The global Healthcare Additive Manufacturing Market is estimated to be valued at US$ 2.35 Bn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Healthcare additive manufacturing refers to 3D printing of medical products like implants, surgical guides, and customized prosthetics. These products provide enhanced accuracy in designing and sizing as per patient’s anatomy using their medical images. This improves treatment outcomes.
Market key trends:
One of the major trends in the market is the rising adoption of additive manufacturing for customized medical products. Traditionally, customized medical devices and implants were costly and time-consuming to produce through conventional manufacturing methods. However, with additive manufacturing, customized products can now be 3D printed easily and quickly based on medical scans. This is driving the demand especially for implants, surgical equipment, and prosthetics application. The ability to mass produce personalized and customized designs at affordable costs is paving the way for additive manufacturing in the healthcare sector.
SWOT Analysis
Strength: The Global Healthcare Additive Manufacturing Market Size offers solutions to reduce costs and manufacturing times for medical devices and implants. It enables customized medical products and greater design flexibility.
Weakness: High costs associated with 3D printers and materials limit the adoption of technology. Stringent regulatory approvals and certification processes increase adoption challenges.
Opportunity: Growing demand for customized medical products driven by rising chronic diseases and geriatric population presents major growth opportunities. Ongoing R&D to develop biocompatible materials for implants expands feasible applications.
Threats: Risk of errors and malfunctions associated with 3D printed products. Slow industrial acceptance of the technology compared to conventional manufacturing methods.
Key Takeaways
The global Healthcare Additive Manufacturing market is expected to witness high growth, exhibiting a CAGR of 22. % over the forecast period, due to increasing demand for customized medical products. Factors such as rising chronic diseases, growing geriatric population and increasing complexity of medical devices and implants are fueling the demand for additive manufacturing in healthcare.
North America dominated the global market in 2023 with around 35% share and is expected to maintain its leading position during the forecast period. This is attributed to growing adoption of 3D printing and presence of key market players in the region. Europe is the second-largest market mainly driven by increasing funding for R&D projects in additive manufacturing and supportive regulations. Asia Pacific is likely to emerge as the fastest growing market owing to improving healthcare infrastructure, rising medical tourism and increasing prevalence of lifestyle diseases.
Key players operating in the Healthcare Additive Manufacturing market are GE Additive, Stratasys Ltd., Materialise N.V., EoS GmbH, Allevi, Inc., RegenHU, EnvisionTEC GmbH, 3D Systems, Inc., Nanoscribe GmbH, and GPI Prototype and Manufacturing Services, LLC. Players focus on developing advanced materials and multi-material 3D printing technologies to expand feasible applications in dental aligners, surgical guides, customized implants and prosthetics. Partnerships with medical device companies and hospitals are also gaining significance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice’s dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn