Global Medical Injection Moulding Market: The increasing demand for plastic and metal injection moulded components in the medical industry is expected to drive the market over the forecast period.

Published Date: 12/05/2021

The global medical injection moulding market size was valued at USD 1.70 billion in 2020 and is expected to grow at USD 2.75 billion by 2027 at a compounded annual growth rate (CAGR) of 8.2% from 2020 to 2027. The increasing demand for plastic and metal injection moulded components in the medical industry is expected to drive the market over the forecast period. Moreover, growth of the home healthcare sector on account of the low costs involved as compared to hospital care and intensive care has resulted in a rise in the demand for medical devices. Different types of medical tests conducted by hospitals for diagnosis have also contributed to the increasing demand for medical devices.

Rising geriatric population in the country, sophisticated healthcare infrastructure, and relatively higher disposable income levels are some of the key factors driving the healthcare industry in the U.S. In addition, the country has the highest healthcare spending in the world. The aforementioned factors are expected to have a positive impact on the growth of the medical injection moulding market over the forecast period.

The plastic injection moulding process is used for manufacturing implantable components, test tubes, beakers, casings & housings for laboratory & medical equipment, drug delivery components & equipment, and surgical equipment. Rising demand for medical devices across hospitals and laboratories during the COVID-19 pandemic is anticipated to have a positive impact on the market growth.

Factors, such as ISO certifications & compliance, FDA regulations, material properties, suitability in extreme conditions, and durability are taken into consideration during the manufacturing process. Materials, such as silicone, polycarbonate, polyethylene, and polypropylene, are widely used in the medical injection moulding process. It is one of the primary processes that many companies adopt to manufacture medical products by using plastic as well as metal material.

Injection moulding is used to produce a broad range of medical components; it widely used processes in mass production. It has the ability to produce components and small disposable goods with high precision. Growing adoption of injection moulding to produce numerous parts and components of Class I medical devices is expected to have a positive impact on market growth over the coming years.

Hot runner system held the largest market share of over 55% in 2020 and is expected to exhibit the fastest CAGR over the forecast period. Hot sprinter moulds consist of two plates, which are heated using a complex framework. This framework maintains the temperature of liquid thermoplastics at the same level as their warming chamber. As a result, the demand for the hot runner system is high.

Class III medical device segment accounted for 38.4% of the overall revenue share in 2020. Class III medical devices, such as defibrillators, ventilators, respirators, and oxygen therapy equipment, are anticipated to have a significant demand on account of the COVID-19 pandemic. Growing adoption of injection moulding to manufacture medical device components is projected to drive the segment growth over the forecast period.

Plastic material segment in medical industry accounted for 76.0% of the overall revenue share in 2020. Engineering-grade plastic resins are beneficial when used for manufacturing of medical and pharmaceutical products as they have high tensile strength, metal tolerance, and temperature resistance. Furthermore, they also reduce waste, weight, and the overall cost of production.

Asia Pacific dominated the global market with a revenue share of over 38% in 2020. The region is also projected to register the fastest CAGR during the forecast period. Major factors contributing to the market growth in Asia Pacific include growing population, expanding healthcare infrastructures, increasing number of people opting for homecare facilities, and rising medical tourism in the region.

North America accounted for 23.8% of the global revenue in 2020. The rapid spread of the corona virus in the region is expected to drive the demand for numerous medical devices over the forecast period. Post-COVID-19 pandemic, the government authorities are expected to invest more in healthcare infrastructure development. This is also expected to drive the demand for medical devices and medical injection moulding. The demand for medical components is expected to witness growth in Mexico on account of rising geriatric population and cases of Cardiovascular Diseases (CVDs), metabolic disorders, and respiratory diseases.

Key players are: C&J Industries; HTI Plastics; AMS Micromedical LLC; Currier Plastics Inc.; Proto Labs, Inc.; Metro Mold& Design Inc.; Harbec, Inc.; Milacron; ENGEL AUSTRIA GMBH.