Canadian job shops considering investing in additive technology and targeting the medical device sector can look forward to competing in a market that is forecasted to grow by 16.2 per cent per year to 2027, according to a recent report.
The global medical device additive manufacturing market is expected to grow to US $4.44 billion by 2027 from US $1.35 billion in 2019, according to a forecast provided by the research firm The Insight Partners in its report Medical Device Additive Manufacturing Market to 2027 – COVID-19 Impact and Global Analysis.
Factors such increasing demand for additive manufacturing in healthcare, and rising incidence of musculoskeletal and dental diseases are expected to boost the growth of the global medical device additive manufacturing market, the report says.
The medical device additive manufacturing market is segmented into laser sintering, stereolithography, electron beam melting, and extrusion. In 2019, the laser-sintering segment accounted for the highest share of the market. The market growth of this segment is attributed to the fact that there is no need to provide support structures for fragile and thin parts of devices, unlike the devices produced with the use of stereolithography. Further, high precision in geometries achieved by laser sintering is not possible with any other technology; thus, the market for this segment is expected to grow at the highest CAGR during the 2020–2027, the report states.
The healthcare sector is going through rapid transformation in rec. Various technological advancements in the sector include the customization of medical devices, use of computing technologies to design medical devices, and restructuring the core build-up of these devices through technologies such as CAD-CAM and 3D printing.
“With a need for better healthcare facilities, technology-enabled care solutions are being preferred in the healthcare systems in the emerging economies. The increase in elderly population, rise in incidence of chronic illnesses, and escalating need for pediatric care are the primary factors driving the growth of healthcare sector. Various established players in this sector have been investing significant amounts of their revenue in research and development activities for the development of better and advanced products as well as technologies,” the report explains.