SAN ANTONIO, Texas, Feb. 23, 2016 (GLOBE NEWSWIRE) -- In a new analysis by Verify Markets, the Asia Pacific healthcare 3D printing market was estimated to be over $35.0 million in 2015. The market is primarily driven by rise in demand for customized prosthetics, as well as the emergence of Asia Pacific as a medical tourism hub. China was the largest market in 2015, making up more than 35 percent of the total market in revenue.
The Asia Pacific healthcare 3D printing market is expected to experience a double-digit growth rate during the forecast period (2016-2022). Increasing competition and government support for smart manufacturing is expected to elevate the Chinese market. Increasing demand for customized prosthetics and higher spending power among patients are expected to drive growth in the Australian healthcare 3D printing market. South Korea, Singapore and Malaysia are emerging as medical tourism destinations. The use of biological material to print human organs in the future will likely revolutionize the industry.
3D printing services are preferred over direct purchase of 3D printers due to the high initial costs associated with upfront printer purchase. The use of 3D printers in various healthcare applications (such as dental, surgery and prototyping, among others) is expected to rise during the forecast period. The Asia Pacific 3D printing market is still emerging and is highly competitive with the presence of both local and international participants.
The key companies in this market include Stratasys, Ltd., Materialise NV, 3D Printing Systems Corporation, Tiertime, Shaanxi Hengtong Intelligent Machine Co., Ltd., Wuhan Binhu Mechanical & Electrical Co., Ltd., Made for ME, Carmina, Rokit, Moment, Imaginarium, J Group Robotics and Brahma3, among others.
The countries covered in this research include China, India, Malaysia, Singapore, Taiwan, South Korea, and Australia. The report is highly detailed and provides key market drivers, restraints, revenue forecasts by technology, service and materials, market share analysis, and key market trends by each country. The base year for the study in 2015 and revenue forecasts are provided until 2022. For additional information, please review our report titled ‘Asia Pacific Healthcare 3D Printing Market’. For more reports on the Healthcare IT market, please visit our website or email us at firstname.lastname@example.org. Follow us for more updates on Twitter @verify_markets and LinkedIn: https://www.linkedin.com/company/verify-markets.
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Source: Verify Markets