The Additive Manufacturing Market is expected to grow at a CAGR of 13.5% to reach $3,471.9 million.
Additive manufacturing is an automatic process used to create rapid prototypes and functional end-use parts. It takes virtual designs from Computer-Aided Design (CAD) software, and transforms them into thin, virtual, horizontal layer-wise cross-sections until the model is complete. The AM is a potentially growing market in every manufacturing sector.
New and improved technologies, financial support from governments, large application area, rapid product development at a low cost, and ease of development of custom products are the major drivers that are slated to propel additive manufacturing market. However, a few pivotal factors restraining the growth of this market are regulatory hurdles in different countries, material characterization during development, and process control and understanding.
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According to the American Society for Testing and Materials (ASTM), ’additive manufacturing’ is the “process of joining materials to make objects from 3D model data, usually layer upon layer”. Various synonyms generally used for AM are additive fabrication, additive processes, additive techniques, additive layer manufacturing, layer manufacturing, and freeform fabrication. The AM market can be applied in various industries such as motor vehicles, consumer products, business machines, medical, academic, aerospace, government/military, and others (architecture, paleontology, and forensic pathology). In this report, we are mainly focusing on the medical applications of AM.
The biggest advantage of additive manufacturing technologies over traditional manufacturing technologies is that they allow rapid production of parts at low costs.
Additive manufacturing for medical devices market is studied by dividing the overall market on the basis of industry, materials, products, technology and application. Traditionally additive manufacturing in the medical field was considered as a technique for the production of prototypes or model. However, with the development of more biocompatible materials and advanced technologies, the market has started showing a preference for additive manufacturing of 3D products
Global 3D Printing Market, by industry
• Automotives
• Consumer products
• Business machines
• Medical
• Academic
• Aerospace
• Government/military
Geographical Analysis of Additive Manufacturing Market:
Europe accounts for the largest market share of the global additive manufacturing for medical devices market, followed by North America. In the future, it is estimated that the share of the European region will decrease, attributable to lowering device prices, regulatory pressures, and increasing focus of players towards emerging markets in the Asian and Latin American regions.
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Major Key Players in Additive Manufacturing Market:
The key players in this market are 3D Systems Corporation (U.S.), 3T RPD (U.K.), Arcam AB (Sweden), Biomedical Modeling, Inc. (U.S.), Envisiontec GmbH (Germany), EOS GmbH Electro Optical Systems (Germany), Fcubic AB (Sweden), GPI Prototype and Manufacturing Services, Inc. (U.S.), Greatbatch, Inc. (U.S.), Layerwise NV (Belgium), Limacorporate SPA (Italy), Materialise NV (Belgium), Medical Modeling, Inc. (U.S.), and others.