(PharmaNewsWire.Com, November 27, 2024 ) The global 3D Bioprinting Market growth forecasted to transform from USD 1.3 billion in 2024 to USD 2.4 billion by 2029, driven by a CAGR of 12.7%. The market growth is fueled by growing adoption of 3D bioprinting technology in the pharmaceutical and cosmetic industries, technological advancement in the 3D bioprinting and rising demand for organ transplants.
The 3D Bioprinters segment segment is expected to have the dominant share of the 3D bioprinting market in 2023.
Based on component, the global 3D bioprinting market is segmented into 3D bioprinters, bioinks, software and consumables. 3D bioprinters accounted for the larger market share in 2023. The segment is witnessing growth driven by technological innovations and escalating demand for organ transplantation services.
The Research applications segment is expected to account for the largest share of the application segment in the 3D bioprinting market in 2023.
Based on application, the 3D bioprinting market is segmented into research applications and clinical applications. research applications segment accounted for the larger share of the 3D bioprinting market in 2023. The market for research applications is further segmented into drug research, regenerative medicine, and 3D cell culture. Among these, the drug research segment accounted for the largest share of the market during forecast period of 2024-2029, due to the pharmaceutical & biotechnology firms intensifying their integration of 3D bioprinting technology.
North America was the largest regional market for 3D bioprinting industry for both (excluding & including COVID -19 3D bioprinting) in 2023. The market is segmented into five major regions namely, North America, Europe, the Asia Pacific, Latin America, Middle East and Africa. In 2023, North America accounted for the largest share of the 3D bioprinting market and expected to retain dominance throughout the forecast period of 2024-2029. Favorable regulatory policies, reimbursement scenario, presence of key market players in the region are some of the major factors uplifting the market growth in the North America. Europe is likely to grow at significant CAGR owing to various factors such as advancements in bioprinting research and development, increasing healthcare expenditure and government initiatives aimed at expanding 3D bioprinting.
Drivers: 1. Growing adoption of 3D bioprinting technology within the pharmaceutical and cosmetic industries
Restraints: 1. High cost of 3D bioprinters and bioinks
Opportunities: 1. Rising demand for organ transplants
Challenge: 1. Biocompatibility issues and rigorous sterilization protocols
Key Market Players of 3D Bioprinting Industry: BICO Group AB (US), 3D Systems, Inc. (US), Merck KGaA (Germany), Organovo Holings Inc (US), CollPlant Biotechnologies Ltd. (Israel), regenHU (Switzerland), Aspect Biosystem Ltd. (Canada), Advanced Solutions Life Sciences, LLC (US), Cyfuse Biomedical K.K (Japan), Rokit Healthcare Inc. (South Korea), Hangzhou Genofei Biotechnology Co., Ltd. (China), Foldink (Armenia), Brinter (US) and 3D bioprinting solution (Russia) and REGEMAT 3D, SL (Spain) are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
Recent Developments of 3D Bioprinting Industry:
-In February 2024, BICO Group AB (Cellink) launched DNA Studio 4 Vault, a bioprinting software, providing users with confidence and trust in their documentation, enabling a faster translation from the research lab to the clinic -In February 2024, Merck KGaA (Germany) established a distribution center in Brazil with an investment of USD 21.7 million to better serve its Life Science customers for faster deliveries in the region. -In April 2023, Aspect Biosystem Ltd (Canada) and Novo Nordisk (Denmark) entered into a collaboration, development, and Licence agreement to develop bioprinted tissue therapeutics designed to replace, repair, or supplement biological functions inside the body to deliver a new class of truly disease-modifying treatments for diabetes and obesity. -In April 2023, CollPlant Biotechnologies Ltd (Israel) and Stratasys (US) entered into a collaboration for the development of collaborated to develop a solution to bio-fabricate human tissues and organs using Stratasys' P3 technology-based bioprinter and CollPlant's rh-Collagen-based bioinks
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