Covina, March 16, 2023 (GLOBE NEWSWIRE) -- The Plastic Injection Molding for Medical Device Market accounted for US$ 82.7 million in 2020 and is estimated to be US$ 148.88 million by 2030 and is anticipated to register a CAGR of 6.1%. The medical plastic injection molding process is cost-efficient, and ideal for top volume production runs and applications requiring consistency and tight tolerances. This molding process is additionally used for medical device prototype development for the FDA approval process and to be used in laboratory testing. Since inception, the utilization of plastics within modern medicine has steadily increased. Medical devices that are manufactured from injection molded plastic have contributed to a discount in medical costs, communicable disease and pain management. High tech polymers are used within medical device prototype development and are commonly wont to create improved artificial limbs and devices that reduce the danger of infection. Medical plastic injection molding directly results in increased patient safety and therefore the ability to save lots of more lives. Since medical device plastics provide increased versatility and may be combined with metal to make enhanced medical product attributes, medical grade plastics became the well-liked material for varied sorts of electronic medical devices.
Key Highlights:
- In Jan 2020, Comar and iMARK molding entered into an agreement with a purpose to serve the medical device industry and their acquisition focused on delivering best-in-class engineering and custom plastic molding to Comar’s medical devices customers.
Analyst View:
Increasing technological advancements in plastic injection molding techniques to make sure medical products are free from contamination and safer is additionally expected to drive the expansion of the respective market. Rising healthcare expenditure and spending in both developing and developed economies are among the crucial factors anticipated to bolster the worldwide plastic injection molding for the medical device market. Moreover, the growing global geriatric population, including the prevalence of chronic diseases, is another factor expected to fuel market growth.
Regional scope:
- North America - U.S., Canada
- Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
- Latin America - Brazil, Mexico, Argentina, Rest of Latin America
- Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
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Scope of the Report:
- Global Plastic Injection Molding for Medical Device Market, By Product Type, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Drug Delivery Products
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Diagnostic Drug Test Kits
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Package and Container
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- 2020 – 2030
- Overview
- Global Plastic Injection Molding for Medical Device Market, By End-User, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Hospitals
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Clinics
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- R&D
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
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Key Market Insights from the report:
The Global Plastic Injection Molding for Medical Device Market accounted for US$ 82.7 million in 2020 and is estimated to be US$ 148.88 million by 2030 and is anticipated to register a CAGR of 6.1%. The global plastic injection molding for medical device market report segments the market on the basis of type, end-user, and region.
- Based on type, the Global Plastic Injection Molding for Medical Device Market is segmented into the Drug Delivery Products, Diagnostic Drug Test Kits, Package and Container, Surgical Consumables.
- Based on end-user, the Global Plastic Injection Molding for Medical Device Market is segmented into Hospitals, clinics and R&D.
- By region, the Global Plastic Injection Molding for Medical Device Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the Global Plastic Injection Molding for Medical Device Market owing to rising geriatric population.
Competitive Landscape:
- Boston Scientific
- SMC Plastics Ltd.
- CandJ Industries
- Eastek International
- Merit Medical
- JunoPacific Inc
- QFC Plastics
- PCE Inc
- Spectrum Plastics Group
- Electroplast
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
What are the major factors driving the growth of the plastic injection molding for medical device market?
There are several factors that are driving the growth of the plastic injection molding for medical device market, including:
- Increasing demand for medical devices: The global demand for medical devices is growing rapidly due to the increasing prevalence of chronic diseases and an aging population. This has led to a rise in the demand for plastic injection molded medical devices.
- Technological advancements: The medical device industry is constantly evolving and new technologies are being developed to improve the performance and efficiency of medical devices. Plastic injection molding technology has also improved, allowing manufacturers to produce more complex and precise parts.
- Cost-effectiveness: Plastic injection molding is a cost-effective manufacturing process for producing high-volume medical devices, which is particularly important for disposable medical devices.
- Material advancements: Advances in materials science have led to the development of new medical-grade plastics that are biocompatible, durable, and lightweight, making them ideal for use in medical devices.
- Regulatory requirements: Regulatory bodies such as the FDA have strict requirements for the manufacture and use of medical devices. Plastic injection molding is a well-established and reliable manufacturing process that meets these requirements, making it a popular choice for medical device manufacturers.
Here are some key questions answered in Plastic Injection Molding for Medical Device Market Report:
- What are the key challenges faced by manufacturers of plastic injection molding for medical devices?
Some key challenges faced by manufacturers of plastic injection molding for medical devices include meeting regulatory requirements, ensuring product consistency and quality, managing costs, and keeping up with advancements in technology and materials.
- What are the potential challenges and opportunities facing the plastic injection molding for medical device market in the future?
Some potential challenges for the plastic injection molding for medical device market in the future include increasing competition, regulatory changes, and the need for more sustainable and eco-friendly materials. Opportunities include advancements in technology and materials science, increased demand for medical devices due to aging populations and the prevalence of chronic diseases, and growing healthcare infrastructure in emerging markets.
- What are the different applications of plastic injection molding in the medical device industry?
There are various applications of plastic injection molding in the medical device industry, such as manufacturing of diagnostic equipment, drug delivery systems, surgical instruments, disposable devices like syringes, IV tubing, and catheters, orthopedic implants, and dental instruments. Plastic injection molding is also used for producing housings, covers, and enclosures for medical devices.
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