by Additive manufacturing, commonly known as 3D printing, refers to processes used to synthesize three-dimensional objects from digital CAD file data. The key advantages of additive manufacturing include the ability to efficiently produce customized complex geometries, reduce material waste, lower manufacturing and logistics costs, and accelerate product development cycles. The global additive manufacturing market offers technologies such as stereolithography, material jetting, binder jetting, material extrusion, powder bed fusion, sheet lamination, and direct energy deposition to process various materials including plastics, metals, ceramics, and biological cells.
The global additive manufacturing market is estimated to be valued at US$ 12.91 billion in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of digitization across various manufacturing industries has been a major driver of growth in the additive manufacturing market. Advanced 3D printing technologies allow industries to leverage digital designs to fabricate highly complex parts and products. This has enabled on-demand manufacturing of customized components and personalized consumer goods. The construction of prototypes and testing of new designs have also become more cost-effective using 3D printing. As digitization continues to accelerate, additive manufacturing is poised to become an increasingly integral part of the smart manufacturing revolution globally.
SWOT Analysis
Strength: Epigenetics drugs and diagnostic technologies provide minimally invasive screening and treatment options compared to conventional genetic diagnostics and therapeutics. This improves patient acceptance and compliance.
Weakness: Epigenetic mechanisms are highly complex and not fully understood. This limits the development of effective drugs targeting specific epigenetic modifications.
Opportunity: Growing applications of epigenetics in oncology for screening, diagnosing, and treating various cancers. Cancer accounts for huge healthcare burden worldwide and offers scope for epigenetic drugs and tools.
Threats: High R&D costs and regulatory hurdles associated with developing epigenetic drugs. Also, alternatives like gene therapy pose competition.
Key Takeaways
The global epigenetics drugs and diagnostic technologies market demand is expected to witness high growth.
Regionally, North America dominates currently due to advanced healthcare infrastructure and increasing adoption. However, Asia Pacific is poised to emerge as the fastest growing market owing to improving access to advanced diagnostics and research.
Key players
operating in the epigenetics drugs and diagnostic technologies market are Canon, Brother Industries, Hewlett-Packard Development, Printronix, Ricoh Digital Painting Company, Inca Digital Printers Limited, Mimaki Engineering, Electronics For Imaging, Roland Dg Corporation, Durst Phototechnik AG, Xerox Corporation, and Seiko Epson Corporation. The presence of large multinational players with strong product portfolio and regional presence has made the market highly competitive. Players are investing in R&D to develop novel targeted therapies and diagnostic tools utilizing epigenetic mechanisms. Partnerships with research institutes and startups are helping key players gain early access to innovations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
