3D Printing Medical Device Software Market will grow at CAGR of 18.23% to hit $ 723.45 Million by 2030
Healthcare Cloud Computing Marketing Market Overview:
The 3D printing medical device software market was valued at USD 657.08 million in 2019 and is expected to register a CAGR of 17.62% during the forecast period. The industry is also anticipated to increase due to the spread of high-speed internet and the adoption of beneficial regulatory measures. However, concerns over data privacy, difficulties with data portability, and an increase in cloud data breaches may restrain the growth of the healthcare cloud computing market during the study period.
Real-time data gathering and accessibility are improved via cloud computing. It has outperformed the traditional paper healthcare system by handling data more quickly and effectively. For instance, remote patient monitoring is a common application for cloud computing technology. During the analysis period, there will likely be a rise in the need for strict regulatory compliance, public awareness, and increased investment from healthcare firms like Cisco, IBM, GE Healthcare, and government agencies.
The service, cloud type, application, end-user, and region segments are used to analyze the global healthcare cloud computing market. Platform as a service, software as a service, and infrastructure as a service make up the service-based market. Based on the cloud deployment model, the market is divided into public, private, and virtual private clouds. The market is categorized according to application: clinical and non-clinical information systems. Clinical information systems are divided into electronic medical records, radiological information systems, and computerized physician order input. Additional divisions of the non-clinical information system include automatic patient billing, revenue cycle management, claims management, and others. Healthcare payers and providers are the two end-user groups that make up the healthcare cloud computing industry.
COVID-19 Analysis on 3D Printing Medical Device Software Market
3D printing software solutions are helping in many ways in fighting COVID-19. Companies are focusing on making equipment available to medical professionals. For example, the US-based Formlabs develops and manufactures 3D printers and software. The company is manufacturing 100,000 nasal swabs per day for COVID-19 testing. These swabs are mandatory components in test kits. Amid increasing demand for ventilators and respirators, Spain has approved 3D printed respirators. Players such as Leitat, ConsorciSanitari de Terrassa (CST), Consorci de la Zona Franca (CZFB), HP, and SEAT in collaboration have prepared the 3D printable respirators. In another development, a US-based company, Copper3D, has put open-source files online to print a 3D printable N-95 mask. 3D printing medical device software is playing a crucial role in fighting against COVID-19. However, on the contrary, owing to the declining demand from dental, physical therapy, surgery, and medical imaging, the demand for 3D printing medical device software has been adversely affected.
3D Printing Medical Device Software Market Dynamics
Software used in 3D printing medical devices performs several functions like printing, analysis, visualization, planning, and design. Ongoing technological advancement in software solutionsis driving the growth of the3D printing medical device software market. For a very long period, the 3D printing industry has focused on the development of hardware and materials. The recent trend involves a considerable development of software solutions used in the 3D printing of medical devices. The interoperability of software solutions has greatly benefited the 3D printing industry. It has helped in reducing the number of steps, tools, and efforts needed to design a model for printing. Technical advancements have paved the way for the development of innovative 3D-printed products to cater to the growing demand for 3D-printed medical devices in the healthcare industry. As conventional manufacturing processes are time-consuming, key players in the 3D printing medical device software market are focusing on the development of novel products.
Only a limited number of materials can be used in 3D printing. Composite devices and devices that need special components are difficult to 3D print. In addition, materials like fabrics are likely to be impossible to print. Plastic is the widely used material in 3D printing, and it is preferred as it can be readily deposited down in melted layers. However, plastic varies in strength and may not be ideal for all components. Although some companies use metal, the final products produced by metal are not dense. In addition, materials such as glass and gold are not commercialized in the manufacturing of medical devices. Owing to material limitation, manufacturers may be inclined towards traditional manufacturing methods, which, in turn, may restrict the growth of the 3D printing medical device software market.
Direct Digital Manufacturing (DDM) is a process where parts are manufactured directly from CAD files. This process is cost-effective and consumes less time. Owing to the cost-effectiveness, the DDM technology is estimated to proliferate the manufacturing of custom products. Medical devices account for a considerable share of the DDM market. DDM technologically advanced process. Owing to the inclusion of innovative processes and materials in the 3D printing industry, the opportunity for the establishment of new products would rise considerably. Furthermore, with the increasing demand for cost-effective products, the demand for DDM is projected to rise substantially during the forecast duration.
