The global medical injection molded plastics market size was estimated at around USD 24.02 billion in 2021 and it is projected to hit around USD 37.88 billion by 2030, growing at a CAGR of 5.19% from 2022 to 2030.
Medical injection molded plastics have played a significant role in revolutionizing the healthcare sector. With the improvements in the healthcare industry, medical injection molded plastic has shown to be one of the few adaptable materials that have been able to keep up with the industry's changing needs. Injection molded plastics have been employed in a variety of applications including disposable plastic syringes, blood bags, new heart valves, and other medical devices.
Moreover, medical injection molded plastics can be molded as per the requirement of a specific application. For instance, they are being used to develop new medical devices. Plastics are now being used in surgical devices and procedures along with products like modern pacemakers, stents, and joint replacement devices owing to their ability to adapt to the tiniest and most intricate molds. This is expected to drive the market over the forecast period.
The Asia Pacific region is anticipated to expand at a lucrative CAGR of 5.3% in terms of revenue over the forecast period. The medical components application segment in the region is expected to witness substantial growth on account of the increasing applications of medical injection molded plastics in diagnostic drug kits, surgical consumables, drug delivery products, and others. An increase in healthcare expenditure, primarily in the U.S., China, and Germany, is expected to drive the demand for medical components, implants, mobility aids, etc., developed from injection-molded plastics over the forecast period.
The global demand for injection molded polypropylene from medical component manufacturers is expected to remain the highest during the forecast period owing to its superior properties, including ease of sterilization and high impact resistance. The consumption of injection molded plastics for cleanroom supplies is expected to witness growth due to the growing concerns regarding infection prevention in hospitals. Thus, the cleanroom supplies application segment is expected to account for a large share over the forecast period on account of the demand for premium-grade plastics. Polyethylene (PE) is a cost-effective medical-grade material that does not retain bacteria and is resistant to cleaning chemicals, making it suitable for medical equipment, devices, and supplies. It offers excellent impact resistance, chemical resistance, stability, flexibility, environmental friendliness, and minimal moisture absorption, making it ideal for medical-grade devices and components.
Scope of The Report
|Market Size in 2021|
|Revenue Forecast by 2030|
|Growth rate from 2022 to 2030||CAGR of%|
|Forecast Period||2022 to 2030|
|Segmentation||Product, application, region
The polypropylene segment led the market and accounted for more than 30.05% share of the global revenue in 2021. Owing to its exceptional toughness and durability, polypropylene (PP) is utilized for making protective packaging and medical equipment. It also has lightweight, bacterial and chemical resistance, and low-cost features, therefore, it is likely to witness significant expansion in medical component applications throughout the forecast period. Furthermore, it is readily molded in correct proportions as needed and hence has a great demand in the fabrication of syringes.
Acrylonitrile Butadiene Styrene (ABS) is anticipated to grow at the fastest rate during the forecast period. With its high-impact resistance and durability, Acrylonitrile Butadiene Styrene (ABS) is utilized in non-absorbable sutures, tendon prosthesis, drug-delivery systems, cleaning applications, and tracheal tubes.
Injection-molded ABS is being widely used in medical devices on account of its temperature resistance, good tensile strength, heat resistance, shock absorbance, dimensional stability, and corrosion resistance properties. This is expected to further complement the demand for ABS across the market over the forecast period.
The medical components segment led the market and accounted for more than 24.11% share of the global revenue in 2021. The COVID-19 pandemic had put the global healthcare supply chain in the spotlight as the demand for medical components such as protective and personal equipment (PPE), face masks, gloves and gowns, and magnetic resonance imaging (MRI) scanner machines increased drastically. While emerging countries manufactured PPE, face masks, and gloves, developed countries manufactured technology-intensive equipment such as MRI scanners and mechanical ventilators.
With the impulsive impact of COVID-19, the demand for the aforementioned equipment is on the rise. This is expected to drive the market over the forecast period. Furthermore, increasing healthcare expenditure and changing lifestyles across the world are creating a huge demand for medical plastics in medical component applications such as testing equipment, ventilators, syringes, and medical trays. This is expected to drive the market over the forecast period.
North America dominated the market and accounted for more than 40.28% share of the global revenue in 2021. The region comprises mature markets and is characterized by a technologically advanced medical injection molded plastics industry, thereby contributing significantly to the global market growth. In the North American region, Canada is attracting significant investments in both public and private sectors owing to the increasing geriatric population and rising incidences of chronic diseases.
According to the Canadian Institute for Health Information (CIHI), government spending on the healthcare industry was about 12.7% of the country’s total GDP in 2021. The country is characterized by high health consciousness and high life expectancy, viz., 85 years for women and 79 years for men. This is anticipated to pose lucrative growth opportunities for medical plastic manufacturers in the country.
The rising number of chronic diseases and a burgeoning aging population are driving up the demand for medical devices in Canada's healthcare industry. The expansion of the healthcare industry is being fueled by the introduction of new and more expensive medical devices and increased per-patient use of medical supplies. This is expected to drive the product demand over the forecast period.
The massive growth in demand for medical components in Mexico is driven by the rising incidence of cardiovascular diseases, diabetes, malignant tumors, liver diseases, metabolic disorders, and respiratory diseases, which, in turn, is likely to augment the demand for medical plastics at a significant rate over the forecast period. The COVID-19-related treatments, the pharmaceutical industry, public healthcare, and safety are now the main priorities of the nation, which is expected to drive the market over the forecast period.