Low Cost of Medical Devices Made of Molded Plastics Propels Industry Growth

The medical injection-molded plastics industry has garnered $23,014.7 million revenue in 2021, and it is projected to capture $37,899.5 million revenue in 2030, rising at a rate of 5.7% from 2021 to 2030. It is led by rising plastic consumption in numerous healthcare applications, including implant packaging, mobility aids, and medical devices.

In addition, increasing R&D expenditure, and technological advancements in the healthcare sector boost the requirement for medical-grade injection-molded polymers.

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Medical components capture the major industry revenue share, accounting for 25%, and it is projected to retain its dominance in the coming years. It is led by massive high-grade plastics usage in medical equipment manufacturing, such as catheters, syringes, containers, and medical bags.

North America captures the largest revenue share, accounting for 40%, and it is projected to follow the same trend in the coming years. It is led by increasing per capita income, improved healthcare infrastructure, increasing healthcare costs, and a rising aging population.

The U.S. captures a substantial regional medical injection-molded plastics industry share, led by technological innovations, increasing implantable devices demand, government initiatives, rising health awareness, and health insurance policies.

APAC is projected to experience the fastest growth in the coming years, advancing at a rate of over 6%. It is led by rising injection-molded plastics applications in the manufacturing of implants, medical components, and mobility aids.

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In addition, the rising awareness of consumers on low-cost medical devices made from molded plastics, and surging focus on research & development of medical devices, increasing adoption of cutting-edge technologies in the healthcare sector fuels the industry growth.

Moreover, the increasing expenditure for healthcare infrastructure development, more specifically in developing countries, such as India, China, and South Korea propels the industry.

Therefore, the affordability of medical devices made from molded plastics boosts their demand in emerging economies.

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