by Healthcare additive manufacturing, also known as 3D printing in healthcare, involves the use of advanced technologies and techniques to develop medical devices and equipment. Additive manufacturing allows the production of complex parts and components with applications in prosthetics and implants. It enables high product customization and assists in developing solutions for unmet patient needs.
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 key trends:
One of the major trends fueling the growth of the healthcare additive manufacturing market is the increasing emphasis on product customization. Additive manufacturing technology facilitates the creation of customized medical products according to the anatomical requirements of individual patients. This has significantly aided conditions that require customized prosthetics and implants. For instance, the production of customized cranial plates, hip replacements, and dental crowns using 3D printing. Patient-specific product designs have proven advantages over “one-size-fits-all” solutions and drive better clinical outcomes. The capability of additive manufacturing to produce customized products on demand based on medical scans is expected to increase its adoption, thereby propelling the healthcare additive manufacturing market growth over the forecast period.
SWOT Analysis
Strength: Healthcare additive manufacturing allows for enhanced customization of medical devices according to a patient’s anatomy. It also enables the production of complex devices with intricate internal structures. Weakness: High costs associated with 3D printing technology and expertise requirements are major weaknesses. Regulatory compliance and shorter longevity of 3D printed implants are other weaknesses. Opportunity: Growing application of 3D printing in surgical guides, customized prosthetics and implants present significant opportunities. Increasing research collaborations between industry and academia is another key opportunity. Threats: Limited availability of skilled workforce is a major threat. Concerns over data security associated with digital healthcare and slower adoption rate in emerging markets also pose threats.
Key Takeaways
The Global Healthcare Additive Manufacturing Market Size is expected to witness high growth during the forecast period. 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.
North America currently dominates the regional market share and is expected to continue its dominance in the coming years. Higher healthcare expenditure, well-established industry players and increasing government funding for additive manufacturing research support market growth in the region. Europe and Asia Pacific are projected to be the fastest growing regional markets over the forecast period.
Key players operating in the Healthcare Additive Manufacturing market are Stryker Corporation, Johnson & Johnson, Medtronic plc and CONMED Corporation. Stryker Corporation is a leader in the orthopedic industry and focuses on developing customized implants through additive manufacturing. Johnson & Johnson is investing in the technology to produce cutting guides and instruments used in robotic surgeries. Medtronic utilizes 3D printing to produce replacement parts for neuromodulation systems. CONMED focuses on manufacturing patient-specific implants and tools through additive technology
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
