North America Medical Device Additives Manufacturing Market Forecast To 2027 - COVID-19 Impact And Regional Analysis By Technology, Products, And Application, And Country

The North America medical device additives manufacturing market is expected to reach US$ 1,962.70 million by 2027 from US$ 587.62 million in 2019; it is anticipated to grow at a CAGR of 16.4% during 2020-2027
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NEW YORK, Oct. 29, 2020 /PRNewswire/ -- Read the full report: The medical device additives manufacturing market is growing primarily due to increase in investments and expenditure on healthcare and advanced technologies in manufacturing medical devices; strong presence of key market players; and increase in demand for orthopedic, dental, and cochlear implants.Additionally, increase in financial contributions by government and private sector medical device industries is likely to fuel the growth of the market during the forecast period.However, high costs associated with medical device additives manufacturing process are likely to hamper the growth of the market.Additive manufacturing is a technique used for manufacturing rapid prototypes as well as functional end-use parts.The use of additive manufacturing in the medical industry has witnessed an accelerating adoption in the recent years owing to various technological advancements such as custom-made medical devices.With additive manufacturing being implied in the healthcare industry, the scope for customization and innovation of medical devices has increased considerably over the last few years.Additive manufacturing is majorly beneficial in medical fields, such as production of new orthopedic products, fabrication of customized maxillofacial prostheses, and casting of dental implants.Further, it is also receiving attention as a method used in biomedical modelling and organ printing.Increase in demand for additive manufacturing has encouraged medical device manufacturing companies to invest significantly in the development of commercial models and reduction of the cost of modelling.Leading medical device market players have uniquely positioned themselves to benefit from the advances offered by additive manufacturing.For instance, in May 2018, Medtronic announced development of the TiONIC Technology, which is a new 3D printed technique that helps build enhanced surface techniques for designing of medical devices. Thus, increasing demand for additive manufacturing technology in healthcare, leading to rising investments by market players for its advancement, fuels the growth of the medical device additive manufacturing market.Moreover, according to the data released by the American Academy of Orthopedic Surgeons' annual meeting in 2016, ~1 in 2 adults suffered from these disorders in the US.Considering the significantly rising impact of musculoskeletal disorders on global health systems, the potential application of navigation, automated, and computing technologies for resolving orthopedic problems, such as knee, hip, and spine injuries, is likely to boom and flourish in the future.Further, tooth loss, as a result of poor oral care, has been one of the prime concerns in the world in recent years, leading to increasing need for dental implants.According to the American College of Prosthodontists (ACP), ~178 million Americans are missing at least one tooth.Additionally, on an average, 40 million people in the country are missing all of their teeth. The ACP estimates that this number is expected to rise over the next two decades owing to increasing prevalence of cavity and tooth decay.In 2019, the laser sintering segment accounted for the largest share of the North America medical device additives manufacturing market.Laser sintering can develop medical devices and their parts with high-precision and geometries that are almost impossible to achieve by other methods.This is expected to boost the growth of the segment. Furthermore, the segment is likely to register the highest CAGR during the forecast period.In 2019, the surgical instruments segment held the largest share of the market.The growth of this segment can be attributed to minimum practical barriers and ease of manufacturing surgical instruments.Moreover, additive manufacturing technologies enable manufacturers to develop more personalized, surgeon-specific instruments with significant cost-effectiveness, which is expected to gain major market share for the surgical instruments segment. The implants and prosthetics segment is estimated to register the highest CAGR during the forecast period.In terms of application, the orthopedic segment held the largest share of the market in 2019, and the same segment is estimated to register the highest CAGR during the forecast period. Factors, such as development of customized orthopedic devices and implants and reduced overall treatment cost, are responsible for the growth of this segment.A few of the significant secondary sources associated with the North America medical device additives manufacturing market report are the World Health Organization (WHO), Centers of Disease Control and Prevention (CDC), United States Food and Drug Administration, American Society of Orthopedic Surgeons, and American Academy of Orthopedic Surgeons, among others.Read the full report: About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. Contact Clare:  US: (339)-368-6001 Intl: +1 339-368-6001

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