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3D Bioprinting Market Worth $1,647 Million by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 1, 2019 /PRNewswire/ -- According to the new market research report "3D Bioprinting Market by Component (3D Bioprinters (Microextrusion, Inkjet, Laser), Bioink (Natural, Synthetic, Hybrid)), Material (Hydrogel, Living Cells), Application (Skin, Drug Research), End user (Biopharma, Academia) - Global Forecast to 2024", published by MarketsandMarkets™, the 3D Bioprinting Market is projected to reach USD 1,647 Million by 2024 from USD 651 Million in 2019, at a CAGR of 20.4% from 2019 to 2024.
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The growth of the 3D Bioprinting Market is mainly attributed to factors such as rising adoption of 3D bioprinting in the pharmaceutical and cosmetology industries, ongoing research and developmental activities coupled with the rising demand for organ transplantation.
The bioink component segment to register significant growth over the forecast period
Based on component, the 3D Bioprinting Market is segmented into 3D bioprinters and bioinks. The bioinks segment is expected to register significant growth over the forecast period of 2019 to 2024. Increase in government funding and venture funds for the R&D of bioinks and technological advancements are the key factors driving the growth of the bioinks segment. The bioinks segment is further divided into natural, synthetic, and hybrid bioinks. While, the 3D bioprinters segment is further sub-segmented in terms of technology into microextrusion bioprinting, inkjet 3D bioprinting, magnetic 3D bioprinting, laser-assisted bioprinting, and other technologies.
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The research applications segment is projected to hold the largest share of the market by application during the forecast period of 2019 to 2024
By application, the 3D Bioprinting Market is classified into research applications and clinical applications. The market for research applications is further sub-segmented into drug research, regenerative medicine, and 3D cell culture. While, clinical applications segment is further divided into skin, bone & cartilage, blood vessels, and other clinical applications. Growth of the research applications segment is attributed to rising funding and grants for 3D bioprinting research and favorable government guidelines.
Hydrogel material segment to grow at fastest CAGR over the forecast period of 2019 to 20124 owing to the new product launches
Based on material, the 3D Bioprinting Market is broadly segmented into hydrogels, extracellular matrices, living cells, and other biomaterials. Among these, the hydrogel segment is anticipated to register significant growth over the forecast period due to the rncreasing R&D activities and new product launches in the segment. For instance, in 2019, Biogelx (UK) has launched hydrogel-based synthetic bioink in the market.
Research organizations & academic institutes were the key end-users in the 3D Bioprinting Market in 2019
Based on end-users, the 3D Bioprinting Market is segmented into hospitals, research organizations & academic institutes, and biopharmaceutical companies. The research organizations & educational institutes segment accounted for the largest share of the 3D Bioprinting Market in 2018. The large share of this segment can be attributed to the increasing collaboration between academic & research institutes with key market players for developing novel 3D-bioprinted products and increasing funding and grants for the development of novel technologies.
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North America is expected to account for the largest share of the 3D Bioprinting Market in 2019
The 3D Bioprinting Market is segmented into North America, Europe, Asia Pacific, and Rest of the World (Latin America, and the Middle East and Africa). North America is projected to hold the largest share of the regional market for 3D bioprinting products in 2019. Significant government and private investments in developing advanced 3D bioprinting technologies and applications; and the high adoption rate of these technologies are responsible for the large share of North America in the 3D Bioprinting Market.
The major players in the market include Organovo Holdings Inc. (US), CELLINK (Sweden), Allevi Inc. (US), Aspect Biosystems Ltd. (Canada), EnvisionTEC GmbH (Germany), Cyfuse Biomedical K.K. (Japan), Poietis (France), TeVido BioDevices (US), Nano3D Biosciences, Inc. (US), ROKIT Healthcare (South Korea), Digilab Inc. (US), regenHU (Switzerland), GeSiM (Germany), Advanced Solutions Life Sciences (US), and Regenovo Biotechnology Co., Ltd. (China) among others.
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