The research work presented in this paper explores the area of bio-medical imaging. In this work, a multi-component CAD (Computer Aided Design) model of human elbow structure has been developed. Biomedical images such as computerized tomography scan (CT scan) and magnetic resonance images (MRI) are taken as input data, which are further manipulated and segmented to result in an accurate CAD model of human elbow. By varying the segmentation methods and parameters, multi-component model of whole elbow structure is obtained as an assembly of bone, soft tissue and skin. The segmentation is performed using an open source software ITK snap. The segmented 3D CAD model of human elbow structure can be used for engineering analysis, such as stress analysis, vibration analysis, and force analysis. Artificial body parts, handicap aids, and sport safety equipments can be designed by implementing rapid prototyping on the multi-component model developed.