Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Medical Injection Molding market.
Trusted Business Insights presents an updated and Latest Study on Medical Injection Molding Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Medical Injection Molding market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Medical Injection Molding Market
The global medical injection molding market size was valued at USD 1.34 billion in 2018 and is anticipated to expand at a CAGR of 4.0% over the forecast period. Increase in application of plastic in healthcare products, rising demand for medical device, adoption of disposable products, and technological advancements are a few factors driving the growth. Medical injection molding process is used for manufacturing medical products in large quantities as it offer various benefits such as detailed features, complex geometry, efficiency, enhanced strength, and simultaneous use of different types of materials.
Increasing use of polypropylene-based materials in medical injection molding process as well as extrusion blow molding applications is positively influencing the market. It attributes to higher productivity due to thermal and impact resistance, flowability, and recyclability. Polymers based material such as Polyether Ether Ketone (PEEK) polymer is ideal for long-term orthopedic implant applications. It is self-sterilizing and also costs less than other materials. Use of polymers helps reduce the Healthcare Acquired Infections (HAIs).
Polymer has been used in various applications such as artificial joints which reduces friction and enables free movement. The material is also used for manufacturing medical devices due to its ability to reduce the weight and improve functionality of these devices. Thus, benefits offered by polymers makes them effective to use in medical products to improve functionality. All these advantages are projected to fuel the demand for medical injection molding in near future.
Increasing prevalence of urological diseases and chronic pain among others has resulted in the increased demand for disposable medical products. Polymers are used for manufacturing various medical disposables such as hypodermic devices, surgical instruments, infusion, and diagnostic and wound care products. Disposable products are easy to use, reliable, and less prone to infections compared to the reusable devices. These products are basically made from pharmaceutical plastic and metal.
Medical-grade plastic has unique characteristics such as high resistance to temperature and wear and corrosion which makes the medical devices, equipment, and supplies ideal for everyday use in hospitals. Increasing use of disposable medical products in healthcare sector due to the advantages, such as biocompatibility, autoclavability, transparency, and lightweight is in turn projected to drive the market growth.
Based on system, the medical injection molding market is segmented into hot runner and cold runner. Hot runner molds consist of two plates, which are heated using a complex framework. There are two kinds of hot runner systems, namely, inside warmed and remotely warmed. Inside warmed molds enable better stream control, whereas remotely warmed molds are better for warming delicate materials.
Hot runner system led the market in 2018 owing to several benefits this system such as faster cycle time and lower pressure requirement to push the molten mixture into the mold cavity. Furthermore, elimination of waste due to absence of runners, accommodation of larger parts with higher volume of production, improvement in consistency, and quality of parts are a few more factors contributing to the market growth.
Class 2 segment is expected to expand at the fastest CAGR during the forecast period due to features of these medical injection molding machines, such as lower risk and higher safety and effectiveness than other devices. According to BMP MEDICAL, 43% of medical devices fall under this category. Pregnancy test kits and powered wheelchairs are some of the product classified in this class. These devices are mainly subjected to post market surveillance, mandatory performance standard, and special labelling requirements.
In 2018, class 3 medical devices held the leading market share owing to their capacity to bear highest amount of risk. Overall 10.0% of all the medical device fall under this category. These devices are capable of handling substantial risk of injury and are designed with the balance of strong cybersecurity control and easy accessibility. Class 3 include devices such as implanted pacemakers, heart valves, and cerebral simulator.
Material Insights of Medical Injection Molding Market
On the basis of material, the market is segmented into plastics and metal. Plastics is further divided into injection blow molding and extrusion blow molding. In 2018, the plastics segment held the leading market share owing to low cost and improved ergonomics and functionality. Medical device plastics can be used in combination with metal and provides increased versatility for creating enhanced medical products.
HTI Plastics produces high-quality pharmaceutical medical devices and products for various treatments such as anti-fungal (yeast), anti-bacterial HIV, contraception, spermicide, lubricants, and estrogen therapy. High adoption of plastics for manufacturing of medical devices due to low cost and improved ergonomics is anticipated to drive the growth of the segment in the forthcoming years.
Regional Insights of Medical Injection Molding Market
Asia Pacific is expected to expand at the highest CAGR during the forecast period due to rise in government spending, high demand for medical devices, and increasing patient population. High demand for polypropylene is one of the key regional growth drivers. Polypropylene is a thermoplastic polymer widely used in medical applications such as syringes, hospitals disposables, beakers, and pouches. Polypropylene is one of the major polymers used in medical devices industry. According to ScienceDirect, polypropylene is the most commonly used material in permanently implanted medical devices due to its superior flexibility and versatility. Moreover, it is also used in surgical mesh of hernia treatment.
According to a report by the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), in 2016, around 12.4% of the total population was 60 years or above, and the number is estimated to reach 1.3 billion by 2050. Government reimbursement for medical devices in developing countries such as China and Japan is anticipated to bode well for the market. Other factors such as increasing patient population and high demand of medical devices are also expected to boost the market growth.
Market Share Insights of Medical Injection Molding Market
Few of the major market players are C&J Industries; HTI Plastics; AMS Micromedical, LLC; Currier Plastics Inc.; Proto Labs, Inc.; JOHNSON PRECISION INC.; Metro Mold & Design Inc.; Harbec, Inc.; Milacron; and ENGEL AUSTRIA GMBH. These companies focus on launching new products, technological advancements, and growth strategies, such as mergers and acquisitions. For instance, in July 2019, Milacron Holdings Corp. announced its acquisition by Hillenbrand Inc. a public company. This acquisition will help Milacron Holdings Corp. enhance its product portfolio in near future. The transaction is valued at around USD 2.0 billion and is expected to finish by 2020.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Medical Injection Molding Market Research Report
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 2015 to 2026. For the purpose of this study, this market research report has segmented the global medical injection molding market report on the basis of system, class, material, and region:
System Outlook (Revenue, 2015 – 2026 (USD Million))
Class Outlook (Revenue, 2015 – 2026 (USD Million))
Material Outlook (Revenue, 2015 – 2026 (USD Million))
Injection Blow Molding
Extrusion Blow Molding
Quick Read Table of Contents of this Report @ Medical Injection Molding Market Size, Share, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)
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