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Medical Injection Molding Market Driven by Increasing Demand for Medical Products and Devices

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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.

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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 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.

Report Highlights

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.

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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.

Key Players

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

Market Segmentation

  • System Outlook
    • Hot Runner
    • Cold Runner
  • Class Outlook
    • Class I
    • Class II
    • Class III
  • Material Outlook 
    • Plastic
    • Metal
  • Regional Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Italy
      • Spain
    • Asia Pacific
      • Japan
      • China (Mainland)
      • India
      • Australia
      • South Korea
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • UAE

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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