The additive manufacturing (AM) industry thrives on innovation, and staying ahead means constantly adapting to a shifting landscape. The challenge lies not just in keeping up but in identifying where to direct your focus to align with emerging trends. For that, startups offer a crucial lens. Acting as a catalyst for change, startups often reveal where an industry is headed and what areas hold the most promise. The Formnext Start-up Challenge provides a particularly clear view of developing trends, with the 2024 winners highlighting two key directions: the continued expansion of AM in health care and the growing tendency for companies to leverage AM for highly targeted applications.
Axolotl Biosciences, recipient of the Start-up Award for “young, inspiring companies with viable business models,” seeks to transform drug testing. By bioprinting human tissue models derived from stem cells, it aims to offer a more accurate and ethical alternative to traditional animal testing. This approach should also enable faster and more personalized drug screening and development.
Oryx Medicals, winner of the Rookie Award for “promising business ideas,” plans to modernize heart valve replacements. Its 3D printed, patient-specific aortic valves combine the durability of a mechanical valve with the benefits of a minimally invasive procedure.
These winners continue the trend of health care startups excelling at the Formnext Start-up Challenge. In 2022, Lattice Medical was recognized for its biocompatible breast reconstruction implants, while Odapt earned an award in 2023 for its 3D printed stoma solutions. With this year’s winners, it marks three consecutive years of health care-focused companies being at the forefront of the AM startup scene.
The growing health care focus is not limited to startups. Established AM leader 3D Systems continues to scale its health care offerings. Over the past three years, it has made key acquisitions, including a provider of 3D printed medical implants (Kumovis) and a biomaterials and bioprinting company (Volumetric Biotechnologies). In the fourth quarter of 2023, 3D Systems reported double-digit revenue growth in its personalized health care segment, and it plans to triple its medical device revenue by 2030. This optimism is supported by 3D Systems’ third-quarter 2024 report. Its health care solutions saw a 5% year-over-year revenue growth, compared to a 19% decrease in its industrial solutions, amid a challenging year overall for the AM industry.
This health care trend reflects a broader shift in the AM industry toward prioritizing the application of AM for targeted solutions over the continued development of core AM technologies. While early AM innovations centered on advancing 3D printer capabilities and expanding material properties, the industry’s maturation is now driving a greater emphasis on practical, application-driven solutions.
Companies like Conflux Technology and Norsk Titanium showcase how the application-first approach is functioning beyond the health care industry. Conflux Technology leverages AM to manufacture high-performance heat exchangers and recently secured $11 million in series B funding to support its growth. Norsk Titanium produces aerospace-grade titanium components with wire-arc directed energy deposition (DED). The company rejoined Formnext 2024 as an exhibitor and, earlier this year, secured a recurring production contract to expand into the semiconductor market.
Looking toward the future, the results of the Formnext 2024 Start-up Challenge highlight a sustained focus on health care applications, signaling continued growth in this sector. Beyond health care, expect to see a business strategy shift toward leveraging existing innovations for targeted solutions. Plan to keep a close eye on startups at future events – they not only reflect current trends but also help predict AM’s application trajectory.
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