The 3D-printed medical devices market value is expected to reach $1.88 billion, a 17.5 percent compound annual growth rate, by 2022, according to market research firm Marketsandmarkets. The market was valued at $840 million in 2017.

Key factors driving this growth are technological advancements, increasing public-private funding, and growing applications in the healthcare industry.

The market is broken into three broad categories: equipment, materials, and software and services. The software and services segment is expected to command the largest share of the global 3D printing market for medical devices in 2017, pending the release of such data. Increasing development of advanced software solutions to manufacture high-quality 3D-printed medical products is pushing this segment.

The market is further segmented into suture 3D printing, electron beam melting, laser beam melting, photopolymerization, droplet deposition, or extrusion-based technologies. The photopolymerization segment is expected to hold the largest share of the market in 2017 due to the widespread application of the technology across the medical industry for manufacturing surgical guides, prosthetics and implants, porous scaffolds, and dental restorations.

Looking to regions, North America held the largest share of the global 3D-printed medical devices market in 2017, followed by Europe.

“Its large share is attributed to the rising demand for organ transplants across this region,” says Marketsandmarkets. “The presence of highly developed healthcare infrastructure and significant government and private investments to develop advanced 3D printing technologies and applications are the key factors responsible for the large share of this regional segment.”