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Pharmacy benefit management market
3D Printed Orthopedic Implants Market Report Overview
The global 3D printed orthopedic implants market size was USD 1710.4 million in 2021, as per our research, the market is expected to generate USD 7767.4 million by 2031 with a CAGR of 16.2% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the 3D printed orthopedic implants market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
In the field of orthopedics, 3D printed orthopedic implants is frequently utilized to produce custom implants, devices, and tools. The usage of printed orthopedic implants in orthopedics has also been employed for surgical planning and educating patients and students about the operations. Even minor changes in implant design take a long time to produce using conventional manufacturing.
Today's designer may swiftly adapt and build goods thanks to 3D printing technology. This technique accelerates product development because it is quicker and significantly less expensive than the previous implant design protocols. The designer can quickly make the necessary modifications to the finished product after checking the prototype for accuracy. These 3D printers are permitted to use titanium, which can be used to create implants.
COVID-19 Impact: Supply Chain Disruptions to Deplete Market Growth
In addition to disrupting the global healthcare system and delaying surgeries, treatments, and diagnoses of non-emergency ailments, the onset of COVID-19 limited industry penetration. In the early stages of the coronavirus outbreak, strict lockdowns were implemented, which also restricted and delayed the raw material delivery to the producers of 3D printed orthopedic implants. However, in the wake of the outbreak, the healthcare systems in a number of wealthy nations were tightened and surgical treatments were given more priority, which is expected to be profitable for the industry.
Latest Trends
"Incidence of Degenerative Bone Disorders to Intensify Market Magnification"
It is anticipated that the rising incidence of degenerative bone disorders will spur economic growth. As we age, our bodies lose calcium and absorb it poorly, which can lead to joint damage. Moreover, among the key factors driving market growth are a genetic link of osteoarthritis and persistent joint stress from an active lifestyle that deforms bones and cartilage. According to estimates, osteoarthritis affects more than 32.5 million of people in which raises the requirement for the 3D printed orthopedic implants.
3D Printed Orthopedic Implants Market Segmentation
- By Type Analysis
According to type, the market can be segmented into metal, polymer, other
Metal is the leading part of the type segment
- By Application Analysis
According to application, the market can be segmented into joint, spine, other
Joint is the leading part of the application segment
Driving Factors
"Rising Need for Specialized Implants to Boost Market Share"
Due to the rising need for specialized 3D printed orthopedic implants for pre-planned surgical routes, speedier treatment outcomes, and quicker recuperation times, the orthopedic category has more than a 39% 3D printed orthopedic implants market share. Orthopedic implants that are precisely tailored to each patient's anatomy via 3D printing avoid the need for many implant revisions, give patients a secure fit, and enhance the functioning of the injured or deformed area. The orthopedic component is further divided into knee, hip, spinal, craniomaxillofacial, and other devices.
"Healthcare Sector to Expand Market Forwarding"
By the end of 2032, the 3D printed orthopedic implants market from the healthcare sector is anticipated to generate around USD 6 billion in revenue. The expansion of the hospital segment is projected to be aided by increased healthcare infrastructure, the availability of skilled medical professionals, and favorable reimbursement guidelines for 3D-printed implants. Also, the growing elderly population is thought to be driving up demand for 3D implants. According to the WHO, by 2030, one in six individuals will be beyond the age of 60, and there will be 2.1 billion geriatric persons worldwide as contrasted to 1 million in 2020.
Restraining Factors
"Higher Production Costs to Deplete Market Advancement"
One of the main factors limiting market growth is the higher production costs connected with 3D printed orthopedic implants market growth and many other biomedical items. The adoption of a product may be severely hampered by elements like utility costs, technological upkeep, and raw material pricing. A higher cost per unit is also caused by additional operational factors, such as building and running a 3D printing lab for producing 3D printed implants for unlimited orders. The above-mentioned factor limits the 3D printed orthopedic implants market growth to advance.
3D Printed Orthopedic Implants Market Regional Insights
"Ongoing Government Initiatives to Uplift Market Growth in North America"
3D printed orthopedic implants market in North America accounts for further than 39.5% due to the region's strong commercial presence and ongoing government initiatives to promote the adoption of the technology. For its PEEK 3D printer for spinal implanted medical devices, Curiteva, a maker of medical equipment, recently acquired FDS clearance. The product will debut first in the US and will be the first spinal surgical implant project to be successfully launched there.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.
The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.
List of Market Players Profiled
- Stryker (U.S.)
- Medtronic (Ireland)
- Johnson & Johnson (U.S.)
- Zimmer Biomet (U.S.)
- Lima Corporation (Italy)
- Conformis (U.S.)
- Smith & Nephew (U.S.)
- Adler Ortho (Italy)
- Exactech (U.S.)
- AK Medical Holding (China)
Report Coverage
The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1710.4 Million in 2021 |
Market Size Value By |
US$ 7767.4 Million by 2031 |
Growth Rate |
CAGR of 16.2% from 2021 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What are the key factors driving the 3D printed orthopedic implants market?
Rising need for specialized implants and healthcare sector to drive the 3D printed orthopedic implants market.
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What is the leading region in the 3D printed orthopedic implants market?
North America is the leading region in the 3D printed orthopedic implants market.
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What are the key players in the 3D printed orthopedic implants market?
Valeo, Continental, Magna International, Hitachi Automotive, Fujitsu are the key players in the 3D printed orthopedic implants market.