New Product Development And Technology

964 Words Dec 4th, 2015 4 Pages
Manufacturers across an extensive range of industries including automotive, aerospace, dental, discrete, high tech, and medicine are all dynamically operating 3D printing technologies today.
According to a study completed by Gartner, most adopters of the technology are pursuing it for Prototyping, product development, and innovation.

Much of the current usage of the technology is associated with those three reasons that comprise 24.5%, 16.1%, and 11.1% of the total spectrum respectively.
Mainly due to their economic benefit when compared to alternate methods, along with their ease of use and flexibility.
Prototyping is the number one purpose as to why companies pursue 3D printing, with the objective of advancing new product development and time-to-market being long-term goals.

The increase of the technology’s adoption by each industry has been remarkable:
From 2013 to 2015:
Aerospace: $412.7 million to $723 million
Medical: $362.8 million to $686 million
Dental: $352.9 million to $721.7 million
Automotive: $194.7 million to 365.4 million
Personal/Education: $410.1 million to $785.7 million

Projections from 2015 to 2023:
Aerospace: $723 million to $3452 million
Medical: $686 million to $3571 million
Dental: $721.7 million to $4312.9 million
Automotive: $365.4 million to $1817.9 million
Personal/Education: $785.7 million to 4311 million
A summary of the key drivers and restraints on the growth of the 3D printing industry:
These factors are a key determinant whether…

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