The global medical injection molding market size is anticipated to reach USD 1.83 billion by 2026, expanding at a CAGR of 4.0% during the forecast period, according to a new report by Grand View Research, Inc. Factors such as, rising demand for medical products, adoption of disposables, and rapid technological advancementsare anticipated to boost the growth.
Technological advancements are expected to drive the market growth. The ability to mold several raw materials through medical injection molding process and increased energy efficiency of injection molding machine have outperformed the traditional medical injection molding machines. Therefore, with technological advancements, the use of injection molding machines for producing medical devices is anticipated to witness growth. This process is used for manufacturing various devices such as cerebral simulators and implantable pacemakers.
Increasing application of plastics in healthcare is anticipated to positively influence the medical injection molding market. Plastic is cost-effective, non-corrosive, pliable, lightweight opposed to other material, and can be molded into more complex shapes and patterns. These advantages are projected to drive the demand for plastics in healthcare products. According to the National Center for Biotechnology Information (NCBI), plastic meets critical requirements of medical products in terms of sterility and chemical resistance.
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Key Takeaways from the report:
- Hot runner system dominated the medical injection molding market in 2018 owing to the faster cycle time, quality standard components, and higher production volume
- Plastic material segment held the leading market share in 2018, owing to its feasible nature for manufacturing complex medical parts, increased functionality, and low cost
- Class 3 held the leading market share in 2018 owing to their potential of bearing risk and injury. However, Class 2 is expected to expand at the highest CAGR owing to the benefits such as safety and effectiveness
- Asia Pacific dominated the regional market due to rise in government spending and high demand for medical devices coupled with increasing demand for polypropylene in plastic injection molding components
- Key market players are introducing technologically enhanced products to gain competitive advantage. For instance, in 2018, Milacron demonstrate its low-pressure injection molding process known as iMFLUX designed by Procter and Gamble. This technology uses highly consistent pressure to achieve up to 50% resulting in faster cycle and reduction in weight of machine parts
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Grand View Research 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, 2015 – 2026)
- Cold Runner
- Hot Runner
Medical Injection Molding Class Outlook (Revenue, USD Million, 2015 – 2026)
- Class I
- Class II
- Class III
Medical Injection Molding Material Outlook (Revenue, USD Million, 2015 – 2026)
- Injection Blow Molding
- Extrusion Blow Molding
Medical Injection Molding Region Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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