Grand View Research | Pune | 12/02/2019:
The global 3D bioprinting market is expected to reach USD 2.6 billion by 2024, according to a new report by Grand View Research, Inc. Growing use of 3D printing in cosmetic surgery and drug testing coupled with increasing demand for 3D bio-printed organs is expected to drive the market growth during the forecast period.
Currently, 3D bioprinting is used for printing medical instruments, prosthetics, and dental & bone implants. However, its application is expected to grow in pharmaceutical manufacturing as it helps in reducing the overall cost of drug manufacturing.
Spritam (levetiracetam) manufactured by Aprecia Pharmaceutical, a specialty pharmaceutical company, became the first 3D bio-printed drug to gain FDA approval in March 2016. The application of 3D bioprinting in pharmaceutical manufacturing is expected to grow, thereby, contributing to the market growth during the forecast period.
Rising incidences of chronic illnesses leading to organ and tissue transplants coupled with the increasing life span of individuals and limited number of organ donors are expected to be the major drivers for the market growth. The advancement in technology and incorporation of IT within the healthcare industry, rising geriatric population base, and improving R&D efforts for the sector is also expected to propel the 3D bioprinting market over the forecast period.
Rising investment and research in 3D bioprinting is also expected to contribute to the market growth during the forecast period. The increasing R&D expenditure, availability of venture capital, and government grants are facilitating research activities in the 3D bioprinting technology. This is expected to increase the influx of advanced technologies for 3D bioprinting.
Further key findings from the report suggest:
- The global Syringe based 3D bioprinting market is anticipated to reach 923.5 million by 2024, at a CAGR of 17.8% from 2016 to 2024
- In terms of technology, magnetic levitation segment is expected to show the fastest growth during the forecast period
- In terms of application, dental segment is expected to show the fastest growth over the forecast period
- North America is expected to dominate the 3D bioprinting market during the forecast period
- Asia pacific is predicted to show the fastest growth in 3D bioprinting market over the forecast period
- The market is partially consolidated and competitive in nature, with presence of global multinational players
- Some of the key companies present in the market include Organovo Holding Inc., Cyfuse Biomedical, BioBots, Luxexcel Group BV, TeVido BioDevices, Aspect Biosystems, 3Dynamics Systems, Stratasys Ltd., Voxeljet, Oceanz, Materialise NV, Envision TEC, Bio3D Technologies, Solidscape and others
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