Rising healthcare spending influence the additive manufacturing market demand

According to the Next Move Strategy Consulting, the global Additive Manufacturing Market is valued at USD 20.51 billion in 2023, and is expected to reach USD 92.70 billion by 2030, with a CAGR of 24% from 2024 to 2030. 

The rising cost of health care is the factor that boosted the use of innovative techniques such as AM in the production of personalized medical devices. Consumers and caregivers are making commitments and are willing to spend money to get new technologies to enhance health care services delivery.

AM provides numerous benefits including the provision of medical devices which attributes to the patient’s anatomy. As per the report published by the World Bank, global healthcare expenditure to GDP ratio stood at 10.35% in 2022, with the U.S. leading at 16.6% which necessitates the integration of advanced 3d printing systems for personalized care.

Furthermore, AM technologies are becoming increasingly popular among automotive manufacturers to address the increasing worldwide demand for automobiles. Gradually, global car sales increased by 5.2% by 2023 and achieving 76.67 million units, manufacturers are adopting the AM technology for early tooling, part and component lightweighting, and end-product personalization.

AM helps automotive OEMs to reduce product cycle time for manufacturing small and large numbers of parts, including prototypes as well as functional parts, which in turn helps automotive OEMs address their production and supply chain requirements. The transition towards electric vehicles amplifies the demands of AM because weight reduction of high-value components and coping with low-volume productions are indispensable.

Also, there is an increase in the use of the additive manufacturing due to growth in the cost benefits it offers among the industries. AM is more efficient than conventional processes in that it cuts down on materials, tools, has the ability to create intricate shapes any time it is required.

Furthermore, since AM can perform the function of melding several components into one through the process of integration, this results in cost reduction for assembly and enhanced system effectiveness. Depending on the current trends witnessed in the business world as it struggles to reduce its production costs while improving efficiency, the effectiveness of the printer is likely to propel the additive manufacturing market growth across the globe.

However, the principal barriers to the additive manufacturing market growth are the high initial costs related to the acquisition of AM equipment and materials and the need for equipment and operators training. On the contrary, the application of artificial intelligence (AI) into the additive manufacturing creates an excessive potential for the additive manufacturing market growth by increasing efficiency in production procedure and instruments.

This focuses on the improvement of product design aspects as well as allowing to produce geometrically more complex and individual objects. Kokoni released the SOTA series 3D printer in April 2023, equipped with AI modeling as an addition to the overall print desired aesthetic and quality. The printer's upside-down design and closed-loop motor provide fast printing with stability and precision under 0.1mm.

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According to the report published by NMSC, leading players in the additive manufacturing industry include HP Inc., Colibrium Additive (GE Aerospace), EOS GmbH, Stratasys, Trumpf, 3D Systems, Inc., Formlabs, Desktop Metal Inc., DMG Mori AG, and Proto Labs, Inc., among others. These key players are adopting strategies such as partnership and product launch across various regions to maintain their dominance in the market.

For example, in April, 2024, HP Inc, partnered with Metal Injection Molding (MIM) company for mass metal 3D part production by utilizing HP’s 3d binder jet technology. This collaboration aims to revolutionize metal parts production for sectors such as automotive, aerospace, defense, consumer electronics, and medical equipment.

Further, in April of 2024, Formlabs launched its Form 4 and Form 4B resin 3D printers that set up new benchmarks in pace, precision, durability, and compatibility of materials. These printers incorporate an innovative patented Low Force Stereolithography (LFS) print head which increases the print rate by up to five times.

Also, in February 2024, Trumpf partnered with European space-travel start-up to apply 3D printing for manufacturing of key parts of space-travel engines. The purpose of this project is to recycle the Huracan engine in orbit using bio-methane and oxygen.

Key Insights from the Additive Manufacturing Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the additive manufacturing market trends is provided in the report.

• The value chain analysis in the additive manufacturing market study provides a clear picture of the role of each stakeholder.

• The market share of the global additive manufacturing market players and their competitive analysis are provided in the report.