According to a new market research report, the additive manufacturing market, which involves various industries, including medical, is expected to reach nearly $3.5 billion in five years.
Published by MarketsandMarkets, “Global Additive Manufacturing Market (2012-2017), By Application (Medical Devices, Automotives, & Aerospace) and Technology (3D Printing, Laser Sintering, Stereolithography, Fused Deposition Modeling, Electron Beam Melting, & Tissue Engineering” analyzes and studies major market drivers, restraints, and opportunities in North America, Europe, Asia, and the rest of the world, specifically in additive manufacturing for the medical devices market over the period from 2012 to 2017.
According to the report, the market is expected to grow at a compound annual growth rate of 13.5% from 2012 to 2017.
Manufacturers have been encouraged to adopt manufacturing procedures over the past year, thanks in part to a number of technological innovations, including rapid and accurate development of products in a cost-effect manner.
New and improved technologies, financial support from governments, large application area, rapid product development at a low cost, and ease of development of custom products are the major drivers that are slated to propel this market. However, a few pivotal factors restraining the growth of this market are regulatory hurdles in different countries, material characterization during development, and process control and understanding.