3D printing is increasingly becoming an important technology in the manufacturing sector and has the potential to revolutionize manufacturing. 3D printing allows customization, which produces sophisticated structures while lowering waste and at the same time allowing more flexibility in the design. This paper includes a brief overview of the main types of additive manufacturing (AM) technologies. It reviews the work carried out in various types of 3D printing technologies particularly focusing on mechanical characterization. Based on the literature studied, comparisons have been drawn on the various merits and challenges offered by various 3D printed materials. Dedicated sections on various materials aspects and application areas have been included particularly from a medical science point of view. This paper ends with a dedicated section on applications of Additive Manufacturing (AM) in orthopaedic, dental, prosthetics, food and textile sectors. It tries to establish relationships between AM, industry 4.0 and sustainability. This paper shall act as a stimulant to trigger further advancements in the above fields.