Value Chain Analysis
The global 3D printing medical device software market is growing at a steady rate due to the rising number of players coming forward with new and better products. The consumer-centric supply chain for 3D printing medical devices software includes processes like planning, sourcing, distribution & sales, and maintenance. Integration is vital for the effectiveness of the supply chain. Multiple processes need to be aligned for smooth workflow and the creation of customer value.
The value chain starts with planning which is about making sure of the development of the right code. It involves features, applications, and developers. After planning comes the sourcing stage, where open-source software is used as a base by large-scale 3D printing software providers. These open-source software solutions are analyzed for quality and security.In 3D printing medical device software, all codes are planned, sourced, and developed, keeping customer satisfaction in mind. Then comes the distribution & sales phase, where the product is sold, and awareness about the same is spread among the end users. Lastly, in the post-sales monitoring stage, the changing market is studied, along with monitoring the efficiency of 3D printing medical device software solutions.
Global 3D Printing Medical Device Software Market Share (%), by Type, 2019Source: MRFR Analysis
3D Printing Medical Device Software Market Segment Overview:
The global 3D printing medical device software market is segmented into type, function, application, and end user.
Software solutions are integrated with other CAD software for a smoother workflow. Integrated software allows easy customization of medical devices as per business needs. Design features of such software are integrated seamlessly, which eliminates the requirement for tooling and labor-intensive assembly. This, in turn, saves a significant amount of time and cost. For example, Stratasys Ltd offers GrabCAD 3D printing software that streamlines CAD-to-print workflow.
Standalone 3D printing medical device software solutions are capable of working independently of other hardware. These solutions are not integrated into other devices. Features of standalone 3D printing medical device software solutions include affordability, quick speed, and same-day prototyping. Such software solutions are ideal for low-volume production. In addition, they are easy to design and offer industrial-grade durability at an affordable price.
Physicians and medical professionals print physical models of medical devices to visualize the procedure better and demonstrate the practice. The printing process creates objects by adding one layer on top of the other. In case when the model is made using an extruded-based plastic printer and it has sections that do not rest on the printing bed, the software will add "Support" during printing processes. These "Supports" are nothing but removable printing artifacts that offer a foundation for features that could deform during printing.
Analysis plays an important role in the development of 3D printed medical devices. It involves the comparison of in-process objects with the final project. By analyzing the wall thickness of medical devices, it can be determined whether the thin structures are printable or not. Furthermore, analysis can be used to provide color to the printed model.
Planning is vital for the successful implementation of 3D printing. One of the leading companies, Materialise (Belgium), offers Materialise Mimics Care Suite that helps in medical 3D printing in hospitals and image-based planning.Effective planning done through software can help in saving valuable time.
All the parts created by a 3D printer are designed with the help of CAD software. Designing software help in the calculation of useful 3D parameters and measurements. Some of the design software used in the 3D printing of medical devices include ZedKnee JIGEN, cabLase, and Sonowin. These software solutions are available in both standalone and integrated forms.
Design created in CAD software is visualized by designers and other departments such as marketing and manufacturing. Easy visualization ensures all departments referring to the same objects during communications. Vesalius3D 2.9.0 is 3D printing software used in 3D visualization and navigation through patient-centric, customized, and anatomical structures.
3D printing medical device software allows virtual navigation based on image contemplates. After the preparation of rapid prototyping, image-based navigation is carried out. Image-based navigation, in combination with preoperative planning, is used in areas such as cardiac surgery, spine surgery, and maxillofacial surgery.
Medical imaging is a process of creating a visual representation of interior parts of the body for medical intervention. It includes fluoroscopy, magnetic resonance imaging, and X-ray radiography. 3D printing is associated with medical imaging in many ways. It helps in providing data for the creation of 3D medical models. Some of the medical imaging software includes AIS-ACETON IMAGING SUITE, PlanmecaRomexis, and imagyn.
The dental industry is one of the leading application sectors for 3D printing software. Various applications include the creation of the orthodontic model and the manufacturing of bridges, caps, crowns, and dentures. In addition, 3D printing helps in repairing damaged teeth and constructing surgical tools. The application of 3D printing medical device software in the dental industry has proliferated owing to factors such as cost-effectiveness, quick service, and less time consumption.Furthermore, 3D printing software prevalence in the dental industry is projected to grow owing to the increasing demand for cost-effective dental solutions and a rise in the number of dental patients.
