The growing demand for patient-specific products and the reduced cost barrier associated with traditional product manufacturing creates vast growth opportunities for technology innovators, finds Frost & Sullivan’s Transformational Health team
SANTA CLARA, Calif. – July 5, 2017
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.”
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:
Illustration Photo: 3d printed implant (credit: Frost & Sullivan)
Source: Frost & Sullivan