The global Medical Injection Molding market size is expected to be worth around US$ 2.61 billion by 2028, according to a new report by Vision Research Reports.
The global Medical Injection Molding market size was valued at US$ 1.40 billion in 2020 and is anticipated to grow at a CAGR of 8.6% during forecast period 2021 to 2028.
Increasing demand for medical products and devices owing to the COVID-19 pandemic is anticipated to drive the market.
Medical injection molding incorporates the assembling of medical devices and components utilizing medical-grade plastic materials that are reliable, durable, and comply with the FDA guidelines. The medical injection molding procedure is cost-effective, is used in applications requiring consistency, and perfect for high-volume production runs & tight resistances.
Increasing penetration of injection-molded plastic products in healthcare is one of the key factors driving the market. Plastic does not rust or corrode like metal, it is lightweight as opposed to other materials, and it can be molded into complex shapes, sizes, and patterns. These factors are driving the demand for in the manufacturing of healthcare products.
An increase in the availability of cost-effective medical-grade plastics, growing access to healthcare supplies across the globe, and demand for medical devices are expected to boost the market growth. Plastics have also replaced glass in several laboratory consumables, improving laboratory safety and reducing consumables cost.
The hot runner system held the largest market share of over 55% in 2020 and is expected to exhibit the fastest CAGR over the forecast period. Hot sprinter molds consist of two plates, which are heated using a complex framework. This framework maintains the temperature of liquid thermoplastics at the same level as their warming chamber. As a result, the demand for the hot runner system is high.
Moreover, several benefits of hot runner system including faster cycle time and lower pressure requirement to push the molten mixture into the mold cavity, as well as the elimination of waste due to the absence of runners, accommodation of larger parts with a higher volume of production, and improvement in consistency & quality of parts, are augmenting the segment growth.
The use of cold runner system depends on its advantages, such as easy maintenance and cost-effectiveness; it is suitable for various types of polymers. This system is a feasible option as it can produce higher quality parts. Therefore, the application of cold runner systems is growing at a significant rate owing to lower initial investments compared with other systems.
In addition, flexibility in designing options, capabilities of handling a variety of engineered thermoplastics, and flexibility in gate locations, which can be easily changed or upgraded, will boost the demand for cold runner systems. However, the demand for hot runner is higher owing to its better efficiency.
Class III medical device segment accounted for 38.4% of the overall revenue share in 2020. Class III medical devices, such as defibrillators, ventilators, respirators, and oxygen therapy equipment, are anticipated to have a significant demand on account of the COVID-19 pandemic. The growing adoption of injection molding to manufacture medical device components is projected to drive the segment growth over the forecast period.
Overall 10.0% of all the medical devices fall under this category. These devices are capable of handling the substantial risk of injury and are designed with the balance of strong cybersecurity control and easy accessibility. Class III includes devices such as implanted pacemakers, heart valves, and cerebral simulator.
Injection molding is used to produce a broad range of medical components; it widely used processes in mass production. It has the ability to produce components and small disposable goods with high precision. Growing adoption of injection molding to produce numerous parts and components of Class I medical devices is expected to have a positive impact on market growth over the coming years.
The Class II segment is projected to register the fastest CAGR over the forecast period. Injection molding offers several advantages over other methods, such as lower risk, higher safety, and high productivity. Furthermore, the growing penetration of plastic injection molded products in the medical industry is expected to drive market growth over the forecast period.
The plastic material segment in the medical industry accounted for 76.0% of the overall revenue share in 2020. Engineering-grade plastic resins are beneficial when used for the manufacturing of medical and pharmaceutical products as they have high tensile strength, metal tolerance, and temperature resistance. Furthermore, they also reduce waste, weight, and the overall cost of production.
Plastic injection molding is a feasible technique for manufacturing complicated designs of medical products. Demand for medical-grade injection-molded products is increasing as they are durable, naturally resistant to contaminants & chemicals, and offer economies of scale to large-scale firms. As a result, the penetration of the material is expected to witness significant growth.
Metal Injection Molding (MIM) is suitable for the manufacturing of intricate, small, and precision metal components required by the medical industry. The MIM process uses a combination of thermoplastic and powder metallurgy injection molding. Moreover, it is more cost-effective than other conventional fabrication methods since it lowers raw material usage, workforce, and inventory costs.
Products manufactured using this process also tend to display better mechanical properties that are superior to other Powder Metal (PM) parts & castings. As a result, the demand for injection molded metal components is growing across the globe. However, the risk of corrosion, large amounts of wastage, and difficulty in producing complicated medical parts are some factors impeding the segment growth.
Asia Pacific dominated the global market with a revenue share of over 38% in 2020. The region is also projected to register the fastest CAGR during the forecast period. Major factors contributing to the market growth in the Asia Pacific include growing population, expanding healthcare infrastructures, the increasing number of people opting for home care facilities, and rising medical tourism in the region.
North America accounted for 23.8% of the global revenue in 2020. The rapid spread of the coronavirus in the region is expected to drive the demand for numerous medical devices over the forecast period. Post-COVID-19 pandemic, the government authorities are expected to invest more in healthcare infrastructure development. This is also expected to drive the demand for medical devices and medical injection molding. The demand for medical components is expected to witness growth in Mexico on account of the rising geriatric population and cases of Cardiovascular Diseases (CVDs), metabolic disorders, and respiratory diseases.
AMS Micromedical LLC
Proto Labs, Inc.
Metro Mold & Design Inc.
ENGEL AUSTRIA GMBH
Middle East & Africa
The Medical Injection Molding market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medical Injection Molding market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medical Injection Molding market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical Injection Molding market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical Injection Molding market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medical Injection Molding capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medical Injection Molding by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical Injection Molding market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical Injection Molding market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical Injection Molding market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medical Injection Molding industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Medical Injection Molding market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical Injection Molding market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical Injection Molding market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical Injection Molding market. These factors have benefited the growth of the global market for Medical Injection Molding. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical Injection Molding. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medical Injection Molding are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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