PUBLISHER: The Business Research Company | PRODUCT CODE: 1435255
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435255
3D printed prosthetics serve as artificial devices designed to replace missing body parts, created by depositing successive layers of material based on inputs from a digital 3D model.
The primary types of 3D printed medical prosthetics include sockets, limbs, joints, covers, and various others. Prosthetic limbs, in particular, function as artificial replacements for individuals in need of limbs. These prosthetic limbs are composed of diverse materials such as polypropylene, polyethylene, acrylics, and polyurethane. End-users of these prosthetics include hospitals, rehabilitation centers, and prosthetic clinics.
The 3D printed medical prosthetics market research report is one of a series of new reports from The Business Research Company that provides 3D printed medical prosthetics market statistics, including 3D printed medical prosthetics industry global market size, regional shares, competitors with a 3D printed medical prosthetics market share, detailed 3D printed medical prosthetics market segments, market trends and opportunities, and any further data you may need to thrive in the 3D printed medical prosthetics industry. This 3D printed medical prosthetics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The 3d printed prosthetics market size has grown strongly in recent years. It will grow from $1.04 billion in 2023 to $1.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The historical period's growth can be credited to factors such as the expansion of customization for individual users, cost-efficiency, and affordability, collaborations and partnerships, the provision of patient-specific solutions, as well as regulatory approvals and adherence to quality standards.
The 3d printed prosthetics market size is expected to see strong growth in the next few years. It will grow to $1.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be linked to factors such as remote monitoring and adjustments, the expansion of pediatric applications, advancements in biocompatible materials, initiatives for global accessibility, and increasing awareness and acceptance. Noteworthy trends expected in the forecast period encompass the incorporation of sensory technologies, technological convergence, regulatory adaptation to technological advances, advancements in 3D printing technology, as well as the integration of bionic technology.
The growth of the 3D printing prosthetic devices market is being fueled by the increasing incidence of accidental injuries, which can result in severe damage and, in some cases, lead to amputation. In 2021, car crashes in the US caused the highest number of fatalities in 16 years, claiming the lives of 42,915 people. According to the National Centre for Health Statistics, approximately 50,000 new amputation cases arise annually in the US. The rising occurrence of other medical conditions, such as diabetes and vascular diseases, is contributing to an increase in amputations, thereby driving the demand for 3D printing prosthetics. A report published in the American Journal of Managed Care estimated that globally, a patient's leg is amputated every 30 seconds, with 85% of these amputations being a result of a diabetic foot ulcer.
The expected growth of the 3D printing prosthetics market is also attributed to the increasing prevalence of bone cancer. This rare form of cancer originates in the bone tissue itself or spreads to the bones from other parts of the body. 3D printed prosthetic devices play a crucial role in bone cancer cases, repairing bones damaged by cancer and serving as replacements for conventional tumor prostheses and auto or allograft bone grafts for bone reconstruction. In January 2023, the American Cancer Society reported 2,140 deaths and 3,970 new cases of bone cancer, highlighting the continued growth in the prevalence of this condition.
A significant factor limiting the growth of the 3D printed medical prosthetics market is the delay in elective procedures due to the COVID-19 outbreak. Many countries and hospitals have redirected healthcare resources to address COVID-19 patients, leading to the postponement of elective and non-essential surgical, dental, and medical procedures, as per safety guidelines from organizations such as the Centers for Medicare & Medicaid Services (CMS) in the USA. Consequently, these delays are expected to decrease the demand for 3D printed medical prosthetics in the near term.
Companies operating in the 3D printing prosthetics market are prioritizing the development of waterproof prosthetic devices, aiming to enhance users' mobility, especially in athletic activities. In April 2022, Protosthetics, a US-based company manufacturing prosthetic devices, introduced Galileo, a 3D printing solution that seamlessly integrates the best technology, materials, and support for orthotics and prosthetics (O&P) practices. Galileo facilitates real-time collaboration between clinicians and 3D printing experts to create successful sockets.
In May 2022, Essentium Inc., a US-based company offering 3D printed prosthetic devices and solutions, entered into a partnership with Vorum for an undisclosed amount. This collaboration expands Essentium Inc. and Vorum into biocompatible 3D printing for the orthotics and prosthetics industry, introducing a line of biocompatible additive manufacturing materials. Vorum, a Canada-based company, specializes in providing 3D printing solutions for the prosthetics, orthotics, and footwear industries.
Major companies operating in the 3d printed prosthetics market report are HP Inc., Laser GmbH, Otto Bock HealthCare GmbH, EOS GmbH, Renishaw PLC, Stratasys Ltd., 3D Systems corporation, Materialise NV, Groupe Gorge SA, Carbon Inc., SLM Solutions Group AG, Prodways Group, Formlabs Inc., Arcam AB, EnvisionTEC, Freedom Innovations LLC, LimbForge Inc., Concept Laser GmbH, Open Bionics Ltd., UNYQ Inc., Mecuris GmbH, YouBionic S.r.l., Protosthetics LLC, Bionico Hand Solutions, Create Prosthetics Inc., Bio3D Technologies Pte Ltd., 3T RPD Ltd., Photopolymerization, laser beam melting, The biomedical model of medicine, Ultimaker BV, XYZprinting Inc., Beijing Long Yuan Automated Fabrication System Co.Ltd., Organovo Holdings Inc.
North America was the largest region in the 3D printing medical prosthetics market in 2023. Asia-Pacific was the second-largest region in the global 3D printed prosthetics market. The regions covered in the 3d printed prosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the 3d printed prosthetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The 3D printed prosthetics market consists of sales of 3D printed instruments such as sockets, limbs, joints, covers, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
3D Printed Prosthetics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on 3d printed prosthetics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for 3d printed prosthetics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 3d printed prosthetics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.