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Medical Injection Molding Market
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Medical Injection Molding Market
The global medical injection molding market size is expected to reach USD 33.28 billion by 2030, registering a CAGR of 5.7%.Get more news about injection molding,you can vist our website!
The global industry is primarily driven by the increased adoption of plastics in several healthcare products, coupled with rapid technological advancements in the medical sector.
With the advent of the COVID-19 pandemic, the injection molding industry has witnessed an uptick, particularly in the medical field, where it can provide accuracy, a wide range of operations, repeatability, and cleanliness. In addition, it provides cost-effective and efficient ways for producing high-volume parts and products.
In recent years, the industry for medical injection molding has seen a boom with regard to the manufacturing processes of complicated healthcare products. Players are incorporating Industry 4.0 into their processes to optimize their raw material requirements, reduce costs, and increase automation, flexibility, & efficiency, among other things.
The key factors influencing the demand for medical products include availability, awareness, affordability, and adaptability. Increasing demand for better healthcare facilities coupled with the ongoing COVID-19 pandemic has boosted the growth of medical devices manufactured with the help of injection molding machines, thereby augmenting industry growth.
Medical injection molding has seen a growth in popularity in the last few years as a manufacturing process for generating complex net form medical devices. It lowers the cost of production and repetition, reducing the number of raw materials needed to develop medical items.
Companies that provide injection molding services are working to acquire the most up-to-date technologies, in order to fulfill the changing demands of the medical industry and expand their manufacturing capacity. For example, in March 2022, Beacon MedTech Solutions increased its medial injection molding capacity with the installation of the SE-EV-A series Sumitomo (SHI) Demag machines.
Medical Injection Molding Market Report HighlightsPlastic accounted for 98.73% of the global revenue share in 2021, owing to its high flexibility, cleanliness, high tensile strength, metal tolerance, & temperature resistance among other factors, making it ideal for the medical injection molding process
Asia Pacific accounted for around 40.6% of the global revenue share in 2021, owing to the developing healthcare infrastructure such as hospitals, increasing research & development in the medical devices sector, and the easy availability of skilled labor
The demand for hot runner systems is expected to witness a CAGR of 5.9% from 2021 to 2030, owing to its faster cycle times, elimination of the need for robotics, and increased efficiency as compared to cold runner systems
In February 2022, Automatic Plastics Ltd. was acquired by Comar, a medical device and packaging solution provider. The company hopes to strengthen its position in the pharmaceutical and medical industries as a result of this acquisition