LONDON, Oct. 14, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company's research report on the 3D bioprinting market, rising governments and private funding to support 3D bioprinting research activities are expected to drive the growth of the 3D bioprinting market in the forecast period. 3D bioprinting has increasing applications in healthcare, attracting funding from government and private organizations. This funding provides financial and technical assistance across different development phases of 3D bioprinting techniques.
For instance, in May 2021, Readily3d SA, a Switzerland-based bioprinting company, received funding of $600,000 from the European Union to develop a living miniature model of the pancreas using its Tomolite 3D bioprinting technique. The Australian Minister for Health funded Curtin University $737,690 in June 2020 to develop and optimize 3D technology for bioprinting skin tissue directly onto model wounds as a prelude to human skin restoration.
The 3D bioprinting market consists of sales of 3D bioprinting products by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing and utilizing 3D printing to produce biomedical parts that imitate natural tissue characteristics. 3D bioprinting is a type of additive manufacturing that prints live structures layer by layer, mimicking the behavior of actual living systems, using cells and other biocompatible materials like inks, also known as bio-inks. 3D bioprinting materials are mainly used in connection with drug research and most recently as cell scaffolds to help repair damaged ligaments and joints.
The global 3D bioprinting market is expected to grow from $771.41 million in 2020 to $933.91 million in 2021 at a compound annual growth rate (CAGR) of 21.1%. The change in growth trend of the 3D bioprinting market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The 3D bioprinting market is expected to reach $1,899.37 million in 2025 at a CAGR of 19.4%.
The Business Research Company's report titled 3D Bioprinting Global Market Report 2021 – By Component (3D Bioprinters, Bioinks), By Material (Living Cells, Hydrogels, Extracellular Matrices), By Application (Research Applications, Clinical …
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