It’s rare for a nascent technology to receive both extraordinary hype and widespread acknowledgment that it’s likely to be revolutionary. But 3D printing has captured the public’s imagination because it offers the ability to translate ideas from mere electrons into physical objects.

The technology has broad implications for a wide range of industries not only because it enables companies to quickly create physical prototypes of their designs, but also because it could be disruptive to the manufacture and distribution of goods in the same way the Internet was disruptive to traditional media. Imagine a future in which consumers can simply pay for the intellectual property underpinning a design and then manufacture that product on demand in the privacy of their home. 

Of course, this technology goes far beyond the consumer realm, as it can theoretically be applied to create any physical object, not just sneakers or jewelry, but also medical devices and mechanical objects. Still, that reality largely remains the province of researchers at the moment.

3D printing is technically referred to as “additive manufacturing” because the process creates objects in successive layers using cross-sections of the original design. The easiest way to envision this process is to imagine a liquid, such as molten resin, repeatedly deposited in tiny layers until an object is sculpted out of thin air, as is the case with the process known as “fused deposition modeling” (FDM). There are other processes that are more complex, such as “selective laser sintering,” which involves applying a high-powered laser to powdered materials, such as metal and glass. The laser fuses the layers of powdered material together to create an object. 

3D printing techniques have been used since the 1980s to create prototypes that were then manufactured through conventional methods. However, the technology has advanced in terms of speed and complexity to the point where it can replace some forms of manufacturing in a limited manner. Wholers Associates, a consultancy specializing in 3D printing technology, estimates that roughly 20 percent of the objects created by 3D printers are now finished products, as opposed to prototypes. Additionally, the cost of 3D printers is rapidly declining, which should help the technology achieve greater market penetration.

Unfortunately, there are few pure-play opportunities for investors to capitalize on this technology. Some of the best-known 3D printing companies, such as Ponoko and Shapeways, remain private. 

3D Systems Corp (NYSE: DDD) issued its initial public offering earlier this year in May and shares of this small-cap 3D printer manufacturer have been volatile. Nevertheless, the company is firmly in growth mode both organically and via acquisition. The company’s revenue grew 39 percent year over year during the third quarter, while net profits grew 35 percent over that same period.

But there are more established companies involved in 3D printing whose stocks may be better bets for investors. Stratasys (NSDQ: SSYS) actually invented the FDM process in 1988, and its 3D printers and software are used in industries ranging from aerospace to architecture. The company posted record results during the third quarter with a 31 percent increase in revenue from the year-ago period and an 84 percent increase in net income. Its high-margin Fortus 3D production system drove these results, with sales that doubled from the prior year.

Autodesk  (NSDQ: ADSK) creates industry-leading 3D software in the realms of design, engineering and entertainment, so this mid-cap company is more than just a 3D printing play. In the 3D printing arena, the firm’s 123D software series has brought 3D printing to the masses. The software allows users to create a 3D design based on photos, which can then be submitted to its partner Ponoko for printing. The firm’s third-quarter revenue increased 15 percent year over year along with a 35 percent increase in net income. Autodesk has over $1.3 billion in cash on its balance sheet and no long-term debt.