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

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 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.