SANTA CLARA, Calif., July 5, 2017 /PRNewswire/ -- As implant manufacturers' few-sizes-fit-all approach to device production could often result in post-operative complications such as pain, implant failure and infections, there has been a lot of buzz surrounding 3D printing, especially in orthopedics, dentistry, and prosthetics. A device or a product manufactured using 3D printing can be tailor printed to the exact shape of an individual's anatomy, and is today predominantly being used to make pre-surgery models or guides for training and intra-operative planning. These guides reduces the surgery time, lowers the risks of complications and infections which results in achieving higher success rate in surgeries and reduce the overall cost of surgery.
"3D printing saves healthcare facilities substantial costs by accelerating the concept-to-prototype process, and even creates multiple product iterations within hours or days," said Transformational Health Senior Consultant, Swarna Sundar. "The cost of 3D printing is competitive for small production runs an advantageous for companies that have low production volumes or develop parts or products that are highly complex or require frequent modifications."
3D Printing Systems in Healthcare, Forecast to 2020 is part of Frost & Sullivan's Advanced Medical Technologies Growth Partnership Subscription. The analysis finds that the $6.51 billion global market in 2016 is expected to be worth $17.46 billion in 2020. It also presents the current status of the regulatory framework and the best 3D printing markets for investments.
To know more about Frost & Sullivan's research and to sign up for our Growth Strategy Dialogue, a complimentary one-hour interactive session with Frost & Sullivan's thought leaders, please click here.
The healthcare industry is proving to be an enthusiastic adopter of the 3D printing technology and the widespread use of this technology will lead to better treatment modalities and approaches, better materials, and eventually better lives for both the patient as well as the surgeon. Challenges such as low reimbursement rates, lack of clear regulatory framework, and issues related to cybersecurity and intellectual property need to be addressed for 3D printing to get into mass production.
"Healthcare is the third-largest consumer of 3D-printed products, behind consumer electronics and motor vehicles, accounting for 17 percent of the total market revenue," observed Sundar. "Market segments as dentistry, orthopedic reconstruction, orthopedic trauma, and prosthetics are best placed in the next 5 years. Over the next two to five years, markets such as corrective lenses, advanced wound care, and stents also show promising growth prospects. Bio-printing and organ transplants are interesting areas that hold significant potential but are subject to high levels of risk and long dated."
Due to its cost effectiveness and rapid manufacturing process, countries all over the world are eager to adopt 3D printing technology. The biggest markets by revenue are:
- North America: The United States contributes 38 percent of the total market revenue, as it is home to several large companies that provide systems, materials and software for 3D printing.
- Europe: Germany is one of the leading European end-user countries, followed by the United Kingdom. Along with France and Italy, Europe accounts for 20.6 percent of the revenue.
- Asia-Pacific: This is the key region for potential 3D printing adoption, and is dominated by South Korea, China and Japan. The region boasts an extensive industrial base, supportive government policies and considerable R&D funding. Both Japan and China are important markets in terms of government initiatives and pace of growth.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.
3D Printing Systems in Healthcare, Forecast to 2020
Corporate Communications – North America
P: +54 11 4778 3540
F: +54 11 4777 0071
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/customization-and-cost-benefits-over-traditional-manufacturing-attract-investments-in-3d-printing-technology-from-healthcare-facilities-globally-300483371.html
SOURCE Frost & Sullivan