NEWARK, Del, Dec. 20, 2022 (GLOBE NEWSWIRE) -- During the forecast period 2023-2033, the 3D printed prosthetics market is expected to grow at a value of 8% CAGR, according to Future Market Insights. By the year 2033, the global market for 3D printed prosthetics is expected to rise up to a market valuation of US$ 3.5 Billion. The major factor driving the market growth is that the production costs of such medical devices are driven down by using additive manufacturing, making them more affordable for the masses. Orthotics and prosthetics are a great fit for 3D printing technology as they are made of plastic and they must be ideal-made to fit each patient.
The World Health Organization estimates that around 30 million globally are in need of prosthetics, and adopting the 3D printing technique can help increase availability for individuals especially in remote regions at a lower cost. Such factors coupled with high patient comfort and easy customization are expected to boost the market growth. Advancements in body modeling and 3D scanning technologies from players such as Body Labs will enable individuals to 3D scan their limbs and have prosthetics molded after them, allowing a more natural fitting and appearance.
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The advent of COVID-19 impacted the additive manufacturing market as the pandemic resulted in supply chain bottlenecks and manufacturing closures mostly in the initial quarters of 2020. However, the 3D printing market witnessed a significant boost post-pandemic as this is a disruptive technology and has emerged as a potential solution to curb medical device supply shortages. Moreover, the key players in the 3D printed prosthetics market reported a sales increase in 2021 and this indicates that the market has recovered from the COVID-19 impact and is expected to grow eminently in the future.
Key Takeaways from the Market Study
- By type, the limbs segment is expected to dominate the global market for 3D printed prosthetics and account for 35% of the overall revenue share.
- By end use, the In 2023, the hospitals segment is expected to account for up to 40% of total revenue.
- By material, the polypropylene segment is expected to dominate the global market in 2023 and account for the largest revenue share of 33%.
- North America is expected to dominate the global market in 2023 and account for more than 40% of the global revenue share in the same year.
- In 2023, Asia Pacific is expected to hold 37% of the market for 3D printed prosthetics.
“Increasing cases of accidental and sports injures is the key factor driving the growth of the 3D printed prosthetics market. In addition, technological advancement too is spurring the adoption of 3D printed prosthetics,” comments a Future Market Insights analyst.
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Competitive Landscape
Some of the players in the global 3D printed prosthetics market include 3D Systems Corporation, EnvisionTEC, Stratasys Ltd., Bionicohand, YouBionic, UNYQ, Mecuris, LimbForge, Inc., Open Bionics, Create Prosthetics, Bio3D Technologies, Laser GmbH, Prodways Group, Protosthetics, 3T RPD Ltd, Formlabs
- YouBionic, a key player in the 3D printed prosthetics is focusing on making their 3D printed prosthetic hand durable, flexible and more movable. Thus, the company is integrating artificial intelligence to increase its usability.
- Prodways Group, another key player in the 3D printed prosthetics market offers a technologically advanced arm for patients of all age groups. The company is focusing on offering the same to a wider consumer base by penetrating into different geographical locations.
Key Segments Profiled in the 3D Printed Prosthetics Industry Survey
Type:
- Sockets
- Limbs
- Joints
- Others
Material:
- Polyethylene
- Polypropylene
- Acrylics
- Polyurethane
End-use:
- Hospitals
- Rehabilitation Centers
- Prosthetic Clinics
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global 3D printed prosthetics market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (Sockets, Limbs, Joints, Others), material (Polyethylene, Polypropylene, Acrylics, Polyurethane), by end use (Hospitals, Rehabilitation Centers, Prosthetic Clinics), and regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
About the Healthcare at Future Market Insights
The healthcare domain team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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