An increasing number of surgical departments are incorporating 3D printing software in one way or the other. 3D printing is used as a visual aid for preplanning surgery along with complete virtual planning of surgery. The majority of the 3D printing in surgery is about implants, surgical guides, and surgical 3D models.
3D printing medical devices software has huge growth potential. A lot of research work is in progress to unearth the potential application of 3D printing medical device software. For example, 3D printing allows patients to design prosthetics depending on their needs. For instance, Body Labs (US) has created a system where patients can model their prosthetics to create a more natural fit.
3D printing medical device software is new to physical therapy applications. Hand rehabilitation is one such application where 3D printing is used. 3D printing is capable of producing finger orthosis and other adaptive aids. The increasing use of 3D printing software in the physical therapy domain is driving its adoption in rehabilitation clinics.
Aesthetic medicine focuses on changing cosmetic appearance by treating wrinkles, skin laxity, excess fat, moles, and cellulite. Patient-centric 3D printed anatomical models help in developing precision medicine for personalized treatment.
Pharmaceutical and biotechnology companies contribute a major share in the manufacturing of 3D printed medical devices. Pharmaceutical key players are involved in manufacturing 3D printed medical devices. For instance, in September 2019, DePuy Synthes (US), a Johnson & Johnson medical devices company, announced the launch of their new titanium, 3D printed prosthesis designed to treat degenerative spine disease. Thus, the launch of new 3D printed medical devices by key players creates a high demand for 3D printing medical devices software.
The dental laboratories segment has seen the advancement and huge acceptance of 3D printing medical devices in the last few years. Furthermore, key players in this segment are engaged in the development and launch of new products propelling the growth of this segment. In 2019, Formlabs, a global 3D printer that installed bases for small to large dental labs, announced the launch of a dental 3D printer and business unit.
The introduction of operational management in hospitals is encouraging hospitals & clinics to maximize the use of personalized 3D printed medical devices software. For instance, Rady Children’s Hospital in the US has setup a 3D innovation lab where medical software engineer 3D prints several model papers. This advancement in hospitals is propelling the growth of 3D printing medical device software market segment.
Growing R&D activities to develop innovative 3D printed medical devices market are expected to drive the growth of the research institutes segment. Furthermore, a rise in funding by government and private sectors in the academic institute for R&D is fueling the growth of this segment. For insurance, in February 2019, Michigan-based Grand Valley State University received USD 0.5 million research grant to explore 3D printing technologies for medical device manufacturing
Global 3D Printing Medical Device Software Market Share(%), by Region, 2019Source: MRFR Analysis
3D Printing Medical Device Software Market Regional Analysis
The global 3D printing medical devices software market has been segmented, on the basis of region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas spearheaded the 3D printing medical devices software market in 2019 and is likely to continue to command during the assessment period. The Americas held the largest market share of 42.16% of the 3D printing medical devices software market in 2019. This can be attributed to the introduction & rapid adoption of advanced technologies and the presence of key players in this region. For instance, key leaders, including Materialise (Belgium) and Stratasys (Israel), have a presence in the region.
Furthermore, government and non-government organizations are offering many funds to research organizations and encouraging regional researchers to advance in technology. In October 2018, the US Food and Drug Administration (FDA) had awarded USD 2.6 million grants to five research institutes for the study and improvement of biomanufacturing, including 3D bioprinting.
Europe held the second-largest position in the 3D printing medical devices software market in 2019 owing to advancements in technology and a well-developed medical industry in the region. Germany, the UK, Italy, and France are the leading 3D printing medical device software markets. The increasing number of startups in 3D printing medical devices software and the rise in funding by private players are helping startups to come with innovative products in the field. For instance, 3YOURMIND is a Germany-based startup, has developed automation software to manage additive manufacturing. 3YOURMIND has raised a total of USD 20.5 million in funding over 5 rounds.
Asia-Pacific 3D printing medical device software market is anticipated to register the highest growth rate over the forecast period from 2020 to 2027. Marketplayers are focused on collaboration and opening new offices in the region owing to the availability of talent. For instance, Materialise, a leading US-based 3D printing medical devices software company, officially opened a new office in China with a focus on carrying out R&D on 3D printing software. Furthermore, India and China have a number of startups such as think3D and Osteo3d working on the 3D printing medical devices software. These startups are offering services across the world, driving the growth of this region.
