Top Emerging Trends Of Medical Injection Molding Market Progress Forecast 2027

Posted by Mrudula Anil Karmarkar on April 21st, 2021

The global medical injection molding market size is expected to reach USD 2.59 billion by 2027 according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.2%, over the forecast period. Increasing demand for medical products and devices owing to the COVID-19 pandemic is anticipated to drive the market.

With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.

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 plastics 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.

Medical Injection Molding Market Report Highlights

  • Hot runner injection molding systems is expected to witness a CAGR of 8.3% over the forecast period, owing to faster cycle time & 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
  • Metal injection molding in the medical applications accounted for 24.0% of the total revenue share in 2020 as it is suitable for the manufacturing of intricate, small, and precision metal components
  • Class 3 medical devices accounted for 38.4% of the total revenue share in 2020 on account of the high adoption of injection molding in the manufacturing of medical device components
  • Asia Pacific is estimated to be the fastest-growing regional market at a CAGR of 8.8% over the forecast period
  • This growth is attributed to the expanding healthcare infrastructures, increasing demand for home care facilities, and rising medical tourism sector in the region

The aforementioned factors are expected to have a positive impact on the growth of the medical injection molding market over the forecast period. The plastic injection molding process is used for manufacturing implantable components, test tubes, beakers, casings & housings for laboratory & medical equipment, drug delivery components & equipment, and surgical equipment. Rising demand for medical devices across hospitals and laboratories during the COVID-19 pandemic is anticipated to have a positive impact on market growth.

Factors, such as ISO certifications & compliance, FDA regulations, material properties, suitability in extreme conditions, and durability are taken into consideration during the manufacturing process. Materials such as silicone, polycarbonate, polyethylene, and polypropylene, are widely used in the medical injection molding process. It is one of the primary processes that many companies adopt to manufacture medical products by using plastic as well as metal materials.

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.

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The revision of the regulatory framework associated with the medical device industry is expected to increase the safety and performance standards of medical devices. As a result, the demand for innovative, biocompatible, and recyclable plastics with superior quality is expected to grow over the forecast period.

The industry participants focus on launching new products, technological advancements, and growth strategies, such as mergers and acquisitions, to strengthen their market position. For instance, in July 2020, Milacron Holdings Corp. announced its acquisition by Hillenbrand Inc., a public company. This acquisition will help Milacron Holdings Corp. enhance its product portfolio. The transaction is valued at around USD 2.0 billion and is expected to finish by 2020. Some of the prominent players in the medical injection molding market include:

  • C&J Industries
  • HTI Plastics
  • AMS Micromedical LLC
  • Proto Labs, Inc.
  • Metro Mold & Design Inc.
  • ENGEL AUSTRIA GMBH
  • Milacron

Grand View Research has segmented the global medical injection molding market on the basis of system, class, material:

Medical Injection Molding System Outlook (Revenue, USD Million, 2016 - 2027)

  • Hot Runner
  • Cold Runner

Medical Injection Molding Class Outlook (Revenue, USD Million, 2016 - 2027)

  • Class I
  • Class II
  • Class III

Medical Injection Molding Material Outlook (Revenue, USD Million, 2016 - 2027)

  • Plastic
  • Metal

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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