New York, United States, Feb. 08, 2024 (GLOBE NEWSWIRE) -- 3D printing is a cutting-edge technique for producing three-dimensional objects by layering printing material. Most typically, the phrase additive manufacturing is used to describe the process. In 3D printing, layers transform digital models into physical items. This tool-less technology makes it feasible to manufacture thick metallic objects with high precision and speed. Due to consumer wearables, 3D printing has recently gained popularity. The 3D-printed wearables include fitness monitors, smartwatches, fabrics, and sporting goods.
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Increasing Prevalence of Chronic Conditions Drives the Global Market
According to Straits Research, “The global 3D printed wearables market size was valued at USD 3,806.12 million in 2022. It is estimated to reach USD 7,608.23 million by 2031, growing at a CAGR of 8.0% during the forecast period (2023–2031).” According to the WHO, chronic diseases such as respiratory disorders, diabetes, cancer, and cardiovascular disease account for around 60 percent of all fatalities and 43 percent of the global disease burden. By 2021, these amounts are expected to increase to around 73% and 60%, respectively. The increased prevalence of chronic diseases is projected to raise the demand for effective treatment options. According to the American Society of Nephrology and ERA-EDTA, in 2018, around 850 million people worldwide suffered from kidney disease, and approximately 10.5 million individuals required transplants or dialysis. Hence, the increasing frequency of kidney disorders and the lack of organ donors are anticipated to increase the need for sophisticated regenerative medicines and tissue engineering technologies and devices, such as 3D-printed wearables, thereby driving market expansion.
Demand for Customized Additive Manufacturing Creates Tremendous Opportunities
Additive manufacturing, often considered 3D printing, is the manufacturing industry's next industrial revolution. It can provide inexpensive methods for creating sophisticated and customized medical components and parts, such as organs, tissues, dental prostheses, and orthopedic and cranial implants. Increasing demand and unmet needs identified in the healthcare sector due to an increase in the number of surgical procedures and the prevalence of chronic diseases are expected to contribute to the market's growth over the forecast period. As the number of surgical procedures increased, so did the demand for tailored services, which will be met by additive manufacturing or 3D-printed wearable devices.
Regional Analysis
North American 3D printed wearables industry share is expected to grow at a CAGR of 9.0% during the forecast period. Due to the local presence of numerous prominent market participants in this region, the rising demand for excellent healthcare services, the well-established healthcare infrastructure, attractive reimbursement policies, and regulatory reforms in the healthcare sector. The U.S. healthcare system's emphasis on quality of care and value-based services has created ideal market conditions for 3D-printed wearables. In addition, the necessity for prostheses has resulted from the increased incidence of osteosarcoma and sports injuries in the region. Similarly, the increasing prevalence of edentulous individuals is anticipated to enhance the use of 3D-printed wearable dental and orthodontic models.
Europe is anticipated to grow at a CAGR of 7.3% over the forecast period. Significant market growth in the region can be ascribed to strong government support, an advanced healthcare system, an increasing senior population, a dropping birth rate, and well-developed healthcare insurance schemes. In addition, primary research and development efforts conducted by government agencies and famous regional institutions contribute to expanding the market. For instance, the Rapid Prototyping & Manufacturing Association (RPMA) in the United Kingdom arranges events to promote 3D printing, and its attendees include university researchers and important industry actors. Similarly, the Additive Manufacturing Association (AMA) promotes product development and prototype adoption and provides the 3D printing sector with essential information.
Key Highlights
- Based on product, the global 3D printed wearables market is divided into prosthetics, orthopedic implants, surgical instruments, smartwatches, and fitness trackers. The prosthetics segment is the highest contributor to the market share and is expected to grow at a CAGR of 8.1% over the forecast period.
- Based on the end-user, the global 3D printed wearables market is divided into hospitals, pharma and biotech companies, academic institutes, and others. The academic institutes' segment owns the highest market share and is estimated to grow at a CAGR of 8.2% over the forecast period.
- North America is the most significant shareholder in the global 3D printed wearables market and is expected to grow at a CAGR of 9.0% during the forecast period.
Competitive Players
The Top 10 players in the global 3D printed wearables market are 3D Systems Corporation, EnvisionTEC, Stratasys Ltd., Arcam AB, Cyfuse Biomedical, Koninklijke Philips N.V., Zephyr Technology Corporation, Omron Corporation, Everist Health, and LifeWatch AG.
Market News
- In February 2023, 3D Systems announced that the ProJet® MJP 2500W Plus is now available. This new method is designed to 3D-print intricate, high-quality, pure wax jewelry patterns with unmatched speed and accuracy for the lost wax casting process.
- In February 2023, 3D Systems unveiled its Regenerative Tissue Program, which aims to deliver an unmatched solution for reconstructive surgical treatments. 3D Systems formed this program as a result of substantial progress made in the development of next-generation bioprinting technologies for 3D-printed solid organs.
Global 3D Printed Wearables Market: Segmentation
By Product:
- Prosthetics
- Orthopedic Implants
- Surgical Instruments
- Smart Watches
- Fitness Trackers
By End-User
- Hospital
- Pharma and Biotech Companies
- Academic Institutes
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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