In Medicine and Healthcare ‘innovation’ is more than just a word. It is not a fashionable jargon to throw around. It’s a mandate and already envisaged as the “Third industrial revolution”.3D Printing is ready to transform mankind’s lives. Doctors are learning how to 3D print kidneys and other replaceable human organs.3D bionic printing will engender a medical revolution and is readily exploring medical applications.
This market is anticipated to witness satisfactory growth, on account of the innumerable technological innovations that is happening in this sector. Furthermore, rampantly multiplying consumers, increasing the chance of biomedical applications, extensive research, and developmental activities at the academic and industrial level have catapulted the market growth. The collaborations between academic institutions and companies to escalate the process of product development has advanced market growth. However, the absence of an organization, non-viable renewable policies, and high investments associated with printers, machines, copyright & patent infringement concerns, biocompatibility issues of 3D printed medical devices, and meagre technical expertise is the major factors stumping the growth of the market.
3D bioprinting is already a multi-billion dollar industry, owing to the early success of bio-printed organ transplants. Biosystems would drastically reduce the cost and time, as it takes a while to develop and test the drugs, leading to cures for currently incurable diseases and cheaper treatment options.3D bioprinting is emerging as a realm that is grasping attention from investors and academicians. Researchers are opening start-up firms with a motive of commercializing the technology. Start-ups are beginning to build up products based on bioprinting. The market of 3D bioprinting particularly focuses on the commercial bioprinters, those under development, their applications and the anticipated future evolution. It is widely predicted that the 3D bioprinting market has immense potential. It requires biocompatible materials software (CAD), hardware (bioprinters) where each has the market and potential to grow into their own independent industries. This market already has industry-sponsored bioprinters, concentrated on a range of commercial applications. The widened supply-demand gap for organ transplants is an unmet need. The aim of this market is expected to shift from research to commercialization.
As of 2016, North America accounts for the largest share of the global 3D bioprinting market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2018 to 2023. The global 3D bioprinting market size was valued at USD 487.0 million in 2014 and is projected to witness substantial growth and interest from health care researchers over the forecast period due to the growing incidences of chronic illnesses, leading to organ and tissue transplants, coupled with increasing lifespan of individuals and the limited number of organ donors.
Bioprinting is going to be a standard medical procedure. The medical 3D bioprinting is a distinct form of manufacturing revolution. The adoption of most new technologies follows a well understood exponential curve.
Employment in nations which currently manufacture products for exports is likely to be reduced, as 3d printing starts to facilitate more local production. Indeed in his 2013 State of the Union address, POTUS Mr Barack Obama emphasized 3d printing as the technology that has the capability to revolutionize of how we make almost everything in a manner, which would bring back manufacturing jobs back from Asia to the United States. Make no mistake, the global implications of 3d printing have already been recognized at the government level.
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