The global medical injection molding market size is anticipated to account for USD 2.59 billion by 2027, as per a new report by Million Insights. The market is estimated to register over 8% CAGR from 2020 to 2027. The outbreak of COVID-19 has posed an unprecedented challenge for the healthcare industry. The pandemic has led to rise in the number of patients across the world, which in turn, has contributed the demand for medical devices.
Medical injection molding is widely used in the production of various kinds of medical devices. The increasing popularity of this method is due to its cost-effective nature and precision. Growing penetration of plastic made equipment in healthcare is anticipated to further fuel the demand for injection molding in healthcare. Plastics can be mold into any shapes and it is light in weight.
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Hot runner system held the highest share in the market in 2019 owing to faster cycle time and lower pressure requirement. In addition, this system is cost-effective, efficient and suitable for mass production.
Asia Pacific accounted for the major share in the medical injection molding market owing to the increased spending on healthcare in countries such as China, India, Japan and South Korea. Further, the region attracts a huge number of medical tourists owing to the cost-effective treatment. North America, on the other hand, anticipated registering the significant growth over the forecast duration owing to the growing number of COVID-19 cases in the United States.
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Further key findings from the report suggest:
• Depending on the system, the hot runner segment is projected to register a growth of 8.3% from 2020 to 2027.
• Metal injection molding held 24.0% share in the market in 2019. This method is ideal for the production of precise and complex metal parts.
• In 2019, the Class III segment held over 38.0% shares in the market due to the increasing popularity of injection molding in the production of medical equipment.
• Asia Pacific is projected to register the highest growth of 8.8% CAGR over the forecast duration.
Million Insights has segmented the global medical injection molding market on the basis of system, class, material and region:
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)
Medical Injection Molding Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• China (Mainland)
• South Korea
• Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia
List of Key Players of Medical Injection Molding Market
• C&J Industries
• HTI Plastics
• AMS Micromedical LLC
• Proto Labs, Inc.
• Metro Mold & Design Inc.
• ENGEL AUSTRIA GMBH
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