The global 3D printed wearables market, valued at approximately US$ 3.6 Bn in 2022, will maintain its steady course, according to a new study by Future Market Insights (FMI). According to the study, the 3D printed wearables industry remains influenced by manufacturers’ focus on partnerships with technology providers to eliminate traditional limitations for design innovations.
Countries of North America such as the US is expected to remain one of the key markets for 3D printed wearables accounting for a market share of over 67.6% in 2021.
The launch of 4-H Fab Lab in 2018, the first of its kind in the country had led to the rise in demand for 3D printing, milling, and cutting equipment. Moreover, being a technology-driven area, the industry had gained and expanded in terms of partnership distribution channels in order to serve the users better.
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Stakeholders Vying for Untapped Opportunities in the Medical Sector
This study opines that the scope of 3D printing technology is extensive in the field of medical wearables, and has created opportunities hitherto unforeseen in surgical and medical fields. Research in this sector has been inclined towards making living tattoos that act as sensors, to making viable organs that could revolutionize the transplantation process and printing bacteria for potential applications in the medical field.
The convenience of providing the accessibility of information to consumers, and tracking and monitoring their healthcare needs, is one of the leading aspects governing the attraction toward and adoption of medical wearables. This has led to a better understanding of conditions, for greater control over the end result. Even as the functionality of wearables increases, growing security risk is expected to be a major concern holding back the rate of progress in the field.
The study finds that 3D printed wearable manufacturers will benefit from of new solutions that feature mixed material printing. Key players in the market are partnering with engineers, mathematicians and architects for creating high-end 3D printed wearables for the future, which would feature added functionalities and improved accessibility to a wider array of data.
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As more wearable manufacturers turn to 3D printing for accelerated production and waste reduction, gains in the market are expected to surge at a significant pace in the foreseeable future.
According to the study, Europe and North America remain lucrative markets for 3D printed wearables, collectively accounting for ~70% shares. This can be attributed to a notable rise in the number of wearable start-ups, along with focus of key players on shifting their portfolio from fundamental wearables to smarter products with higher degrees of functionality.
The study offers a long-term forecast for the 3D printed wearables market for the period between 2021 and 2029. The 3D printed wearable market is projected to record a ~8% CAGR through 2029.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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