However, factors such as high cost of additive manufacturing and lack of skilled/trained professionals are expected to hamper growth of the global healthcare additive manufacturing market.
Global Healthcare Additive Manufacturing Market Drivers:
Rise in burden of orthopedic and dental diseases to propel market growth
One of the key factors expected to augment growth of the global healthcare additive manufacturing market over the forecast period is the rise in burden of orthopedic and dental diseases worldwide. In February 2022, Desktop Health announced the commercial launch of the Einstein series, a high-precision family of 3D printers, and Flexcera Smile Ultra+, one of the strongest dental resins ever to receive FDA clearance for permanent use. With this powerful combination, dental professionals have tools they need to deliver accurate, 3D printable smiles customized to the individual patient for both permanent and temporary dental restorations.
Increasing demand for 3D printed products to underpin market growth
Another factor which is driving the growth of the global healthcare additive manufacturing market is the increasing demand for 3D printed medical products around the world. For instance, in June 2023, Dubai Health Authority (DHA) opened a 3D Printing Lab in its Innovation Centre that will provide medical professionals at DHA with patient specific anatomical models, allowing them to conduct detailed pre-operative analysis and to improve patient communication at DHA’s hospitals. The Innovation Centre will gather data from patients, which will allow the physician to isolate the specific anatomical region of interest.
Global Healthcare Additive Manufacturing Market Opportunities:
Increasing applications of 3D printing in the healthcare industry is expected to provide significant growth opportunities for players in the healthcare additive manufacturing market. For instance, 3D printing is used to develop novel surgical cutting and drill guides, prosthetics, and patient-specific replicas of organs, bones, and blood vessels. 3D printing have also led to safer, stronger, and lighter products, which in turn help lower manufacturing costs. In Jnauary 2023, Axial3D announced the opening of new medical 3D printing centre of excellence in Belfast, Northern Ireland for hospitals, medical device manufacturers, and medical research companies.
Increasing adoption of 3D printed prosthetics across the globe is expected to offer lucrative growth opportunities for players in the global healthcare additive manufacturing market. For instance, with the increasing number of road accidents around the world, the demand for 3D printed prosthetics is also increasing rapidly. In July 2022, Instalimb raised INR 26 crore in Series A funding in Japan to foray into the Indian market to deliver the highest-quality prosthesis leg with socket (tech) and alignment to Indian population. Instalimb products use 3D printing and AI technology that offers the much-needed comfort and desired fit for the end users.
Global Healthcare Additive Manufacturing Market Restraints:
High cost of additive manufacturing to hinder market growth
One of the key factors expected to hamper growth of the global healthcare additive manufacturing market is the high costs associated with additive manufacturing. Currently additive can still be an expensive option when looking at piece price, largely driven by machine cost and speed of build, often well over 50% of the cost is machine cost. The cost associated with additive manufacturing can be categorized into four key areas, such as materials, labor, tooling costs, and post processing. The cost associated with additive manufacturing is high and, hence, it can be considered as one of the major restraints for additive manufacturing market.
Lack of skilled professionals to hamper the growth of the market
Another factor which is hampering the growth of the healthcare additive manufacturing market is the lack of skilled professionals. For instance, the talent landscape in the additive manufacturing industry is characterized by a shortage of skilled workers and has been for many years. Innovations in additive manufacturing demand new capabilities and skills, both managerial and technical, and the scarcity of skilled workforce is affecting the production capabilities. Lack of skilled workforce also acts as a major barrier to implementing 3D printing technology, and this skill gap is expected to restraint to growth of the healthcare additive manufacturing market.
Healthcare Additive Manufacturing Market Report Snapshots
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