Technological progress has been a constant for decades, making lives easier. Currently, the global mantra to success is adapting and upgrading to trending technologies.
The latest craze in the digital world is 3D printing, opening up new avenues in different spheres of application, starting from automobiles to healthcare. Also known as additive manufacturing, 3D printing is the process of turning a digital model into a solid three-dimensional physical object by adding material layer by layer (per an article on 3D Hubs).
From Reebok’s latest Liquid Floatride Run footwear, featuring 3D printed laces, to the switching of bigwigs like Porsche and Bugatti to 3D printing for manufacturing rare or complex parts, the phenomenon has spread far and wide. Research firm Markets and Markets expects the 3D printing market to grow to a value of $32.78 billion between 2017 and 2023, at a CAGR of 25.76%.
3D printing has also received a warm response from the MedTech space within healthcare. Notably, research firm Future Market Insights expects the global 3D printed medical devices market to see a CAGR of 18.1% between 2017 and 2027.
Let’s delve into details on how 3D printing has been creating new opportunities in MedTech for investors who are keen on putting their money in the healthcare space for longer-term gains.
3D Printing Changes MedTech Landscape
Growing prominence of innovative 3D printing solutions has lent a Midas touch to the MedTech space. The FDA as well as healthcare professionals are fast adopting 3D technologies to enhance long-term patient outcomes. We encouragingly note that, Materialise NV MTLS was the first company to receive FDA approval for software designed for 3D printing anatomical models for diagnostic use.
While all major sub-industries are trying to utilize their resources to come up with the best in the burgeoning 3D printing market, we have zeroed in on three that are making the most of the trend.
By Sweta Jaiswal | Yahoo Finance
Image Credit: Sweta Jaiswal/Yahoo Finance