The 3D printing medical devices software market in the Middle East & Africa is growing steadily in the past few years. The key factors propelling the growth of this market are the rise in funding by private players and government bodies. As per the report of the International Trade Administration, the healthcare sector of Saudi is the largest in the Near East. Saudi Arabia's health and social affairs budget for 2019 outlines an 8% increase to USD 46 billion compared to USD 42.4 billion in 2018.
The 3D printing medical device software market is profitable, both for existing players as well as new entrants. A substantial level of rivalry is observed among the existing manufacturers in the market. Our analysis revealed that market players have adopted different strategies and innovative R&D techniques to expand their business and secure their position in the global 3D printing medical device software market. In recent years, strategic movements by major players included product approvals, collaborations, acquisitions, and partnerships, which have been used as market penetration strategies and a means to reduce competition.
Stratasys Ltd (Israel)is a strong player in the global 3D printing medical device software market. The company holds a significant position as it constitutes a strong product portfolio and aims to capture maximum space in the 3D printing medical device software market in the coming years. Also, it is continuously involved R&D, innovation of 3D printers, software, and materials. For instance, in August 2020, the company launched MakerBot CloudPrint software designed to provide a seamless 3D printing workflow for teams to collaborate around the world.
3D Printing Medical Device Software Market Key Players
The prominent players in the global 3D printing medical device software market areStratasys Ltd (Israel), Nemotec (Italy), PS-Medtech (Netherlands), DWS Systems (Italy), 3D Systems Corporation (US), Carima (South Korea), Real Dimension Inc (US), Regenhu (Switzerland), 3D Totem (Israel), AckurettaTechnologies (China), and Materialise NV (Belgium).
The research is divided into four areas: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America holds a significant market share for healthcare cloud computing, followed by Europe and Asia-Pacific. Due to expanding awareness, fast-evolving healthcare infrastructure, and increasing investment in healthcare technology, the Asia-Pacific region is anticipated to have the most significant growth potential throughout the research period.
The study covers the existing short-term and long-term market effects, helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in the Americas, Europe, Asia-Pacific, and Middle East & Africa. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, Value Chain, and impact of COVID-19 on the 3D printing medical device software market.
3D Printing Medical Device Software Market Segmentation
Global 3D Printing Medical Device Software Market, by Type
Global 3D Printing Medical Device Software Market, byFunction
Global 3D Printing Medical Device Software Market, by Application
Global 3D Printing Medical Device Software Market, by End User
Global 3D Printing Medical Device Software Market, by Region
|Market Size||2027: USD 2,371.31 Million|
|Historical Data||2017 & 2018|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Function, Application, End User, and Region|
|Geographies Covered||Americas, Europe, Asia-Pacific, Middle East & Africa|
|Key Vendors||Stratasys Ltd (Israel), Nemotec (Italy), PS-Medtech (Netherlands), DWS Systems (Italy), 3D Systems Corporation (US), Carima (South Korea), Real Dimension Inc (US), Regenhu (Switzerland), 3D Totem (Israel), Ackuretta Technologies (China), and Materialise NV (Belgium)|
|Key Market Opportunities||•Direct digital manufacturing •Increase in demand in the dental industry|
|Key Market Drivers||•Technological advancements in software solutions •Increasing demand for low-cost 3D printed medical devices •Rise in demand for customized medical devices|
3D printing medical device software market was valued at USD 657.08 million in 2019 and is expected to register a CAGR of 17.62% during the forecast period.
Stratasys Ltd (Israel), Nemotec (Italy), PS-Medtech (Netherlands), DWS Systems (Italy), 3D Systems Corporation (US), Carima (South Korea), Real Dimension Inc (US), Regenhu (Switzerland), 3D Totem (Israel), Ackuretta Technologies (China), and Materialise NV (Belgium) are the key players in the market of 3d printing medical device software
North America is predicted to lead the market of 3d printing medical device software.
Technological advancements in software solutions and Increasing demand for low-cost 3D printed medical devices are the major market driver of 3d printing medical device software
Stringent regulatory guidelines for the approval of 3D-printed medical devices