New York, United States , July 10, 2024 (GLOBE NEWSWIRE) -- The Global Medical Injection Molding Market Size is to Grow from USD 21.54 Billion in 2023 to USD 36.43 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.40% during the projected period.
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A device that uses the injection molding process to make plastic products is called an injection molding machine, additionally referred to as an injection press. The primary components are the clamping unit and the injection unit. During the injection molding manufacturing process, molten material is injected into a mold to form a product. Although a wide variety of materials can be injected, the most common ones are elastomers, glass, confections, metals (die casting is the process utilized for this), thermoplastic, and thermoset polymers. One of the primary factors driving the market for medical injection molding machines is material selection. Wearable technology and prosthetic surfaces help with the usage of polyethylene due to its high molecular weight, robustness, attractiveness, and relative smoothness. Furthermore, the high initial tooling and machinery costs related to medical injection molding machines may prevent the organization from expanding. Developing a plastic injection facility requires substantial initial expenses, which can keep small and medium-sized companies from entering the market.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Medical Injection Molding Market Size, Share, and COVID-19 Impact Analysis, By Product (Medical Equipment Components, Consumables, Patient Aids, Orthopedics Instruments, Dental Products, and Others), By System (Hot Runner, Cold Runner), By Material (Plastics, Metals, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The medical equipment components segment is expected to grow at the highest CAGR growth of the medical injection molding market during the projected timeframe.
Based on the product, the medical injection molding market is divided into medical equipment components, consumables, patient aids, orthopedics instruments, dental products, and others. Among these, the medical equipment components segment is expected to grow at the highest CAGR growth of the medical injection molding market during the projected timeframe. The medical equipment manufacturing business is experiencing a growing demand for medical injection molding due to several significant factors. Recently, complicated medical devices have grown increasingly essential as the healthcare industry develops, and injection molding offers a highly accurate and efficient manufacturing method for fulfilling these needs.
The hot runner segment dominated the market with the largest market share of the medical injection molding market during the projected timeframe.
Based on the system, the medical injection molding market is divided into hot runner and cold runner. Among these, the hot runner segment dominated the market with the largest market share of the medical injection molding market during the projected timeframe. Hot runner systems are becoming increasingly essential due to their many advantages, including reduced pressure and a shorter cycle time. As the molten mixture must be forced into the mold cavity, waste can be eliminated because runners are not needed, larger parts can be produced at a higher volume, and part consistency and quality are all enhanced.
The plastics segment is anticipated to hold the largest market share of the medical injection molding market during the projected timeframe.
Based on the material, the medical injection molding market is divided into plastics, metals, and others. Among these, the plastics segment is anticipated to hold the largest market share of the medical injection molding market during the projected timeframe. Plastic injection molding is currently used to build complex designs for medical devices. Plastic medical injection molding is an essential component of the healthcare industry due to its unparalleled precision, versatility, and affordability in producing a broad range of medical devices and components.
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Asia Pacific is expected to hold the largest share of the medical injection molding market over the forecast period.
Asia Pacific is expected to hold the largest share of the medical injection molding market over the forecast period. The region's expanding population and rising healthcare demands are driving the need for cutting-edge medical devices and components, which is promoting the use of injection molding technology. The growing prevalence of chronic illnesses combined with the healthcare industry's requirement for accurate and cost-effective manufacturing procedures is fueling the market's growth. Additionally, the availability of skilled labor and advancements in injection molding technologies in countries like China and India have contributed to the region's status as the center for the manufacture of medical devices.
North America is predicted to grow at the fastest pace in the medical injection molding market during the projected timeframe. There is a well-established healthcare infrastructure and an enormous demand for medical devices and equipment. Furthermore, the growing prevalence of chronic illnesses and an aging population are driving the growth of the medical injection molding market in this area. One of the key factors affecting the North American sector is the rising per capita healthcare spending in the US on health insurance. This is expected to contribute to an increase in the demand for generic medications and medical supplies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the medical injection molding market include the Rodon Group, Currier Plastics, Inc., D&M Plastics, LLC, Molded Rubber & Plastic Corporation, Metro Mold & Design, ARBURG GmbH, BOLE Machinery, Biomerics, Rutland Plastic, Sumitomo Chemical Co., Ltd., Evco Plastics, C&J Industries, Hillenbrand Inc., Tessy Plastics., and Others.
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Recent Developments
- In July 2022, Biomerics LLC accumulated Dependable Plastics, to form a new division, named Biomerics Interventional Medical Plastics (IMP), it provides plastic components to the market for interventional devices, specializing in surgery using robotic assistance.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the medical injection molding market based on the below-mentioned segments:
Global Medical Injection Molding Market, By Product
- Medical Equipment Components
- Consumables
- Patient Aids
- Orthopedics Instruments
- Dental Products
- Others
Global Medical Injection Molding Market, By System
- Hot Runner
- Cold Runner
Global Medical Injection Molding Market, By Material
- Plastics
- Metals
- Others
Global Medical Injection Molding Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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