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Medical Injection Molding Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Medical Injection Molding Market Size
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According to The Business Research Company's, The medical injection molding market size has grown strongly in recent years. It will grow from $23.62 billion in 2023 to $25.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to a rise in telemedicine and remote patient monitoring, increased focus on infection control, growth of the global healthcare sector, increased healthcare spending, and a rise in adoption of disposable medical devices.
The medical injection molding market size is expected to see strong growth in the next few years. It will grow to $34.63 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to growing demand for home healthcare devices, growing emphasis on patient safety, rising trend of personalized medicine, increasing demand for minimally invasive surgeries, and rising prevalence of chronic diseases. Major trends in the forecast period include a shift towards sustainable and biodegradable materials, growth in wearable medical devices, increased adoption of automation in manufacturing, development of micro and nano molding techniques, and integration of IoT in medical devices.
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Market Drivers and Trends:
The rising demand for medical equipment is expected to propel the medical injection molding market going forward. Medical equipment refers to devices, instruments, machines, or implants used in healthcare to diagnose, treat, monitor, or prevent medical conditions. The medical equipment gained traction due to the increasing prevalence of chronic diseases, the expansion of healthcare infrastructure, and the need for medical device infrastructure updates. Medical injection molding facilitates the efficient and precise production of complex medical device components for various applications within the healthcare industry. This manufacturing process is essential for producing high-quality, reliable parts that meet stringent medical standards. For instance, in January 2024, according to the International Trade Administration, a US-based government agency, the total size of local production of medical devices in Australia was $1,856 million in 2021, which increased to $2,049 million in 2022. Additionally, imports from the US increased from $1,455 million to $1,551 million from 2020 to 2022. Therefore, the rising demand for medical equipment is driving the medical injection molding market.
Major companies operating in the medical injection molding market are increasing their focus on electric injection molding machines designed for cleanroom environments. Electric injection molding machines designed for cleanroom environments manufacture precise, contamination-free medical components and devices with stringent quality and hygiene requirements. For instance, in March 2024, Shibaura Machine Company, a Japan-based company that provides precision injection molding machines, machine tools, and die-casting machines, launched the EC110SXIII machine to mold various products. This features an all-electric design with plated platens, stainless steel guarding, a raised platform for easy cleaning, NFS H1-certified lubrication grease, an extended ejector stroke, and a cleanroom-specific design. These technological advancements ensure improved cleanliness, precision, efficiency, durability, and versatility while meeting stringent medical standards, enhancing its significance in the medical injection molding market for producing precise and contamination-free medical components in regulated cleanroom environments.
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Major Key Players of the Market:
Jabil Inc., Flex Ltd., Phillips-Medisize (Molex LLC), Gerresheimer AG, Viant Medical Inc., Dynacast International Inc., ENGEL Austria GmbH, Milacron, Nolato AB, Westfall Technik Inc., Biomerics, GW Plastics, Mack Group, Proto Labs, Indo-MIM, Cadence Inc., Baytech Plastics Inc., Majors Plastics Inc., Metro Mold & Design, C&J Industries, HTI Plastics, JunoPacific, Currier Plastics Inc., Harbec, The Rodon Group, All-Plastics, Bright Plastics, H&K Müller GmbH & Co. KG, D&M Plastics LLC, Donatelle Plastics, JG Plastics Group LLC
Medical Injection Molding Market 2024 Key Insights:
• The medical injection molding market size is expected to see strong growth in the next few years. It will grow to $34.63 billion in 2028 at a compound annual growth rate (CAGR) of 8%.
• Rising Demand For Medical Equipment Fuels Growth In Medical Injection Molding
• Innovative All-Electric Injection Molding Machines Enhance Cleanroom Manufacturing For Medical Components
• Asia-Pacific was the largest region in the medical injection molding market in 2023
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