Medical Injection Molding Market Size, Share & Trends Analysis Report By System (Hot Runner, Cold Runner), By Material (Plastics, Metal), By Product (Dental Products, Patient Aids), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global medical injection molding market size was estimated at USD 21.37 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. The industry growth is expected to be driven by the demand for mass production of identical medical components with design flexibility and precision at lower costs. Since the COVID-19 pandemic, the number of hospital visits and hospitalizations has skyrocketed. In response, this has increased demand for a variety of hospital equipment, including surgical devices, MRI equipment, drug delivery systems, and emergency department items. As a result of the COVID-19 pandemic, the market in the U.S. has changed, with firms acquiring and increasing their capacity to meet the rising demands.

The business is expected to expand as a result of a variety of factors, including a rise in the adoption of medical injection molding technology by manufacturers, increased demand for medical equipment, and rising healthcare costs in the nation. For instance, in October 2020, C&J Industries installed a new single-cavity medical mold press that runs on a hydraulic cylinder, which increases the production capacity of their facility. All components, tools, and medical-grade equipment must be produced in compliance with medical hygiene standards. Injection molding can be used to produce complex medical tools, apparatus, parts, and products.

Owing to their durability and innate resistance to pollutants and poisons, medical-grade injection-molded products are in high demand on a global scale. These factors will boost the demand for industrial goods. Simple and complex medical devices like unique geometrics requiring high-precision components can be created using medical injection molding. It works well for objects that are smaller than 6 mm thick and 100 g in weight. New binder removal techniques, however, have made it possible to process cross-sections of medical device parts that are larger than 12.5 mm and weigh up to 400 g. Therefore, the growing adoption of medical injection molding in creating simple and complex medical devices is anticipated to fuel the industry's growth over the forecast period.

Material Insights

The plastics material segment led the industry in 2022 and accounted for the largest share of 98.70% of the global revenue. 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, thereby contributing to industry growth. Engineering-grade plastic resins are increasingly used in medical and pharmaceutical applications because of qualities like high tensile strength and metal resistance to high temperatures.

These resins also make it possible to reduce manufacturing waste, manufacturing costs, and product weight, which makes them ideal for use in the injection molding of medical devices. The demand for metals in manufacturing is likely to grow at the fastest CAGR over the forecast period. Producing delicate, minute, and precision metal components for the medical business using metal injection molding is a great technique. Both thermoplastic and powder metallurgy injection molding is used in the metal injection molding process. Therefore, the growing adoption of metal injection molding is expected to fuel the market demand over the forecast period.

Comparatively more cost-effective than other traditional fabrication techniques, metal injection molding reduces the need for raw materials, labor costs, and inventory prices. In addition, products created utilizing this method frequently have superior mechanical qualities to other Powder Metal (PM) parts and castings. These goods also have a high sintered density and small particle size, which should be advantageous to the producers of components that need to have superior mechanical qualities.

System Insights

Hot runner systems led the industry and accounted for more than 57.90% of the global revenue in 2020. The growth is attributed to a number of system benefits, including shorter cycle times and lower pressure requirements, to force the molten mixture into the mold cavity, waste elimination due to the removal of runners, the housing of larger parts with higher production volumes, and improvements in part uniformity and quality. The demand for hot runner systems is increasing owing to several benefits including faster cycle time & 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. Thus, these factors are anticipated to drive segment growth. The industry is likely to grow at a steady CAGR over the forecast period.

The usage of a cold runner system is based on its advantages, including simplicity in maintenance and affordability; it is appropriate for a variety of polymers. This method is a good choice since it yields parts of greater quality. The use of cold runner systems is expanding quickly as a result of lower initial investments than other systems. The use of a cold runner system depends on its advantages, such as easy maintenance and cost-effectiveness, and 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 the cold runner systems is growing at a significant rate owing to lower initial investments than other systems, flexibility in designing options, capabilities of handling a variety of engineered thermoplastics, and flexibility in gate locations, which can be easily changed or upgraded.

