3D printing technology is transforming the field of medicine and tackling specific issues such as prosthetics. The 3D printed prosthetic products permit amputees to get a hold of a medical device which is cheaper cost than traditional prosthetic devices. Many companies are utilizing the advantages of additive manufacturing and generative design to make a new methodology for prosthetics both in terms of functionality and form. 3D-printed prosthetics are available in materials such as polyethylene, polypropylene, acrylics, and polyurethane.
The increase in demand for uniquely designed prosthetic products, the rise in the incidence of road accidents and sports injuries, and the availability of 3D printed prosthetic implants for orthopedic conditions are anticipated to develop the growth of the 3D printed prosthetics market significantly. In addition, an increase in the prevalence of diabetic-related amputation, a surge in demand for advanced prosthetics products, and an increase in the requirement for customized additive manufacturing are the other factors that drive the market growth. Moreover, increasing investment in R&D for developing technologically advanced prosthetics, favorable reimbursement policies, government initiatives, and inclination toward advanced innovative products further boost the market growth.
The COVID-19 pandemic had considerably impacted the manufacturing, and transportation of raw materials of 3D printed prosthetics products. The supply chain was disturbed during the COVID-19 pandemic lockdown in various regions. The market players have observed a decrease in the sale of 3D printed prosthetics products. However, after the COVID-19 pandemic, the sale of 3D printed prosthetics started rising as the requirement and demand for the prosthetics surged with a rise in the awareness about the prosthetics among the consumers.
Based on the product type, limbs are anticipated to account for the highest market share due to an increase in demand for 3D printed prosthetic limbs, an increase in the number of accidental injuries, and a rise in amputation cases are the major factors that boost the growth of the market. Moreover, market players in 3D printed prosthetics are concentrating on the development of waterproof 3D printed prosthetic limbs. The invention aims to offer the user a better range of mobility, mainly in athletics. The 3D-printed prosthetic limbs offer advantages such as not causing pain to the user, being more comfortable, and being highly customizable.
The North America region is expected to witness the largest market share and growth over the forecast period. The factors such as an increase in the incidence of sports injuries, growing demand for quality healthcare services, presence of several key market players in this region, and well-established healthcare infrastructure drives the growth of the market. Moreover, favorable government initiatives to support R&D activities and subsidies for improving the adoption of 3D-printed prosthetics are likely to fuel the market growth in the region.
The industry is marked by the presence of numerous small and large industry players. The 3D printed prosthetics market is highly competitive in the regions such as North America and Europe. Key global industry players include 3D Systems Corporation, Mercurys, LimbForge Inc., Bionicohand, EnvisionTEC, YouBionic, UNYQ, Stratasys Ltd., Open Bionics, Bio3D Technologies, and Create Prosthetics.
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