Singapore: Rokit, a leading South Korean 3D printing company recently announced that it has received a $3 million government grant for the development of 3D bioprinting technology.

The project, that involves the development of an in-situ 3D bioprinter, will be executed in collaboration with Korean Institute of Science and Technology (KIST), Seoul National University Bundang Hospital, Hanyang University, and Korea Institute of Machinery and Materials (KIMM).

Considering that the 3D bioprinting market was valued at around $10 billion in 2013 and has only continued to expand rapidly since, it's not surprising that governments want to get on board with advancing the technology.

Rokit is already a leading player in 3D printing space known for their line of 3Dison desktop 3D printers, including the H700, Pro, Multi, AEP, S and Chocosketch models.

As per reports, the companywill be focusing initially on the bioprinting of human skin tissue, a technology which could change the way patients are treated for a variety of ailments from burns to diseases, to even cosmetic surgery.