The global 3D Printing Market size is slated to reach USD 51.77 billion by 2026, surging at a CAGR of 25.8% during the forecast period. Rising application of 3D printing technology in healthcare is set to gain prominence as a key growth driver for this market in the forthcoming years. According to a study published in the medical journal ‘Quantitative Imaging in Medicine and Surgery’, 3D printing has attained popularity in the medical field owing to its wide-ranging applications, such as in orthopedics and tumor imaging. The technology has enabled medical professionals to create patient-specific body parts and organs using data from CT and MRI scans. For instance, the US National Institutes of Health reported that 3D-printed accurately replicated anatomical structures for treating aortic dissection and aortic aneurysm using CT scans of patients. Thus, the healthcare industry stands to benefit from the increasing advancements in 3D printing solutions.
Fortune Business Insights™ states in its report, titled “3D Printing Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Services), By Technology (Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), Stereolithography (SLA), Direct Metal Laser Sintering (DMLS/SLM), PolyJet, Multi Jet Fusion (MJF), Digital Light Processing (DLP), Binder Jetting, Electron Beam Melting (EBM), Continuous Liquid Interface Production (CLIP/CDLP), Selective Deposition Lamination (SDL), and Laminated Object Manufacturing (LOM)), By Applications (Prototyping, Production, Proof of Concept, and Others), By End-User (Automotive, Aerospace and Defense, Healthcare, Architecture and Construction, Consumer Products, Education, and Others) and Regional Forecast, 2019-2026”, that the value of this market stood at USD 8.58 billion in 2018.
Enhanced Productivity Benefits to Boost Additive Manufacturing Market Growth
3D printing technology carries a variety of benefits for manufacturers. For example, on account of its accuracy in printing different items, 3D printing tools are being heavily utilised in primary production stages to identify defects and thereby increase the overall quality and performance of the final product. Furthermore, 3D-printed products can be more easily modified than conventionally manufactured objects, accelerating the 3D printing solutions market revenue. Lastly, this technology allows manufacturers to customise and personalise products as per the customer’s choice, which is likely to govern the 3D printing market trends in the near future.
North America to Have a Tight Grip on the Market; Asia-Pacific to Grow at Breakneck Speed
North America, boasting a market size of 3.39 billion in 2018, is poised to dominate the 3D printing market share in the forecast period. Increasing investment in advanced manufacturing technologies, presence of major players, and a stable economy is propelling the additive manufacturing market revenue in North America.
The market in Asia-Pacific is projected to showcase fastest growth among the regions owing to government promotion of new-age technologies in manufacturing and rising demand for customized products. In the Middle East and Africa, growth is expected to be steady as the uptake of modern software solutions in manufacturing picks up pace.
Rising Focus on R&D Activities to Characterize Market Competition
The 3D printing market analysis reveals that key players in this market are intensely focused on elevating their R&D capacities to develop innovative products for different industries and consolidate their position.