Medical Injection Molding Market Is Expected To Expand At A CAGR Of 5.7% From 2022 To 2030
Medical Injection Molding Industry Overview
The global medical injection molding market size is anticipated to reach USD 33.28 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to advance at a CAGR of 5.7% from 2022 to 2030. The global industry is primarily driven by the increased adoption of plastics in several healthcare products, coupled with rapid technological advancements in the medical sector.
With the advent of the COVID-19 pandemic, the injection molding industry has witnessed an uptick, particularly in the medical field, where it can provide accuracy, a wide range of operations, repeatability, and cleanliness. In addition, it provides cost-effective and efficient ways for producing high-volume parts and products.
In recent years, the industry for medical injection molding has seen a boom with regard to the manufacturing processes of complicated healthcare products. Players are incorporating Industry 4.0 into their processes to optimize their raw material requirements, reduce costs, and increase automation, flexibility, & efficiency, among other things.
Medical Injection Molding Market Segmentation
Grand View Research has segmented the global medical injection molding market based on product, system, material, and region:
Based on the Printer Product Insights, the market is segmented into Medical equipment components, Consumables, Patient Aids, Orthopedics Instruments, Dental Products, and Others.
- The medical equipment components segment led the market and accounted for around 34.9% of the global revenue share in 2021. Pharmaceutical companies having a presence in the United States include 3M Health Care Business, Johnson & Johnson, Abbott Laboratories, and Pfizer Inc.
- The dental products market is likely to grow at a CAGR of 6.8% during the projection period. Medical injection molding of dental products offers advantages for designs of complex geometry, precision, and production in large-scale series of implants with high performance.
- The increasing geriatric population globally that is suffering from oral diseases, demand for medical tourismrelating to dental treatment, and the launch of multiple initiatives for oral health care for the public by the government, are few of the growth enablers for the industry.
Based on the Printer System Insights, the market is segmented into Hot Runner, and Cold Runner.
- Hot runner systems led the medical injection molding market and accounted for more than 57.8% of the global revenue share in 2020. The growth is attributed to various advantages of these systems, such as faster cycle time and lower pressure required to drive the molten mixture into the mold cavity, elimination of waste due to the elimination of runners, the housing of larger parts with greater volume of production, and an increase in the uniformity & quality of parts.
- The cold runner system market is likely to advance at a CAGR of 5.4% during the forecast period. The use of a cold runner system is based on its benefits such as ease of maintenance and cost-effectiveness; it is suited for a wide range of polymers. This technology is a viable choice because it produces higher-quality parts.
Based on the Printer Material Insights, the market is segmented into Plastics, Metals, and Others.
- The plasticsmaterial segment led the industry and accounted for 98.8% of the global revenue share in 2020. Plastic injection molding is a viable approach for producing complex medical products. Medical-grade injection-molded goods are in high demand because they are long-lasting, inherently resistant to pollutants and chemicals, and provide economies of scale to major manufacturing companies.
- The demand for metals in the manufacturing process is likely to grow at a CAGR of 8.2% during the forecast period. Metal injection molding is an excellent method for producing delicate, tiny, and precision metal components for the medical industry. The metal injection molding process employs both thermoplastic and powder metallurgy injection molding.
Medical Injection Molding Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Due to the presence of both international and local producers, the global MIM market is quite competitive. To increase market penetration and fulfill changing technological demands in the medical business, global manufacturers use a variety of methods such as acquisitions, collaborations, new product development, and geographic growth.
In February 2020, HTI Plastics added new Haas VF-3SSYT Vertical mills, thereby enhancing its lineup in CNC machinery, along with gaining the ability to perform greater detailed work with increased precision at a fast pace. This investment helped the company in increasing setup time, thereby boosting the turnaround on finished components.
Some prominent players in the medical injection molding market include:
- C&J INDUSTRIES
- All-Plastics
- Biomerics
- HTI Plastics
- The Rodon Group
- EVCO Plastics
- Majors Plastics, Inc
- Proto Labs, Inc
- Tessy Plastics
- Currier Plastics, Inc.
- Formplast GmbH
- H&K Müller GmbH & Co. KG
- Hehnke GmbH & Co KG
- TR PLAST GROUP
- D&M Plastics, LLC
Order a free sample PDF of the Medical Injection Molding Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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