Fitness Trends 3D Printing for Medical Sector Market

Global 3D Printing for Medical Sector Market, By
Technology, By Application and By Geography - Trends
and Forecast till 2024
3D printing is a rapidly emerging cost-effective technology with significant potential to
transform healthcare delivery and clinical activities. This technology can be used in a range of
devices such as prostheses, hearing aids, custom-made knee and hip implants, dental implants,
and surgical instruments. The global 3D printing for medical sector market was valued at US$
412.2 million in 2015 and is expected to expand at a CAGR of 11.7% during the forecast period
(2016 – 2024).
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Reasonable price of 3D printed medical products leading to increasing popularity
Regional governments of various countries are focusing on burden of expensive medicines on
patients through effective price control measures. However, reducing profit margins negatively
impact investments in research and development (R&D) phase. 3D printed medical products can
effectively address the concerns of governments and the industry. Spritam (Levetiracetam) from
Aprecia Pharmaceuticals, is the first 3D printed tablet that received U.S. FDA approval in March
2016. Low cost of production would in turn reduce cost of product and make it more affordable
to patients. Researchers are the University of Toronto, Autodesk Research, and CBM Canada
used 3D printing to produce low cost customizable prosthetic sockets for patients especially in
low-income countries especially Uganda. This would further boost investment in 3D printing by
healthcare providers to reduce product cost and increase profit margins.
Market Dynamics
3D printing offers various benefits such as pre-operative planning of medical procedures based
on the 3D model, creating anatomical models for training, creating medical products at lower
costs, and possibility of manufacturing medical devices of smaller form factors with higher
precision. Increasing awareness about cost benefits offered by this technology has increased its