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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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 usage in hospitals, dentists, pharmaceutical companies, academic institutions, and medical clinics is propelling the market growth for 3D printing. Furthermore, growing demand for organ transplantation and funding from government and private Institution are analyzed be the major factors propelling growth of 3D printing application in the medical sector.
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.
Similarly, expensive stents, prosthetics, and implants can be made available at a much cheaper rate with improved therapeutic outcomes in the emerging economies such as India, China, Brazil, South Africa, and Russia, which would increase affordability and accessibility of medical products.
Key companies covered as a part of this study include 3T RPD, Ltd., EnvisionTEC, Inc., Arcam AB, 3D Systems, Inc., Eos GmbH Electro Optical Systems, Renishaw plc, Stratasys Inc., Materialise NV, and Organovo Holdings, Inc.
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