San Francisco, 27 May 2023: The Report 3D Printed Prosthetics Market Size, Share & Trends Analysis Report By Type (Sockets, Limbs, Joints), By Material (Polypropylene, Polyethylene), By End Use, By Region, And Segment Forecasts, 2023 - 2030
The global 3D printed prosthetics market size is expected to reach USD 2.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 7.7% from 2023 to 2030. 3D printed prosthetics is a field of medicine that uses additive manufacturing technologies rather than traditional subtractive manufacturing methods to create artificial body parts. 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.
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.
3D printing technology involves manufacturing prosthetics and other medical products layer by layer. The increasing emphasis of market players on manufacturing 3D printed prosthetics is anticipated to drive the growth of this market. As recently recognized the 3D printed prosthetics are expected to overcome the shortcomings of conventional products. Therefore, 3D printed prosthetics sales are estimated to surge shortly.
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The COVID-19 pandemic had considerably impacted the manufacturing, and transportation of raw materials of 3D printed prosthetics products. The supply chain was disturbed during the COVID-19 pandemic lockdown in several countries. The market players observed a decrease in the sale of 3D printed prosthetics products. However, after the COVID-19 pandemic, the sale of 3D printed prosthetics grew as the requirement and demand for the prosthetics surged with a rise in awareness about prosthetics among consumers. Moreover, the market witnessed high growth post-pandemic as many manufacturers reported that the importance of 3D printing increased considerably post-pandemic, due to the possibility to produce parts on demand at a shorter time span and can reduce waste as well as inventory.
The increase in demand for uniquely designed prosthetic products, the rise in the incidence of road accidents and sports injuries, and the availability of 3D printed prosthetic implants for orthopedic conditions are anticipated to develop the growth of the 3D printed prosthetics market significantly. In addition, an increase in the prevalence of diabetic-related amputation, a surge in demand for advanced prosthetics products, and an increase in the requirement for customized additive manufacturing are the other factors that drive the market growth.
Moreover, increasing investment in R&D for developing technologically advanced prosthetics, favorable reimbursement policies, government initiatives, and inclination toward advanced innovative products further boost the market growth. Many companies are utilizing the advantages of additive manufacturing and generative design to make a new methodology for prosthetics both in terms of functionality and form. 3D-printed prosthetics are available in materials such as polyethylene, polypropylene, acrylics, and polyurethane.
