Demand for 3D Printing Service Bureaus to Remain High for Healthcare and Medical Devices, Finds Persistence Market Research
Published On : Jun 09, 2021
The global 3D printing service bureaus market is anticipated to expand at around 23% CAGR through the period of 2021 to 2031, and reach a valuation of US$ 52 Bn by 2031-end.
With growing adoption of 3D printing solutions and services, countries in East Asia and Europe are expected to witness potential growth opportunities. One of the major reasons for the exponential growth of 3D printing service bureaus is that they facilitate complex designs that cannot be produced with traditional manufacturing techniques.
Conventional manufacturing processes are based on the removal of raw materials to create final products. On the contrary, 3D printing works by building a product layer by layer; hence, it is also referred to as additive manufacturing. Most commonly used 3D printing technologies include Fused Deposition Modeling (FDM), Direct Metal Laser Sintering (DMLS), Laser Sintering (LS), Multi Jet Fusion (MJF), Binder Jetting, and Stereolithography (SL), among others.
Key Takeaways from Market Study
- North America was the leading market in 2020 in terms of value for 3D printing service bureaus. Over the coming years, East Asia is expected to be a key market for sustainable revenue.
- The healthcare & medical devices industry is expected to offer higher incremental opportunity during the forecast period, as need for 3D printing service bureaus is increasing significantly owing to rise in demand for customized devices and production parts.
- There has been rise in demand for 3D printing service bureaus across automotive, industrial, and consumer goods industry verticals owing to increasing demand for customized production parts and on-demand 3D printing services.
- With growing popularity of 3D printing solutions and services, countries in Asia Pacific such as India, China, and Japan are expected to witness potential growth opportunities.
- The market in the U.S. is projected to expand at a CAGR over 21% through 2031, and is expected to continue its dominance in North America.
- China and India are expected to progress at an impressive CAGR of more than 25% each, through 2031.
“Growing demand for customized and on-demand 3D printing solutions and services is a major factor driving the market growth,” says a Persistence Market Research analyst.
COVID-19 Pandemic Impact Analysis
The COVID-19 pandemic outbreak disrupted many industries, including the 3D printing service bureaus market. The spread of COVID-19 affected industries in Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America.
Owing to lockdowns across nations, supply chains and manufacturing processes were significantly affected; however, demand for 3D printing managed to remain stable. Demand for 3D printing services has been on the rise in the medical devices and healthcare industry. Production of ventilators, PPE kits, masks, and other necessary equipment was largely focused on 3D printing of the equipment, rather than importing it. Also, restrictions on import and export during the pandemic has further driven demand for 3D printing service bureaus.
Find More Valuable Insights
Persistence Market Research puts forward an unbiased analysis of the global 3D printing service bureaus market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. To understand the opportunities in this space, the market is segmented on the basis of service (plastic 3D printing services, metal 3D printing services, resin 3D printing services, and others), technology (fused deposition modeling (FDM), direct metal laser sintering (DMLS), laser sintering (LS), multi jet fusion (MJF), binder jetting, stereolithography (SL), and others), application (prototypes, tools & fixtures, and production parts), and industry (automotive, healthcare & medical devices, aerospace & aeronautics, consumer goods, industrial, and others), across six major regions of the world.
For additional information on how the 3D printing service bureaus market will shape up in the near future, write to the team of expert research analysts at firstname.lastname@example.org
About the Electronics, Semiconductors and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
3d Printing Service Bureaus Market
Global Market Study on 3D Printing Service Bureaus: Market Expected to Surge 8X Over Next Ten Years
Global Market Study on 3D Printing Service Bureaus: Market Expected to Surge 8X Over Next Ten YearsRequest TOC