Attractive Opportunities in the Biocompatible 3D Printing Materials Market : 3D Systems, Inc. (US). and Evonik Industries AG (Germany) are the Key Players

Biocompatible 3D printing materials are the ones capable of mimicking the natural tissue environment when implanted in the body without generating an immune response or should be non-toxic when in contact with the human body. Biocompatible 3D printing materials considered in this report are used in applications such as implants & prosthesis, tissue engineering, prototyping, hearing aids, and surgical tools and instruments. These biomaterials used in medical applications need to undergo several regulatory approvals to ensure that they are therapeutically safe. These materials are used in the form of powder, liquid, pellet, and filament. The biocompatible 3D printing materials market size is projected to grow from USD 308.1 million in 2018 to USD 832.7 million by 2023, at a CAGR of 22.0% between 2018 and 2023.

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The key players operating in the biocompatible 3D printing materials market work on numerous projects to strengthen their market position. The major players operating in the biocompatible 3D printing materials market include 3D Systems, Inc. (US)., Evonik Industries AG (Germany), Stratasys Ltd. (US), Concept Laser, GmBH (Germany), EOS GmBH Electro Optical Systems (Germany), Renishaw PLC. (UK), Formlabs Inc. (US), EnvisionTEC, Inc. (Germany), 3D Composites (US), and Aspect Biosystems Ltd. (Canada). These companies have a strong presence in the biocompatible 3D printing materials market and are continuously undertaking efforts to improve their business strategies and product portfolios.

North America is estimated to be the largest biocompatible 3D printing materials market in 2018.
North America includes the US and Canada. The country has a well-built infrastructure, state-of-the-art technologies, and a strong economy to support research funding and marketing of biocompatible 3D printing materials. North America accounted for the majority share in the global biocompatible 3D printing materials market, in terms of value, in 2017. The country has undertaken substantial research with regard to healthcare to reduce the cost of various medical applications. With government support and key market players, such as Stratasys and 3D Systems headquartered in the US, North America accounted for the largest market share, globally.

Evonik Industries AG is one of the prominent players in the global biocompatible 3D printing materials market. The company’s strong foothold in the market is primarily attributed to its focus on the product portfolio for various applications and strategic developments. This has also helped the company to register a positive brand image and gain a high share in the global biocompatible 3D printing materials market. For instance, in February 2018, the company has expanded its production capacity of high-performance polymer polyamide 12 for its VESTOSINT brand at its site in Marl Chemical Park in North Rhine-Westphalia. The expansion has helped the company to meet the demand for biocompatible 3D printing materials.

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3D Systems, Inc. has established itself as one of the leading players in the global biocompatible 3D printing materials market with a wide distribution network globally. It provides end-to-end quality solutions for different medical applications such as medical implants, medical tools, dental prostheses, and surgical instruments among others. The company has a strong brand image, and it continues to expand its biocompatible 3D printing materials business by meeting the growing demand from consumers, globally. For instance, in February 2015, the company acquired Cimatron Ltd. (Israel). This acquisition has helped the company to integrate Cimatron’s software products into the company’s product portfolio. This development has enhanced the digital workflow between designing and additive manufacturing processes.

Market Dynamics:
Drivers:
-- Mass customization of biocompatible 3D printing materials
-- Adoption of 3D printing in new medical applications

Opportunities:
-- Adoption of 3D printing technology in bioprinting organs
-- Increasing government investments in 3D printing

Challenges:
-- Developing FDA compliant 3D printing biomaterials
-- Producing low-cost 3D printing materials

This study answers several questions for the stakeholders, primarily, which market segments to focus on in the next two to five years for prioritizing their efforts and investments.

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