3D Printing Polymer Material Market Worth US$ 2,253.65Mn, Globally, by 2028 at 13.5% CAGR - Exclusive Report by The Insight Partners
Tuesday, April 19, 2022
NEW YORK, April 11, 2022 /PRNewswire/ -- The Insight Partners published latest research study on 3D Printing Polymer Material Market for Medical Application Forecast to 2028 - COVID-19 Impact and Global Analysis - by Material, Application, and Geography", the market was valued at US$ 930.70 million in 2021 and is projected to reach US$ 2,253.65 million by 2028; it is expected to grow at a CAGR of 13.5% from 2021 to 2028. The growth of the market is attributed to the increasing use of 3D printing in dentistry and high demand for 3D printed hearing aids.
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Report Coverage
Details
Market Size Value in
US$ 930.70 Million in 2021
Market Size Value by
US$ 2,253.65 Million by 2028
Growth rate
CAGR of 13.5% from 2021 to 2028
Forecast Period
2021-2028
Base Year 2021
No. of Pages 154
No. Tables 56
No. of Charts & Figures 71
Historical data available
Yes
Segments covered
Material, and Application
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia,
China, Japan,
South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape,
growth factors,
and trends
3D Printing Polymer Material Market for Medical Application: Competition Landscape
Evonik Industries AG; STRATASYS LTD; Formlabs; Henkel AG & COMPANY, KGAA; Arkema; BASF SE; Roboze; Bionic Production GmbH; Orion Additive Manufacturing GmbH; and Solvay S.A. are among the players operating in the global 3D printing polymer material market for medical application.
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In 2020, North America held the largest share of the global 3D printing polymer material market for medical application. Factors such as the high demand for hearing aid devices because of the rise in the deaf population and wide applications of 3D printing polymer materials in the medical field drive the market growth in North America. The US is the key contributor to the growth of the 3D printing polymer material market for medical application in the region. The US is witnessing a substantially growing demand for hearing aid devices owing to the high population suffering from hearing disability, which would provide lucrative opportunities for 3D polymer material manufacturers to expand their market share in the country during the forecast period.
High Demand for 3D Printed Hearing Aids
There are various advantages of 3D printed hearing aids. The hearing aids ensure a high degree of comfort for patients, minimum fit issues, and subsequent adjustments for audiologists. An accurate fit is necessary for designs that are worn all day inside the ear. Customized hearing aids provide a better fit and also contribute to an improved auditory experience. All these advantages offered by 3D printed hearing aids have increased their use. In addition, 3D printing also results in less material used to create each hearing aid. All these various advantages offered by 3D printed hearing aids have resulted in an increasing use of 3D printed hearing aids.
The growing number of adults with hearing loss in different countries across the globe is propelling the use of hearing aids. Therefore, the high demand for 3D printed hearing aids bolsters the growth of the 3D printing polymer material market for medical application.
Asia Pacific (APAC) is anticipated to grow with the fastest CAGR at rate of 14.0% from 2021 to 2028. Asia Pacific is one of the largest end-users of 3D dental structures across the globe. The increased demand for 3D dental structures in the region can be attributed to the rise in oral diseases in all age groups. As per the Government of India, 85% to 90% of adults have dental cavities, along with about 60 to 80% of children.
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3D Printing Polymer Material Market for Medical Application: Segmental Overview
Based on material, the 3D printing polymer material market for medical application is segmented into polyether ether ketone, polymethylmethacrylate, polylactic acid, and others. The polyether ether ketone segment held the largest market share in 2020. The same segment is anticipated to hold the largest market shares in terms of revenue during the forecast period due to its high mechanical properties in the medical field. Polyether ether ketone is highly used in the dental treatment sector as an alternative to traditional established metals and ceramics.
Based on application, the market is segmented into dental and hearing aids. The dental segment held a larger market share in 2020. The segment has surfaced as a prominent application area in the market due to the increasing application of various polymer materials in 3D dental structures.
Based on application, the dental segment accounted the largest share of the global 3D printing polymer material market for medical application. The segment's growth can be attributed to the high uptake of polymer materials for designing scaffolds structures due to their improved biological and mechanical properties, ease in processing, low production cost, and lightweight properties than metals and ceramics.
Impact of COVID-19 Pandemic on 3D Printing Polymer Material Market for Medical Application
Before the COVID-19 pandemic, the market was growing due to the high demand for dental implants and healing caps. However, the pandemic caused significant economic losses across the globe. The crisis led to temporary effects on the operational efficiencies of various industries. The COVID-19 pandemic has negatively impacted the demand for 3D printing polymer materials for applications, such as hearing aids and various dental devices. The pandemic has disrupted dental services due to the closure of dental clinics.
Due to the COVID-19 pandemic, butyric acid manufacturers witnessed a slight disruption in the supply chain of 3D printing polymer materials market for medical application during the first two quarters of 2020. However, the supply chain of polymer materials has been restored, and production activities have regained normalcy in late 2020. Later, the market was not significantly negatively impacted by the pandemic. Further, with the growing COVID-19 vaccinations and eased in lockdown restrictions, the global economy is resuming, and subsequently, the 3D printing polymer material market for medical application is regaining its growth.
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Key Developments:
1. In 2021, Evonik developed a 3D printing PEEK biomaterial for medical
applications with body contact up to 30 days.
2. In 2021, Advanced Laser Materials (ALM) launched a line of carbon-neutral
polymer materials developed in collaboration with Arkema.
During the forecast period, North America is anticipated to account for the largest share in the global 3D printing polymer material market for medical application. The 3D printing polymer materials market is flourishing in North America owing to high demand of hearing aid devices due to high deaf population along with its wide applications in the medical field.
Growing use of 3D Printing in Dentistry is one of the major driving factors for the market. 3D printing technology is becoming a staple technology in the field of dentistry. For dental sciences, 3D printing is an ideal technology due to the accuracy and customization incorporated into products made by 3D printing. 3D printing offers various advantages over the subtractive/milling techniques. It allows the production of complex geometries with ease and reduce wastage of material which is generally lost to milling. 3D printing technology offers a lucrative advantage in terms of reduced labor and time consumption.
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