The global 3D printed wearables market was estimated at USD 3.43 billion in 2021 and it is expected to surpass around USD 6.92 billion by 2030, poised to grow at a CAGR of 8.11% from 2022 to 2030
3D printed wearable technology has witnessed high adoption in the healthcare industry. Due to numerous technological innovations in the sector, the market is expected to witness significant growth over the forecast period.
The demand for 3D printing is on the rise due to technological advancements such as customization of products to fit a customer’s requirement and low-cost 3D printed products. Moreover, numerous manufacturers have invested in the R&D of 3D printed wearables owing to increasing demand in the healthcare industry. Various companies such as Boeing have invested in 3D printing to gain a competitive advantage and reduce the overall manufacturing cost of an aircraft. It provides the opportunity to upsurge the life cycle of a product with the help of advanced technology.
The COVID-19 pandemic has negatively affected industry growth. The pandemic has adversely affected the business operations and financial condition of the market players. In the first quarter of 2020, the COVID-19 outbreak disrupted the global supply chain of raw materials and manufacturing parts of 3D printing products. These factors resulted in an increase in the cost of the product due to the increase in the cost of raw materials and shipping charges. The third and fourth quarters of 2020 reflected a lucrative growth in the sales and revenue of the 3D printed products, which further improved due to the launch of advanced technological products at an affordable cost.
North America accounted for the largest revenue share of over 40.0% in 2021 owing to the increasingly aging population, and numerous technological innovations in the devices such as the new hybrid 3D printing technology developed in Wyss Institute at Harvard University that provides more precision at low-cost manufacturing, and increasing investment in R&D. In addition, an 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 industry growth. Also, the presence of major players in the region contributed to market growth.
Scope of The Report
|Market Size in 2021||USD|
|Revenue Forecast by 2030||USD|
|Growth rate from 2022 to 2030||CAGR of%|
|Forecast Period||2022 to 2030|
|Segmentation||Product type, end-user, region
|Companies Covered||3D Systems Corporation; EnvisionTEC; Stratasys Ltd.; Arcam AB; Cyfuse Biomedical; Koninklijke Philips N.V.; Zephyr Technology Corporation; Omron Corporation; Everist Health; LifeWatch AG|
Product Type Insights
The prosthetics segment accounted for the largest revenue share of over 35.04% in 2021. The large share of this segment is attributed to the rising prevalence of chronic diseases and the increasing demand for prosthetics implants in developing countries. An increasing number of amputation cases globally and a rise in limb amputation due to cardiovascular disease are other factors likely to fuel segment growth during the forecast period.
In 2019, it was estimated that over 6,00,000 implants had been produced with 3D printing. The increasing awareness regarding this technologically advanced product is likely to expand the market. The growing usage of connectivity technologies such as microprocessor controllers, Bluetooth, and myoelectric technology has resulted in the growing demand for such devices. The orthopedic implants segment is expected to register a growth rate of 10.2% over the forecast period as these implants provide various advantages such as extra comfort, efficiency, relative abundance, and long shelf life.
The hospitals segment accounted for the largest revenue share of over 35.1% in 2021. This is due to the rapidly increasing patient admissions, rising cases of chronic disorders, and increasing investment in the R&D of 3D printed wearable devices. The requirement of these devices is in large quantities in each room of the hospital such as nurse’s station, operation theater, emergency room, outpatient clinics, and in the hospital’s ambulatory services.
The wireless 3D printed devices are likely to help in maintaining the patient records in a more systematic manner. Increasing focus on 3D printed wearables and growing R&D spending are major factors responsible for the growth of this segment. The pharma and biotech companies are expected to witness the highest growth over the forecast period as 3D printing offers many benefits to both clinical practice and the pharma and biotech industry such as decreased overall cost and expedited development time for manufacturing drugs.
North America dominated the market and accounted for a revenue share of over 40.2% in 2021. The region is anticipated to maintain its dominance over the forecast period. This growth can be attributed to a rapid increase in the development of 3D printed wearables to meet the growing demand for efficient healthcare in the country and strong R&D and promotion of new therapies. In addition, North America is the top manufacturing hub for highly reliable, complex, and high-end 3D printed wearable and medical devices. This, in turn, is anticipated to propel the growth of the market for 3D printed wearables.
Rapid technological advancements and growing demand for 3D printed wearable devices are factors expected to drive the market in the region. Moreover, various medical device manufacturing companies are focusing on the market due to the booming healthcare industry in the region. Increasing investments in 3D printing and rising R&D spending are also contributing to the growth of the market in the region.