New York, April 01, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global 4D Printing in Healthcare market was valued at USD 4.7 million in 2019 and is expected to reach USD 39.3 million by the year 2027, at a CAGR of 29.8%. The introduction of 4D printing has emerged from various technological advancements in 3D printing technology. 4D printing technology has an additional feature of the transformation of the structure with time. The technology allows the shape-shifting of any object after a certain amount of time.
This feature becomes a major breakthrough for the 4D printing technology industry as the healthcare sector benefits by this feature intensely. The use of 4D printing technology to produce smart medical models is expected to drive the market growth. The development of programmable materials in the industry could also anticipate the growth of the market as these technologies could be useful for developing biocompatible products for the body. Furthermore, 4D printing could be widely used in the targeted drug delivery systems wherein the composition of the pharmaceutical drugs is made such that they act only on a targeted site in the body. Therefore, the industry is leading the medical sector to new innovative drug delivery systems and improved efficacy and efficiency of the treatments.
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The COVID-19 Impact: With technological development in the last few decades, several digital technologies had come up that can be successfully applied to tackle major clinical problems and diseases. Moreover, it also allowed the establishment of a highly interconnected digital ecosystem, enabling real-time data collection at scale in hospitals and clinics facilitates. However, the world is facing an existential global health crisis due to the outbreak of a novel coronavirus–caused respiratory disease (COVID-19). COVID-19 patients will need medical devices such as ventilators to keep breathing, putting enormous pressure on hospitals that are currently overflowing with demand. According to the American Hospital Association, the number of COVID-19 patients that will need intensive treatment is increasing day by day. To fight the coronavirus pandemic countries needs more ventilators, much more. The healthcare manufacturers are scaling up their production by manufacturing low-cost portable ventilators to meet the rising demands across the world. The Leitat Technology Centre designed the ventilator by incorporating 3D technologies and incorporating other parts found on the market. Such technology and equipment are expected to generate the market in the healthcare sector as it increases the manufacturing efficiency, and significantly reduces the manufacturing cost and carbon footprint. Additionally, in a matter of hours, companies are able to produce equipment that is needed urgently. However, scaling up production is harder due to the high cost which is likely to impact the market significantly during the forecast period
4D printing is known to be applicable in various fields in the medical sector, including the production of use biomaterials, tissue engineering. It is also used treatments, for instance, creating nanorobots for chemotherapy. Furthermore, it is also widely used in making medical devices such as stents, biomedical splits, orthodontic implants and others. Emerging economies in the Asia Pacific region and rising government fundings to improve healthcare facilities are expected to fuel industry growth in the near future. Although 4D printing is considered to be the booming field, however, the high cost of research and development procedures could hinder the market growth. The tremendous amount of time is invested in new product development, also, seeking FDA approval for the use is a cumbersome process, which delays their launch. Such factors are expected to restrain the growth of the market.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data has segmented the 4D Printing in Healthcare market on the basis of component, technology, application, end use and region:
By Component Outlook (Revenue in Million USD; 2017–2027)
By Technology Outlook (Revenue in Million USD; 2017–2027)
By Application Outlook (Revenue in Million USD; 2017–2027)
By End Use Outlook (Revenue in Million USD; 2017–2027)
Regional Outlook (Revenue in Million USD; 2017–2027)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/4d-printing-in-healthcare-market
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