Additive manufacturing or 3D printing in healthcare provides customized products and reduced time to market. It helps in manufacturing of medical devices, implants, prosthetics, and tailored organ replacements. Using digital scans and 3D printing technology, it fabricates accurate anatomical structures which assist surgeons during complicated procedures. Additionally, tissue engineering applies additive bio-printing to fabricate functional 3D living tissues by precisely depositing biologically active molecules, biochemical factors and cells layer-by-layer. The advancement has led to treating cancer, repairing burns and restoring normal function in case of damaged tissues.
The global healthcare additive manufacturing market is estimated to be valued at US$ 2.71 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The market is primarily driven by the rapidly increasing applications of additive manufacturing in tissue engineering. Adoption of bio-printing techniques is expected to develop functional 3D printed tissues and organs to replace damaged ones. This reduces complications associated with organ transplants and long waiting lists. Moreover, continuous technological advancements like development of multi-material printers with enhanced bio-compatibility further stimulates the market growth. However, high equipment costs, limited applications and regulatory concerns may hamper the market expansion during the forecast period.
Segment Analysis
The healthcare additive manufacturing market is dominated by metallic materials sub-segment. Metallic materials find wide applications in the manufacturing of dental crowns, surgical instruments, prosthetics and implants owing to their strength and durability. Titanium and its alloys are increasingly being used for making dental implants and prosthetics as they have higher biocompatibility when compared to other metals.
PEST Analysis
Political: Governments across countries are promoting the adoption of additive manufacturing in the healthcare industry through funding and strategic initiatives. This is being done to improve accessibility and reduce costs of medical devices and equipment.
Economic: The recent economic downturn due to the pandemic has accelerated the need for affordable healthcare solutions. Additive manufacturing helps reduce production costs and time for medical products significantly.
Social: Growing geriatric population and rising incidences of chronic diseases are driving demand for advanced medical treatments. 3D printing enables customized design of implants, prosthetics and surgical tools tailored to individual patient’s anatomy which enhances care delivery.
Technological: Advancements in bio-printing and development of hybrid additive techniques for manufacturing implants with living cells offer new growth opportunities. Integration of AI and augmented reality for design and production of parts is also gaining traction.
Key Takeaways
The Global Healthcare Additive Manufacturing Market Growth is expected to witness high over the forecast period of 2024 to 2031 supported by increasing uptake of 3D printed products across medical sectors. The global healthcare additive manufacturing market is estimated to be valued at US$ 2.71 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region is projected to witness expansion at the highest CAGR during the analysis timeframe. This can be accredited to rising medical expenditures, increasing collaboration between industry players and research institutes for product development. China, India and Japan are likely to offer significant opportunities due to improving reimbursement policies and flourishing medical device industry.
Key players
Key players operating in the healthcare additive manufacturing market are Stryker Corporation, Johnson & Johnson, Medtronic plc, and CONMED Corporation. Stryker is a major player offering a diverse range of 3D printed hip and knee implants, cartilage repair devices and craniomaxillofacial products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
