Key Trends Influencing the Growth of the Medical Component Manufacturing Market in 2025: Enhancing Medical Component Manufacturing with Metal Injection Molding (MIM) Technology

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What Is the Expected CAGR for the Medical Component Manufacturing Market Through 2025?
The market for medical component manufacturing has experienced robust growth recently. It's projected to expand from a worth of $14.28 billion in 2024 to $15.17 billion in 2025, marking a compound annual growth rate (CAGR) of 6.2%. Factors contributing to previous growth include the progression of pharmaceutical research and development, expansion in the healthcare sector, a rise in demand for diagnostic tests, internationalization of the chemical sector, and the need to meet regulatory compliance requirements.

What's the Projected Size of the Global Medical Component Manufacturing Market by 2029?
The market for medical component manufacturing is poised for robust growth in the coming years, with projections indicating that it will expand to $20.22 billion by 2029, experiencing a compound annual growth rate (CAGR) of 7.4%. This projected growth over the forecast period is likely to be driven by factors such as the emerging demand for tailored medicine, heightened emphasis on biotechnology studies, increased environmental testing, the food and beverage industry's expansion, and the worldwide proliferation of pharmaceutical production. Key trends anticipated throughout this forecast period encapsulate an increasing emphasis on environmentally friendly chemical practices, broader adoption of automation in labs, escalating demand for specialty chemicals, advancement in ecofriendly chemical procedures, and the incorporation of artificial intelligence into lab processes.

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Top Growth Drivers in the Medical Component Manufacturing Industry: What's Accelerating the Market?
The medical component manufacturing market's progression is being propelled by the growing necessity for medical devices. Medical devices, which include instruments, machines, appliances, software, implants, and other similar items, are utilized for diagnosing, preventing, monitoring, treating, or mitigating human diseases or medical conditions. Components such as injection-molded and electronic parts used in medical devices are produced through medical component manufacturing. For example, data from the International Trade Administration, a US government agency, revealed that the medical devices industry saw an increase from US$ 1,856 million in 2021 to US$ 2,049 million in 2022, further emphasizing that the increasing necessity for medical devices is propelling the growth of the medical component manufacturing market.

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What Trends Will Shape the Medical Component Manufacturing Market Through 2029 and Beyond?
In the realm of medical component manufacturing, prominent companies are pioneering state-of-the-art technologies such as metal injection molding that amplify precision and minimize waste production. Metal injection molding technology encapsulates a manufacturing method that merges injection molding techniques and powder metallurgy to manufacture intricate, high-accuracy metal components by injecting a combination of metallic powder and polymer into a mold. For example, in October 2024, Biomerics, an American medical equipment manufacturer, unveiled a fully integrated metal injection molding (MIM) service. There is now a new Metal Injection Molding (MIM) service accessible through a Center of Excellence, which boosts abilities in creating intricate, high-performance interventional medical appliances.

What Are the Main Segments in the Medical Component Manufacturing Market?
The medical component manufacturing market covered in this report is segmented -

1) By Process: Forging, Metal Injection Molding, 3D Printing, Ceramic Injection Molding, Investment Casting, Plastic Injection Molding, Other Processes
2) By Service: Device Development And Manufacturing Services, Quality Management Services, Final Goods Assembly Services
3) By Application: Laparoscopy, Pulmonary, Urology And Gynecology, Cardiovascular, Orthopedic, Oncology, Neurovascular, Radiology, Other Applications

Subsegments:
1) By Forging: Open-Die Forging, Closed-Die Forging, Precision Forging
2) By Metal Injection Molding: Stainless Steel Components, Titanium Components, Other Metal Components
3) By 3D Printing: Polymer-Based Printing, Metal-Based Printing, Bioprinting
4) By Ceramic Injection Molding: Alumina Components, Zirconia Components, Other Ceramic Materials
5) By Investment Casting: Precision Investment Casting, Shell Casting, Other Investment Casting Techniques
6) By Plastic Injection Molding: Thermoplastics, Thermosetting Plastics, Biodegradable Plastics
7) By Other Processes: Extrusion, Machining, Die Casting

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Which Top Companies are Driving Growth in the Medical Component Manufacturing Market?
Major companies operating in the medical component manufacturing market include Johnson & Johnson Services Inc., Abbott Laboratories Inc., 3M Company, Heraeus Holding GmbH, Medtronic plc, Danaher Corporation, Siemens Healthineers AG, Becton Dickinson and Company, Koninklijke Philips NV, Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Olympus Corporation, The Lubrizol Corporation, Intuitive Surgical Inc., Terumo Corporation, Varian Medical Systems Inc., West Pharmaceutical Services Inc., The Ensinger Group, 3D Systems Inc., Hudson Technologies Inc., Seisa Medical Inc, Viant Medical Inc., Anchor Harvey Components LLC, The Rodon Group, Nexxt Spine LLC, Hologic Inc., American Casting Company, Optimum Medical Limited, Walter Stern Inc.

Which Regions Will Dominate the Medical Component Manufacturing Market Through 2029?
North America was the largest region in the medical component manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical component manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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