South Korea's 3D Printing Medical Device Market is expected to witness growth from $43 Mn in 2022 to $156 Mn in 2030 with a CAGR of 17.30% for the forecasted year 2022-30. Numerous international patients looking for high-quality medical care at reasonable costs are choosing South Korea as a popular medical tourism location. The chance to grow their clients and boost sales of 3D-printed medical devices is presented to manufacturers. The market is segmented by application, by technology and by end user. Some key players in this market include AON3D, GE Healthcare, Stryker, Medtronic, MediKors and Philips Healthcare.
South Korea's 3D Printing Medical Device Market is expected to witness growth from $43 Mn in 2022 to $156 Mn in 2030 with a CAGR of 17.30% for the forecasted year 2022-30. Numerous international patients looking for high-quality medical care at reasonable costs are choosing South Korea as a popular medical tourism location. The chance to grow their clients and boost sales of 3D printed medical devices is presented to manufacturers. The market is segmented by application, by technology and by end user. Some key players in this market include: AON3D, GE Healthcare, Stryker, Medtronic, MediKors and Philips Healthcare.
Market Growth Drivers Analysis
Numerous international patients looking for high-quality medical care at reasonable costs are choosing South Korea as a popular medical tourism location. The chance to grow their clients and boost sales of 3D printed medical devices is presented to manufacturers. Numerous studies on the use of 3D printing in healthcare are being carried out by universities and study facilities in South Korea. The field of 3D printed medical devices is likely to see new developments and scientific advances as a result of this research, which will fuel market growth. Patients are calling for more individualised healthcare options, and 3D printing technology now makes it possible to create medical devices that are specifically built for each patient's individual requirements. Through programmes like the National 3D Printing Strategic Plan, the South Korean government has demonstrated its support for the growth of the 3D printing sector, including the creation of medical devices.
Market Restraints
South Korea 3D Printed Medical devices market is becoming more and more cutthroat, with local and foreign makers vying for market share. Pricing constraints may result from this, making it more difficult for new competitors to establish themselves. South Korea's reputation for defending intellectual property rights is mixed, so manufacturers there may be wary of intellectual property infringement. Manufacturers may find it more difficult to protect their innovations and keep a competitive advantage in the market as a result.
2021: A partnership between Stratasys and Win Dental, a South Korean producer of dental implants and devices, was revealed for 2021. Using Stratasys' 3D printing technology, the partnership seeks to increase Win Dental's production efficiency and broaden its product line.
In South Korea, Medical Device Act governs the licencing, creation, importation, and distribution of the 3D Printing medical devices. According to the law, producers must receive permission from the Ministry of Food and Drug Safety (MFDS) before putting their devices on the market. The MFDS mandates the adoption of a Quality Management System (QMS) based on the ISO 13485 standard by medical device manufacturers. This guarantees that producers have reliable procedures in place for risk management and quality control. To make sure that existing medical gadgets remain secure and efficient, the MFDS keeps an eye on them. The MFDS must be informed by manufacturers of any unfavourable incidents related to their devices. Through the National Health Insurance (NHI) scheme, the South Korean government reimburses the cost of some medical devices, including 3D printed medical devices. However, there may be restrictions on reimbursement, such as those related to the device's cost-effectiveness, efficacy, and safety.
1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Component (Revenue, USD Billion):
The 3D Printing Medical Devices market is divided into equipment, materials, and software & services depending on the component. In 2020, the market for 3D printed medical devices was dominated by software and services. During the forecast period, the cost-effectiveness, utility, uniformity, and accuracy provided by services for medical device 3D printing are anticipated to drive the segment's expansion.
By Application (Revenue, USD Billion):
The market for 3D-printed medical devices is divided into wearable/implantable medical devices, other medical devices, standard prosthetics and implants, custom prosthetics and implants, tissue-engineered goods, surgical guides, and surgical tools based on the application. In 2020, the custom prosthetics and implants market sector held a greater market share. Biological materials (such skin and bones), plastics, ceramics, and metals are just a few of the materials that may be used to create highly customizable prosthetics and implants using 3D printing. The development of this market sector is anticipated to be fueled by 3D printing of custom implants, which is drawing in new investors and medical device businesses.
By Technology (Revenue, USD Billion):
The market for 3D printing medical devices has been divided into various technological categories, including electron beam melting (EBM), laser beam melting (LBM), photopolymerization, droplet deposition or extrusion-based technologies, three-dimensional printing (3DP) or adhesion bonding, and others. The segment of these that accounted for the biggest market share in 2020 was laser beam melting (LBM). The significant market share of this sector is linked to the technology's expanding use in the dentistry sector and in the production of implants for minimally invasive surgery.
By End User (Revenue, USD Billion):
Hospitals and surgical centers, dentistry and orthopaedic clinics, academic institutions & research laboratories, pharma-biotech & medical device firms, and clinical research organizations make up the different end-user segments of the 3D printing medical devices market. The sector of hospitals and surgical centers held the biggest market share in 2020. The significant market share of this sector can be due to the increased uptake of cutting-edge medical technology by hospitals, the expansion of existing 3D printing facilities, and the rising affordability of 3D printing services.
Methodology for Database Creation
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