How Has COVID-19 Impacted The Global 3D Printer Market And The 3D Printing Industry.
As per The Business Research Company, global outbreak of COVID-19 has indirectly affected the 3D printing market as application of 3D printing in pharmaceutical and medical industries witnessed a major uptrend.
During the pandemic, global healthcare systems were put under critical strain due to severe shortages of hospital beds and medical equipment. Patients with COVID-19, the disease caused by severe acute respiratory syndrome coronavirus, are at risk for acute respiratory distress syndrome (ARDS) and a fraction of these patients will require high-level respiratory support to survive. Due to such shortages in equipment, the demand for 3D printing has increased drastically.
3D printing devices are increasingly being used to manufacture medical devices, personal protective equipment (PPE), testing devices and even emergency dwellings to isolate people suffering from the disease. 3D printing community members closely collaborated with companies and hospitals to ensure adequate manufacturing approaches and appropriate clinical use.
The global 3D printer market reached a value of nearly $8.6 billion in 2020, having increased at a compound annual growth rate (CAGR) of 16.8% since 2015. The market is expected to grow from $8.6 billion in 2020 to $20 billion in 2025 at a rate of 19.4%. The market is then expected to grow at a CAGR of 13.4% from 2025 and reach $39 billion in 2030. The global 3D printing market is a rapidly growing and versatile industry due to its ability to adhere to various markets, cost effectiveness, and efficiency. 3D printing helps to create parts for the manufacturing of engines in the automotive industry, produces prototypes for houses that enforce architects be more innovative, helps create lighter tools, and is inexpensive for various industries such as healthcare and construction.