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The Global Medical Injection Molding Market

The global medical injection molding market size was valued at USD 1.38 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2020 to 2027. The increasing demand for plastic and metal injection molded components in the medical industry is expected to drive the market over the forecast period. Moreover, the 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. The 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.


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 molding process. It is one of the primary processes that many companies adopt to manufacture medical products by using plastic as well as metal materials.


System Insights


The hot runner system held the largest market share of over 55% in 2019 and is expected to exhibit the fastest CAGR over the forecast period. Hot sprinter molds 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.


Moreover, several benefits of hot runner system including faster cycle time and lower pressure requirement to push the molten mixture into the mold cavity, as well as the elimination of waste due to the absence of runners, accommodation of larger parts with a higher volume of production, and improvement in consistency & quality of parts, are augmenting the segment growth.


The use of cold runner system depends on its advantages, such as easy maintenance and cost-effectiveness; it is suitable for various types of polymers. This system is a feasible option as it can produce higher quality parts. Therefore, the application of cold runner systems is growing at a significant rate owing to lower initial investments compared with other systems.


In addition, flexibility in designing options, capabilities of handling a variety of engineered thermoplastics, and flexibility in gate locations, which can be easily changed or upgraded, will boost the demand for cold runner systems. However, the demand for hot runner is higher owing to its better efficiency.


Class Insights


Class III medical device segment accounted for 38.4% of the overall revenue share in 2019. 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. The growing adoption of injection molding to manufacture medical device components is projected to drive the segment growth over the forecast period.


Overall 10.0% of all the medical devices fall under this category. These devices are capable of handling the substantial risk of injury and are designed with the balance of strong cyber security control and easy accessibility. Class III includes devices such as implanted pacemakers, heart valves, and cerebral simulator.


Injection molding 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 molding 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.


The Class II segment is projected to register the fastest CAGR over the forecast period. Injection molding offers several advantages over other methods, such as lower risk, higher safety, and high productivity. Furthermore, the growing penetration of plastic injection molded products in the medical industry is expected to drive market growth over the forecast period.


Material Insights


The plastic material segment in the medical industry accounted for 76.0% of the overall revenue share in 2019. Engineering grade plastic resins are beneficial when used for the 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.


Plastic injection molding is a feasible technique for manufacturing complicated designs of medical products. Demand for medical-grade injection-molded products is increasing as they are durable, naturally resistant to contaminants & chemicals, and offer economies of scale to large scale firms. As a result, the penetration of the material is expected to witness significant growth.


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