Additive manufacturing with metal powders market to witness hefty returns from medical applications, global share to surpass the billion-dollar frontier by 2024
Publisher : Fractovia | Published Date : 2018-02-02Request Sample
Additive manufacturing with metal powders market, though relatively new, is claimed to be one of the most remunerative business spheres of recent times, especially against the backdrop where 3D printing has already demonstrated its huge potential in the field of medicine. As rapid manufacturing technology has been gaining a strong foothold in creating customized model and functional prototypes, additive manufacturing with metal powders industry has observed quite some popularity in the healthcare fraternity. Beyond creation of tailor-made facsimile models of patient’s anatomy, medical giants are now exploiting this technology to develop implantable components. While it is still a subject of contention among the investors whether additive metal fabrication technology fits good in all the peripheries of implant manufacturing sector, recent advancements in the business space is enough to declare that it is set to bring a disruption in the traditional medical processes. This is apparently justified from the estimates which claim additive manufacturing with metal powders market share from medical sector to exceed a valuation of USD 200 million by 2024.
U.S. Additive Manufacturing with Metal Powders Market Size, By Application, 2016 & 2024, (USD Million)
Speaking of the medical applications, additive manufacturing with metal powders industry space is characterized by the superfluity of groundbreaking innovations, driven by the increasing prevalence of hip replacement cases lately. According to some of the trusted reports- in U.S., hospitalization with hip replacement has accounted for more than 35% of the overall cases in 2016. Nearly 7 million Americans undergo hip and knee replacement every year, as per NCBI’s latest report. These astoundingly mammoth occurrence is prompting manufacturers to utilize advanced metal fabrication technology in developing orthopedic implants, which by extension is stimulating additive manufacturing with metal powders market size.
Another branch of medicine where additive manufacturing with metal powders industry has been witnessing exceptional proceeds is dentistry. Introduction of additive metal fabrication technology has opened up a slew of new possibilities in prosthetic dentistry, claim experts. Research has shown that compared to traditional casting methods that are utilized for alloy processing in dental applications, additive manufacturing significantly reduces the manufacturing time as well as cost. This has undeniably led to the generation of a plethora of growth avenues for additive manufacturing with metal powders market. Reportedly, among all the technologies that are mostly employed in 3D metal printing for the dentistry application, PBF technique drives the market. As per estimates, additive manufacturing with metal powders market from PBF process is slated to witness a stupendous double-digit growth of 27% over 2017-2024.
The reason behind U.S. to become an opportunistic investment spot for additive manufacturing with metal powders industry players is quite obvious - the pronounced prevalence of orthopedic implants. Growing health related concerns, rising elderly population suffering from chronic diseases, and the stringency in the regional regulatory framework with regards to medical devices have cumulatively acted in favor of the business growth. Considering the fact that technological advancements in U.S. healthcare domain has been phenomenal over the recent years, experts have enough reason to believe that U.S. would prove to be one of the major growth grounds of additive manufacturing with metal powders market in the coming years. Global Market Insights, Inc claims the regional additive manufacturing with metal powders market to exceed a valuation of USD 400 million by 2024. Noticeable improvement in patient after implant surgeries utilizing additive metal fabrication technology, in tandem with increasing oral rehabilitation demand is expected to remarkably drive the market trends.
The application matrix of additive manufacturing with metal powders market is not just replete with medical sector, though the segment is claimed to be one of the lucrative growth avenues of the business vertical. Besides this domain, the industry stands to gain much of a focus from automotive and aerospace applications. Industry players have been investing heavily in R&D endeavors to exploit the maximum potential of this groundbreaking technology in diversified domains. In this regard, recently, Australia based renowned scientific research organization, CSIRO (The Commonwealth Scientific and Industrial Research Organization) has signed an agreement with metal 3D printer specialist, Aurora Labs. Through this deal, the additive manufacturing with metal powders market player aims to speed up its pace of advancements and technical performance with the technology. As per experts’ opinion in the agreement, it also represent Australia’s significant contribution in additive manufacturing with metal powers industry, with increased application of 3D metal printers across a barrage of end-use sectors. Technological interventions in the production process, along with industry players’ incessant efforts to diversify their product portfolio in accordance with the various regulatory standardization, additive manufacturing with metal powders industry is deemed to carve a profitable roadmap in the years ahead. Global Market Insights, Inc. forecasts the overall industry size to exceed USD 1 billion by 2024.
