Global Medical Injection Molding Market Size, Share, Growth Analysis, By Product(Medical Equipment Components, Consumables), By System(Hot Runner, and Cold Runner), By Material(Plastics, and Metals) - Industry Forecast 2024-2031

Report ID: SQMIG35B2167 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 90 | Figures: 71

Global Medical Injection Molding Market Dynamics

Medical Injection Molding Market Drivers

Growing Healthcare Sector

The increasing global healthcare expenditure and rising demand for medical devices and equipment drive the demand for medical injection molding. The growing population, especially the aging demographic, further contributes to the demand for medical products

Technological Advancements

Ongoing improvements in injection molding technology, including precision molding, multi-cavity molds, and automation, enhance the production efficiency and product quality, attracting more manufacturers to adopt medical injection molding processes.

Medical Injection Molding Market Restraints

High Initial Investment

Setting up an injection molding facility requires significant capital investment, which can be a barrier for small and medium-sized enterprises to enter the market.

Material Compatibility and Biocompatibility Challenges

Medical devices often require materials with specific biocompatibility and sterilization requirements. Ensuring the compatibility of materials with medical applications can be challenging for manufacturers.

Global Medical Injection Molding Market Report Snapshots

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Medical Injection Molding Market size was valued at USD 23.92 billion in 2021 and is poised to grow from USD 25.09 billion in 2022 to USD 36.79 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).

The market for medical injection molding (MIM) is characterized by fierce competition, driven by both global and local producers. To strengthen their market presence and address the evolving technical requirements of the medical industry, global manufacturers employ a diverse range of strategies, including acquisitions, collaborations, new product development, and geographical expansion. In August 2021, HTI Plastics took significant strides in enhancing its manufacturing capabilities by introducing a new 420-ton injection molding press, complemented by an integrated Engel Viper 20 robot. This state-of-the-art machinery is expected to bolster the company's plastic manufacturing capabilities, enabling it to cater to a broader clientele.Prominent players in the global medical injection molding market are continuously seeking innovative approaches to thrive in this competitive landscape, offering top-quality products and services to meet the demands of the medical industry. 'C&J Industries', 'All-Plastics', 'Biomerics', 'HTI Plastics', 'The Rodon Group', 'EVCO Plastics', 'Majors Plastics, Inc.', 'Proto Labs, Inc.', 'Tessy Plastics', 'Currier Plastics, Inc.', 'Formplast GmbH', 'H&K Müller GmbH & Co. KG', 'Hehnke GmbH & Co KG', 'TR Plast Group', 'D&M Plastics, LLC'

The increasing global healthcare expenditure and rising demand for medical devices and equipment drive the demand for medical injection molding. The growing population, especially the aging demographic, further contributes to the demand for medical products

Rising Need for Medical Equipment: The elevated occurrence of chronic illnesses and the aging demographic have resulted in an escalating requirement for medical devices. Medical injection molding is preferred for producing complex and precise components used in various medical devices, such as syringes, catheters, implants, and surgical instruments.

In 2022, Asia Pacific emerged as the industry leader, accounting for the largest share of 40.90% of the global revenue. The growth in the healthcare sector in countries like China, India, and Japan can be attributed to factors such as a growing population, rapid urbanization, improving standards of living, and the expansion of healthcare infrastructure. The COVID-19 pandemic has further increased hospitalization rates, leading to a higher demand for disposable medical devices and subsequently driving the need for medical injection molding.

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Global Medical Injection Molding Market Size, Share, Growth Analysis, By Product(Medical Equipment Components, Consumables), By System(Hot Runner, and Cold Runner), By Material(Plastics, and Metals) - Industry Forecast 2024-2031

Global Medical Injection Molding Market Dynamics

Global Medical Injection Molding Market Report Snapshots

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