May 22, 2024
Healthcare Additive Manufacturing Market

Healthcare Additive Manufacturing Is Driven By High Adoption Of 3D Printed Medical Implants And Devices

Additive manufacturing technology, commonly known as 3D printing, allows for the production of complex geometries and designs not possible with conventional manufacturing methods. In healthcare, 3D printing is used to manufacture medical devices and implants with precision and accuracy at reduced cost. It enables customized design and production of implant devices, prosthetics, surgical instruments, and anatomical models. 3D printed medical implants offer advanced functionalities and higher success rates compared to traditional implants. Advances in materials for additive manufacturing also provide biocompatibility and structural integrity matching native tissues. The technology facilitates production of patients-specific implants and devices tailored as per the unique anatomical structure of individuals. This significantly improves clinical outcomes and recovery times for patients.

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:

Personalized medical treatments have become highly desirable due to advantages such as reduced recovery times and improved clinical outcomes. Additive manufacturing enables designing and producing medical devices precisely customized for individual patient’s anatomy. This has emerged as a dominant trend driving adoption of 3D printing in the healthcare sector. Major efforts are underway to develop sophisticated 3D bioprinters that can print living tissues and organs using biological materials like cells, proteins, and biomaterials. Successful implementation of such technologies would be transformative for regenerative medicine and disease treatment. Additionally, collaborations between industry players and hospitals are allowing continuous technological innovation to expand applications of additive manufacturing in surgical and diagnostic areas.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to high capital requirements and regulations for healthcare additive manufacturing. Existing players have established supply chains and distribution networks.

Bargaining power of buyers: The bargaining power of buyers is moderate as the products are differentiated and switching costs are high. However, larger players can negotiate on price.

Bargaining power of suppliers: The bargaining power of suppliers is low given the fragmented nature of parts and materials suppliers in the industry.

Threat of new substitutes: The threat of new substitutes is low as additive manufacturing offers significant clinical benefits over conventional manufacturing methods.

Competitive rivalry: Competition is high among existing players to gain market share and expand their product portfolio.

Key Takeaways

The Global Healthcare Additive Manufacturing Market Demand is expected to witness high growth. 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 is currently the largest and fastest growing regional market due to growing demand for customized medical products and presence of major players. Europe is also expected to showcase significant growth in the forecast period supported by increasing focus on customized healthcare solutions to address growing aging population. The Asia Pacific region is anticipated to provide lucrative opportunities for market players owing to rising medical tourism and growing healthcare spending in China and India.

Key players: Key players operating in the Healthcare Additive Manufacturing market are Stryker Corporation, Johnson & Johnson, Medtronic plc, and CONMED Corporation. Stryker Corporation offers a wide portfolio of 3D printed implants, instruments and surgical guides. Johnson & Johnson provides 3D-printed hip and knee replacement solutions through its subsidiary, Depuy Synthes.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it