Product ID: SQMIG35B2167
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 Insights
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 global medical injection molding market is experiencing significant growth due to the increasing need for efficient mass production of precise medical components that offer design versatility, all at reduced costs. The surge in hospital visits and admissions following the onset of the COVID-19 pandemic has led to a heightened demand for diverse hospital equipment such as surgical instruments, MRI machinery, drug delivery systems, and emergency department supplies. This pandemic-induced shift has prompted a transformation within the U.S. market, compelling companies to expand their capabilities and acquire resources to effectively address the escalating requirements.
The business is projected to experience growth due to various factors, including an increased adoption of medical injection molding technology by manufacturers, a rise in demand for medical equipment, and escalating healthcare expenses in the country. A case in point is C&J Industries, which, in October 2020, enhanced its production capacity by installing a new single-cavity medical mold press powered by a hydraulic cylinder. All products, tools, and medical-grade equipment must comply with stringent medical hygiene standards. Medical injection molding offers the capability to produce intricate medical tools, apparatus, parts, and products.
The global demand for medical-grade injection-molded products is on the rise, owing to their durability and natural resistance to contaminants and toxins. These factors will drive the demand for industrial goods. Medical injection molding is effective for manufacturing both simple and complex medical devices, including those with unique geometrics that require high-precision components. It is particularly suitable for objects smaller than 6 mm in thickness and weighing up to 100 g. With advancements in binder removal techniques, it is now possible to process larger cross-sections of medical device parts, weighing up to 400 g and exceeding 12.5 mm in size. Consequently, the increasing adoption of medical injection molding for creating diverse medical devices is expected to propel the industry's growth throughout the forecast period.
US Medical Injection Molding Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Medical Injection Molding Market Report Snapshots
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