Segmentation By Component (Equipment, Software And Services); By Material (Plastic, Metal, Ceramic And Others); By End User (Hospitals, Prosthetics Clinics, Ambulatory Surgical Centers And Others) – Global Demand Analysis & Opportunity Outlook 2027
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According to Amputee Coalition, currently there are around 2 million people in the United States who are living with limb loss.
The growing requirement for prosthetics is estimated to increase the demand for 3D print technology in the medical industry. The 3D printed thumb market is anticipated to record a significant CAGR of over the forecast period i.e. 2019-2027. The market is segmented by component, by material, by end user and by region, out of which, the material segment is further segmented into plastic, metal, ceramic and others. On the basis of materials, the plastic segment is estimated to hold the largest share of the 3D printed thumb market on account of lightweight property of various forms of plastic that is highly desirable for prosthetics. Plastic polymers can be customized according to the requirement of patients on the basis of strength and thickness of the product. The various advantages of using this material for the creation of 3D printed thumbs is estimated to exhibit a significant impact on the market growth.
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3D printing technique is used to create three-dimensional objects by adding layers of a certain type of material on top of each layer. The objects formed are functional in nature and hence the technique is widely being developed for production of prosthetics in the medical industry.
The recent development of 3D printed thumb has raised the demand for the product in healthcare industry. 3D printed thumbs are artificial thumbs designed in order to either replace an amputated thumb or to add an extra thumb as an addition to the forelimbs. Moreover, the use of 3D printed thumb as an extension of the body is estimated to further increase the demand for the device.
Growing Demand For Prosthetic Thumbs In Medical Industry To Drive The Market Growth
Approximately 185,000 amputations take place in the United States every year, as reported by Amputee Coalition. The rising number of accidents and injuries resulting in loss or malfunctioning of limbs is estimated to increase the demand for prosthetic devices, including artificial thumbs. The 3D printing technology for manufacturing of medical products is anticipated to satisfy the requirement in the upcoming years.
Rising Advancements In The 3D Printing Technology To Propel The Market Growth
Increasing advancements in technology leading to development of software for the production of high quality 3D printed products is estimated to propel the market growth. Moreover, the various 3D printing technologies is anticipated to allow the creation of different type of prosthetic thumbs as per the requirement, further expanding the market during the forecast period.
High Cost Of 3D Printers To Restrict The Growth Of 3D Printed Thumbs Market
A key factor estimated to hamper the growth of 3D printed thumbs market is the high cost of 3D printers that restricts the production of artificial thumbs in sufficient quantities. Along with this, the lack of skilled professionals that can develop the technology and efficient prosthetics using 3D printing techniques is another factor estimated to restrain the market growth.
Our in-depth analysis of the 3D printed thumb market includes the following segments:
By Component
By Material
By End User
By Region
On the basis of regional analysis, the 3D printed thumb market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is estimated to hold the largest share in the 3D printed thumb market. This can be attributed to the growing cases of accidents and injuries which raise the demand for prosthetics in the region. Highly established healthcare infrastructure and increasing investments in research and development activities in the 3D print technology for production of medical devices is an additional factor estimated to further expand the market. The market in North America is followed by the market in Europe, which is anticipated to hold the second largest share in 3D printed thumb market during the forecast period on account of rising number of patients that require prosthetics.
The 3D printed thumb market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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