By AuntMinnie.com staff writers

September 9, 2015 -- The global market for 3D printing devices for medical applications will grow at a 25.3% compound annual growth rate (CAGR) to reach $2.13 billion in revenues by 2020, according to a report from research firm MarketsandMarkets.

Market demand will be fueled by factors such as technological advances in 3D printing, increasing public and private investments for developing new 3D printing technologies and applications, and growing acceptance of 3D-printed organs and implants, according to the company. On the downside, the number of end users is being restricted by the stringent regulatory process for the clearance of 3D-printed medical products, as well as the high cost of 3D-printed organs, MarketsandMarkets said.

On a regional basis, North America holds the largest share of the market, followed by Europe. MarketsandMarkets projects that the Asia-Pacific market will grow at the highest CAGR from 2015 to 2020, driven by factors such as increased government funding to enhance 3D printing applications in the healthcare industry, the establishment of research and training centers, and greater awareness of 3D printing through conferences and events. Demand is being held back in developing Asian countries, however, by the dearth of skilled professionals and high cost of 3D printing systems, according to the firm.

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