According to a new report available from Research and Markets, the global additive manufacturing market will reach nearly $3.5 billion in 2017.
The report, "Global Additive Manufacturing Market (2012 - 2017) - By Application & Technology," puts the current market size at $1.8 billion in 2012. Automotives or motor vehicles account for the largest share in this market, primarily due to the easy application of 3D printing in the production of end-products (engines, spare parts, other interior, and exterior parts) as compared to other segments such as consumer products and business machines, which have limited usage in manufacturing of end-products.
Rising healthcare expenditure in emerging economies provide growth opportunities for the additive manufacturing technologies, as new healthcare facilities have come up in these areas, the report says. 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 growth are regulatory hurdles in different countries, material characterization during development, and process control and understanding.
Europe dominates the additive manufacturing for medical devices market in 2012, followed by North America. However, adoption of novel additive manufacturing technologies in the medical field is gaining momentum at a fast pace in emerging nations due to growing educational and awareness efforts of industry players among physicians and patients.
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Sources: Press materials received from the company and additional information gleaned from the company's website.