Product Insights

The medical equipment components segment led the industry in 2022 and accounted for more than 34.82% of the global revenue share. Pharmaceutical companies with a presence in the United States include Pfizer Inc, Johnson & Johnson, Abbott Laboratories, and 3M Health Care Business. Ongoing improvements in the field of surgery, such as standardization of methods and technical advancements, are expected to propel the medical sector forward and fuel demand for medical equipment products. In terms of productivity, expense, and quality, OEMs may have serious problems with in-house injection molding of injection-molded components.

Because injection molding services offer streamlined inventory, optimization, economies of scale, quick start-up times, and improved quality, among other advantages, many businesses are outsourcing these services. These factors are all expected to fuel industry demand over the forecast period. The dental products segment is likely to grow at the fastest CAGR over the forecast period. Medical injection of dental products offers benefits for complex geometric design, accuracy, and production in large-scale batches of high-performing implants.

Procedures, tools for tooth extraction, and tools for tooth rebuilding are all different goods. A few of the factors driving the segment growth include the growing geriatric population that suffers from oral disorders, the demand for dental medical tourism, and numerous public health care efforts by various governments. Also, individuals are becoming more aware of cosmetic dental procedures that help maintain fresh breath and improve appearance. This is also anticipated to accelerate segment growth.

Regional Insights

Asia Pacific led the industry in 2022 and accounted for the largest share of 40.90% of the global revenue. Growing population, rapid urbanization, improving standards of living, and expansion of healthcare infrastructure in China, India, and Japan are among the key factors driving the healthcare sector. Hospitalization rates have risen further as a result of the ongoing COVID-19 pandemic, which has also raised the demand for disposable medical devices, thereby driving up the demand for medical injection molding. The rising instances of chronic illnesses including obesity are expected to boost healthcare expenditure, thereby, benefitting the industry growth. The region is characterized by the presence of several key players.

An increasing number of plastic medical injection molding manufacturers in the U.S., rising demand for medical devices, and growing healthcare expenditures are some of the factors driving the regional market. For instance, EG Industries manufactures plastic injection molds for drug delivery and other medical applications. To strengthen medical device safety and performance requirements, the regulatory framework for the medical device industry in Europe is being modified. As a result, the demand for recyclable, novel, high-quality, and biocompatible plastics in medical devices is anticipated to rise over the forecast period, thereby supporting market growth. For instance, PureLab Plastics offers customized medical products, such as micro-syringes, connection components, and capillary pistons, to healthcare providers as per their requirements

Key Companies & Market Share Insights

The global and local producers make the MIM market highly competitive. Global manufacturers employ a range of strategies, including acquisition, collaboration, new product development, and geographic expansion, to deepen market penetration and meet evolving technical demands in the medical industry. In August 2021, HTI Plastics installed a new 420-ton injection molding press with an integrated Engel Viper 20 robot to advance its machinery capabilities. This new machine is expected to boost the plastic manufacturing capabilities of the company and increase its clientele. Some of the prominent players in the global medical injection molding market include:

• C&J Industries

• All-Plastics

• Biomerics

• HTI Plastics

• The Rodon Group

• EVCO Plastics

• Majors Plastics, Inc.

• Proto Labs, Inc.

• Tessy Plastics

• Currier Plastics, Inc.

• Formplast GmbH

• H&K Müller GmbH & Co. KG

• Hehnke GmbH & Co KG

• TR Plast Group

• D&M Plastics, LLC

Medical Injection Molding Market Report Scope

Global Medical Injection Molding Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global medical injection molding market report based on product, system, material, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Medical Equipment Components

  • Consumables

  • Patient Aids

  • Orthopedics Instruments

  • Dental Products

  • Others

• System Outlook (Revenue, USD Million, 2018 - 2030)

  • Hot Runner

  • Cold Runner

• Material Outlook (Revenue, USD Million, 2018 - 2030)

  • Plastics

  • Metals

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE