Major players in the 3D printed medical prosthetics market are 3D Systems Corporation, Stratasys Ltd., Envision TEC, Bionicohand, and You Bionic.
The global 3D printed medical prosthetics market is expected decline from USD 0.07 billion in 2019 and to USD 0.64 billion in 2020 at a compound annual growth rate (CAGR) of -8.26%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 0.095 billion in 2023 at CAGR of 13.81%.
The 3D printed medical prosthetics market consist of sales of 3D printed medical prosthetics devices and related services. 3D printing technology is used to create an artificial three dimensions physical object with the help of computer-aided design, and these prosthetics are intended to help patients with missing or defective body parts to restore normal functions.
Companies in the 3D printing prosthetics market are focusing on development of waterproof prosthetic devices. The aim behind this innovation is to provide the user with an increased range of mobility, especially in athletics. In April 2017, north well Healthcare announced a product called “FIN” which is a 3D-printed prosthetic leg attachment to give amputee swimmers the ability to navigate from land to the water and back. Similarly, in 2015, Standard Cyborg, a California-based company, developed a 3D printed waterproof leg prostheses. These devices allows the amputees to move between land and water easily, thus broadening the range of activities amputees can perform without damage to prosthetics.
The 3D printed medical prosthetics market covered in this report is segmented by material into polypropylene, polyethylene, acrylics, polyurethane. It is also segmented by type into sockets, limbs, joints, covers, others and by end-user into hospitals, rehabilitation centers, prosthetic clinics.
The delay in elective procedures attributing to the coronavirus outbreak is to act as a major factor to limit the growth of the 3D printed medical prosthetics market. Many countries and hospitals have diverted their healthcare resources to deal with COVID-19 patients. For instance, according to the Centers for Medicare & Medicaid Services (CMS) safety guidelines released in March 2020, all the elective and non-essential surgical, dental, and medical procedures are delayed in the USA during 2019 Novel Coronavirus (COVID-19) outbreak. Hence, the delays in surgical or elective procedures are projected to decline the demand for 3D printed medical prosthetics market in the near future.
The rising number of accidental injuries is driving the growth of the 3D printing prosthetic devices market. Accidental injuries can cause serious damage to a person, and these injuries can sometimes lead to amputation. In 2016, motor vehicle crashes in the US resulted in the death of 32,719 and injuries in over 2.3 million people. According to a report from National Centre for Health Statistics, in 2018, approximately 50,000 new amputation cases come up each year in the US. Increase in incidences of other medical conditions such as diabetes and vascular diseases is also leading to a rise in amputation cases, thus boosting the sales of 3D printing prosthetics. For instance, according to a report published in the American Journal of Managed Care, it was estimated that, globally, one patient leg is amputated in every 30 seconds and around 85% of these amputations were result of a diabetic foot ulcer.
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Ankur Gupta, Head Marketing & Communications