The industry of health care in Europe has grown positively with effective developments in the technology of 3D printing. The key player of this market is analyzing the strategies and policies of the competitors for leading the achieving major market share and doing more attractive developments in the technology. Whereas, 3D printing can be defined as the procedure of producing three-dimensional solid objects from digital designs. The making of 3D printed objects is done using numerous additive procedures. The key players of this market are playing an important role by dominating the huge market share by adopting effective market strategies and policies for enhancing the procedure of creating three-dimensional solid objects. The market of 3D printing in Europe is segmented into three primary segments, which are majorly based on the technology, type, and material. However unsurprisingly, with the effective classification and application of the 3D printing the market will increase positively in the forecasted period.
Additionally, the key players of this market are doing effective functioning which makes the market more competitive and forces the investors for making the more effective amount of investment for the development in the material of 3D printing. According to the report analysis, ‘Europe 3D Printing in Healthcare Market (2018-2023)’ states that there are several key players which are recently functioning in this market for acquiring the huge market share by satisfying the growing needs of the potential consumers includes Stratasys Ltd., 3D Systems, Organovo, Renishaw, Formlabs and several others. Moreover, the 3D printing in the healthcare market in Europe is anticipated to reach a value of USD 0.76 Bn by 2023, increasing at a compound annual growth rate (CAGR) of 21.8% during 2018-2023. Whereas, based on the technology, the market of 3D printing is sub-divided into laser beam melting (LBM), electron beam melting (LBM), photopolymerization, droplet deposition, laminated object manufacturing, and others. Not only has this, based on the material, but it is also further divided into metal, ceramic, plastic, and several others.
Most of the old-fashioned manufacturing companies, which prefer doing things in the traditional way, do not find it practicable to experiment with new technologies such as 3D printing. Also, they do not research satisfactorily in emerging use cases in the market, and this is constraining the faster dissemination of the technology in the European region. Meanwhile, Europe has robust and stable research and development infrastructure and with top-notch research in healthcare-related preservative manufacturing along with a pool of educational institutions to deliver relevant training for skill expansion. Furthermore, in the field of medicine, this process of 3D printing is utilized to make several objects such as prosthetics and implants, using several materials like metal, plastic, and others.
In Europe, Germany has the uppermost incidences of self-reported hearing loss. The acceptance rate of hearing aids by these people is 76%. Therefore, there lies an enormous unmet petition for hearing aids in the market. Since almost all hearing aids are 3D printed, the market in the European region is anticipated to grow positively. The situation is the same for dental implants. With an accumulative number of measures for dental implants, the need for customized processes has increased. Therefore, in the near future, it is expected that the market of 3D printing will increase in Europe more positively in the near future.
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Ankur Gupta, Head Marketing & Communications