USD 25.09 billion
Medical Injection Molding Market Size, Share, Growth Analysis, By Product(Medical Equipment Components, Consumables, Patient Aids, Orthopedics Instruments), By System(Hot Runner, and Cold Runner), By Material(Plastics, Metals, and Others), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35B2167 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
120
|Figures:
72
Medical Injection Molding Market Insights
Medical Injection Molding Market size was valued at USD 25.09 billion in 2022 and is poised to grow from USD 26.71 billion in 2023 to USD 42.49 billion by 2031, growing at a CAGR of 6.03% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Medical Equipment Components
Fastest Growth
Medical Equipment Components
Growth Rate
6.03% CAGR
Medical Injection Molding Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Medical Injection Molding Market Segmental Analysis
Global Medical Injection Molding Market is segmented by Product, System, Material, and region. Based on Product, the market can be segmented into Medical Equipment Components, Orthopedics Instruments, Patient Aids, Consumables, Dental Products, Others. Based on System, the market is segmented into Hot Runner, Cold Runner. Based on Material, the market is segmented into Plastics, Metal, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Injection Molding Market Analysis By System
Hot runner systems dominated the industry and accounted for more than 57.90% of global revenue in 2020. This growth can be attributed to various advantages they offer, such as shorter cycle times and reduced pressure requirements for pushing the molten mixture into the mold cavity. Additionally, the elimination of runners leads to less waste, and these systems can accommodate larger parts with higher production volumes, resulting in improved part uniformity and quality. As a result, the demand for hot runner systems is increasing, and the segment is expected to grow steadily at a compound annual growth rate (CAGR) over the forecast period.
On the other hand, the usage of cold runner systems is favored for its simplicity in maintenance and affordability, making it suitable for a wide range of polymers. This method also yields higher-quality parts. The adoption of cold runner systems is rapidly increasing due to their lower initial investment costs compared to other systems. They offer flexibility in design options, can handle various engineered thermoplastics, and allow easy changes or upgrades in gate locations. As a result, the application of cold runner systems is experiencing significant growth.
Medical Injection Molding Market Analysis By Product
In 2022, the medical equipment components segment took the lead in the industry, contributing to more than 34.82% of the global revenue share. Key pharmaceutical companies operating in the United States include Pfizer Inc, Johnson & Johnson, Abbott Laboratories, and 3M Health Care Business. The medical sector is experiencing continuous advancements in surgical techniques, standardization, and technical improvements, which are expected to drive the demand for medical equipment products. However, Original Equipment Manufacturers (OEMs) may encounter significant challenges with in-house injection molding of components due to concerns related to productivity, expenses, and quality. As a result, many businesses are outsourcing injection molding services, benefiting from streamlined inventory, optimization, economies of scale, quick start-up times, and improved product quality, among other advantages. These factors are projected to drive industry demand throughout the forecast period.
The dental products segment is anticipated to exhibit the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Medical injection molding of dental products offers numerous benefits, including the ability to manufacture complex geometric designs with precision and produce large-scale batches of high-performing implants.
Within the dental products segment, various items such as tools for tooth extraction and tooth rebuilding play distinct roles. Several factors contribute to the growth of this segment, including the increasing geriatric population facing oral disorders, the rising demand for dental medical tourism, and the implementation of numerous public health care initiatives by various governments. Additionally, the growing awareness among individuals about cosmetic dental procedures, which aid in maintaining fresh breath and improving appearance, is also expected to drive the segment's growth.
Medical Injection Molding Market by product
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Medical Injection Molding Market Regional Insights
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.
The prevalence of chronic diseases, including obesity, is also on the rise, leading to an increase in healthcare expenditure, which in turn benefits the medical injection molding industry. The Asia Pacific region is home to several key players in the market. Additionally, the U.S. has witnessed a surge in plastic medical injection molding manufacturers due to the rising demand for medical devices and increased healthcare spending.
Europe's medical device industry is undergoing modifications to strengthen safety and performance requirements. As a result, there is a growing demand for recyclable, innovative, high-quality, and biocompatible plastics in medical devices, contributing to market growth. Companies like PureLab Plastics are offering customized medical products, such as micro-syringes, connection components, and capillary pistons, to healthcare providers according to their specific requirements. These developments are expected to support the growth of the medical injection molding market over the forecast period.
Medical Injection Molding Market By Geography
- Largest
- Fastest
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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.
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Medical Injection Molding Market Competitive Landscape
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.
Medical Injection Molding Market Top Player’s Company Profile
- 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
Medical Injection Molding Market Recent Developments
- In May of 2022, Technimark LLC undertook a significant expansion in North Carolina, United States. This expansion involved the procurement of a facility spanning 204,000 square feet, dedicated to activities such as precise injection molding manufacturing, value-added assembly, finished device assembly, contract manufacturing, and efficient logistical operations.
- In a parallel development, in July 2022, Biomerics LLC completed an acquisition of Dependable Plastics. This strategic move led to the establishment of a novel division known as Biomerics Interventional Medical Plastics (IMP). This newly formed division specializes in supplying plastic components to the interventional device sector, with a particular emphasis on supporting robotic-assisted surgical procedures.
Medical Injection Molding Key Market Trends
- 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.
Medical Injection Molding Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Medical Injection Molding Market analysis, the demand for mass production of precise and cost-effective medical products is a prime growth driver. The market has experienced significant growth due to increased hospital visits and the rising need for medical equipment, especially in response to the COVID-19 pandemic. Plastic materials, particularly plastics, dominate the market, offering benefits like durability and resistance to pollutants. The market is segmented by material, product, and region, with North America leading the industry. Continuous advancements in medical technology and surgical techniques are expected to fuel further growth in the market. The medical equipment components segment is leading the market and is driven by the continuous advancements in surgical procedures.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 25.09 billion |
| Market size value in 2031 | USD 42.49 billion |
| Growth Rate | 6.03% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Injection Molding Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Injection Molding Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Injection Molding Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Injection Molding Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Injection Molding Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Injection Molding Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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