Nov 23, 2020, 04:05 ET
SAN FRANCISCO, Nov. 23, 2020 /PRNewswire/ -- The global 3D printed wearables market size is expected to reach USD 5.5 billion by 2027, expanding at a CAGR of 8.2%, according to a new report by Grand View Research, Inc. 3D printed wearable technology has witnessed high adoption in the healthcare industry. Due to numerous technological innovations in this sector, the market is expected to show significant growth over the forecast period. The demand for 3D printing is on the rise, probably due to the technology's ability to customize products to fit a customer's requirements. Moreover, numerous manufacturers have invested in the R&D of 3D printed wearables owing to increasing demand in the healthcare industry.
Key suggestions from the report:
- The prosthetics segment dominated the market in 2019 with a share of around 35.9% owing to increasing demand for prosthetics implants in developing countries
- The surgical instruments segment is anticipated to register the fastest growth of 8.6% over the forecast period
- The academic institutes segment accounted for the highest revenue share of 36.2% in 2019 and is anticipated to maintain its dominance over the forecast period due to increasing investment in R&D of 3D printing wearable devices
- The hospital segment is expected to register the fastest growth of 8.5% over the forecast period
- North America held the maximum revenue share of 40.6% in 2019. This can be attributed to the rapid increase in the development of wearable devices to meet the growing demand for efficient healthcare in the country.
Read 120 page research report with ToC on "3D Printed Wearables Market Size, Share & Trends Analysis Report By Product Type (Prosthetics, Orthopedic Implants), By End User (Hospital, Pharma & Biotech Companies), By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/3d-printed-wearables-market
Various companies are investing in 3D printing to gain a competitive advantage. It provides the opportunity to upsurge the life cycle of a product with the help of advanced technology. As per the survey, it is estimated that the healthcare wearable industry is estimated to reach USD 40 Million revenue by 2022 owing to the constantly improving quality of healthcare wearables and increasing aging population. Due to these factors, the demand for portable medical devices is seen increasing in near future.
The 3D printed medical devices can collect info including steps counts a person has walked in a day and the pulse rate. The research within the technology is presently intensive on sensors and flexible materials and their ability to be both bendy and pliable. These properties are perfect for wearables particularly in products such as small discrete sensors and smart watches.
North America accounted for the highest revenue share of 40.6% in 2019 owing to its increasingly aging population, numerous technological innovations in the devices, and increasing investment in R&D. In addition, increase in the scope of biomedical applications, collaborations between academic institutions and hospitals, and widespread R&D activities at the industrial and academic level have fueled the market growth. Also, the presence of major players in the region contributed to market growth.
Grand View Research has segmented the global 3D printed wearables market based on product type, end-user, and region:
- 3D Printed Wearables Product Type Outlook (Revenue, USD Million, 2016 - 2027)
- Orthopedic Implants
- Surgical Instruments
- Smart Watches
- Fitness Trackers
- 3D Printed Wearables End-user Outlook (Revenue, USD Million, 2016 - 2027)
- Pharma and Biotech companies
- Academic Institutes
- 3D Printed Wearables Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of 3D Printed Wearables Market
- 3D Systems corporation
- Stratasys Ltd.
- Arcam AB
- Koninklijke Philips N.V.
- Zephyr Technology Corporation
- Omron Corporation
- Everist Health
- LifeWatch AG
Find more research reports on Medical Devices Industry, by Grand View Research:
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- Insulin Patch Pumps Market – The high growth can primarily be attributed to factors such as the rising prevalence of diabetes and increasing awareness about advanced patch pumps.
- Vascular Closure Device Market – Rising incidents of cardiovascular disease worldwide is a major factor spurring the growth of this industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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