 3D bioprinting technology.
However, the bioprinters segment is expected to register the highest CAGR of 16.1% during the forecast period. This is attributed to the increase in demand for 3D bioprinting across research, healthcare, and pharmaceutical industries propelled the demand for advanced bioprinter instruments.
The inkjet based bioprinting segment to maintain its leadership status throughout the forecast period
Based on technology, the inkjet based bioprinting segment held the largest market share in 2022, accounting for more than one-third of the global 3D bioprinting in medical market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increase in adoption of inkjet based bioprinting, high speed of inkjet-based bioprinting, and precise & controlled method for depositing bioink.
The tissue engineering and regenerative medicine segment to maintain its leadership status throughout the forecast period
Based on application, the tissue engineering and regenerative medicine segment held the largest market share in 2022, accounting for more than half of the global 3D bioprinting in medical market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to revolutionary potential of 3D bioprinting in creating functional tissues and organs for transplantation, and ongoing advancements in this field position tissue engineering.
The academic and research institutes segment to maintain its lead position during the forecast period
Based on end user, the academic and research institutes segment accounted for the largest share in 2022, contributing to more than two-thirds of the global 3D bioprinting in medical market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the ongoing research initiatives and collaborations that contribute to the continuous evolution of 3D bioprinting in the medical field.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for less than half of the global 3D bioprinting in medical market revenue and is likely to dominate the market during the forecast period. This is attributed to its well-developed healthcare infrastructure, early adoption of innovative technologies, proactive healthcare policies, and a comprehensive approach to public health awareness.
However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.5% from 2023 to 2032. Rise in demand for 3D bioprinting, significant investments in R&D in the medical sector and rise in technological advancements are the factors expected to drive the growth of the 3D bioprinting in medical market.
Leading Market Players:
Advanced Solutions, Inc.
CollPlant Biotechnologies Ltd
Shining 3D
Organovo Holdings, Inc.
Medprin
Cyfuse Biomedical K.K.
Desktop Metal, Inc.
Regemat 3D
3D Systems Corporation
BICO
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Biomaterials Market – Global Opportunity Analysis and Industry Forecast, 2022–2032
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Healthcare IT Market – Global Opportunity Analysis and Industry Forecast, 2022–2032
MRI System Market- Global Opportunity Analysis and Industry Forecast, 2022–2032
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