Medical Injection Molded Plastics Market Size, Share & Trends Analysis Report By Product (Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS)), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global medical injection molded plastics market size was valued at USD 23.92 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The growth of the market is mainly attributed to the increasing healthcare investments across emerging economies such as China, India, and the U.S. The global demand for injection molded polypropylene from medical component manufacturers is expected to remain the highest during the forecast period owing to its superior properties, including ease of sterilization and high-impact resistance. An increase in the healthcare expenditure, primarily in the U.S., China, and Germany, is expected to drive the demand for medical components, implants, mobility aids, etc., developed from injection molded plastics over the forecast period.

In the U.S., the frequent increment in costs of medical devices and reduced margins have severely impacted healthcare providers and health plans. This compelled the government to ensure a significant transformation of healthcare funding and insurance coverage segments in the country through the introduction of the Affordable Care Act (ACA) and Medicaid, which provide medical aid to the low-income population of the country. This is expected to drive the product demand in the healthcare industry over the forecast period.

Furthermore, the market growth can be attributed to the growing demand for generic drugs and medical devices from consumers as a result of the increasing healthcare spending. Rising healthcare cost has been one of the biggest challenges faced by the U.S. healthcare industry in recent times. To provide cost-effective healthcare services to the population of the country, several urgent care clinics were established over the past few years.

According to a blog by Fierce Healthcare, the number of urgent care clinics saw a significant rise. With the constant rise in urgent care clinics, the demand for medical equipment is expected to rise and positively influence the market growth over the forecast period. Key medical applications include diagnostic drug kits, surgical consumables, drug delivery products, and others. Rising demand for medical injection molded plastics in the medical industry owing to the rapid growth of the population and increased healthcare spending in North America is further expected to drive the market in the region.

Product Insights

The polypropylene segment led the market and accounted for more than 30.0% share of the global revenue in 2021. Owing to its exceptional toughness and durability, polypropylene (PP) is utilized for making protective packaging and medical equipment. It also has lightweight, bacterial and chemical resistance, and low-cost features, therefore, it is likely to witness significant expansion in medical component applications throughout the forecast period. Furthermore, it is readily molded in correct proportions as needed and hence has a great demand in the fabrication of syringes.

Acrylonitrile Butadiene Styrene (ABS) is anticipated to grow at the fastest rate during the forecast period. With its high-impact resistance and durability, Acrylonitrile Butadiene Styrene (ABS) is utilized in non-absorbable sutures, tendon prosthesis, drug-delivery systems, cleaning applications, and tracheal tubes.

Injection-molded ABS is being widely used in medical devices on account of its temperature resistance, good tensile strength, heat resistance, shock absorbance, dimensional stability, and corrosion resistance properties. This is expected to further complement the demand for ABS across the market over the forecast period.

Application Insights

The medical components segment led the market and accounted for more than 24.0% share of the global revenue in 2021. The COVID-19 pandemic had put the global healthcare supply chain in the spotlight as the demand for medical components such as protective and personal equipment (PPE), face masks, gloves and gowns, and magnetic resonance imaging (MRI) scanner machines increased drastically. While emerging countries manufactured PPE, face masks, and gloves, developed countries manufactured technology-intensive equipment such as MRI scanners and mechanical ventilators.

With the impulsive impact of COVID-19, the demand for the aforementioned equipment is on the rise. This is expected to drive the market over the forecast period. Furthermore, increasing healthcare expenditure and changing lifestyles across the world are creating a huge demand for medical plastics in medical component applications such as testing equipment, ventilators, syringes, and medical trays. This is expected to drive the market over the forecast period.

Regional Insights

North America dominated the market and accounted for more than 40.0% share of the global revenue in 2021. The region comprises mature markets and is characterized by a technologically advanced medical injection molded plastics industry, thereby contributing significantly to the global market growth. In the North American region, Canada is attracting significant investments in both public and private sectors owing to the increasing geriatric population and rising incidences of chronic diseases.

According to the Canadian Institute for Health Information (CIHI), government spending on the healthcare industry was about 12.7% of the country’s total GDP in 2021. The country is characterized by high health consciousness and high life expectancy, viz., 85 years for women and 79 years for men. This is anticipated to pose lucrative growth opportunities for medical plastic manufacturers in the country.

The rising number of chronic diseases and a burgeoning aging population are driving up the demand for medical devices in Canada's healthcare industry. The expansion of the healthcare industry is being fueled by the introduction of new and more expensive medical devices and increased per-patient use of medical supplies. This is expected to drive the product demand over the forecast period.

The massive growth in demand for medical components in Mexico is driven by the rising incidence of cardiovascular diseases, diabetes, malignant tumors, liver diseases, metabolic disorders, and respiratory diseases, which, in turn, is likely to augment the demand for medical plastics at a significant rate over the forecast period. The COVID-19-related treatments, the pharmaceutical industry, public healthcare, and safety are now the main priorities of the nation, which is expected to drive the market over the forecast period.

Key Companies & Market Share Insights

Manufacturers of medical injection molded plastics aim to strengthen their market position by expanding their customer base. Dow Inc., SABIC, and Eastman Chemical Company are leading producers of medical injection-molded plastics with good chemical resistance and toughness that are used across various medical applications. These manufacturers focus on new product launches depending on the market requirements, technology acquisitions, distribution channels, and mergers & acquisitions undertaken by their competitors to meet the current and future demand for medical injection molded plastics for developing medical components, implants, cleanroom supplies, mobility aids, etc.

In December 2021, Covestro AG launched a new line of materials for hardware and medical device housings. Products consisting of medical polycarbonate (PC) and medical polycarbonate/polyester blends were launched that offer chemical resistance while using next-generation flame retardants. Some prominent players in the global medical injection molded plastics market include: 

• Dow, Inc.

• SABIC

• Eastman Chemical Company

• Celanese Corporation

• Covestro AG

• Rutland Plastic

• Evonik Industries AG

• Sumitomo Chemical Co., Ltd.

• Arkema

• INEOS Group

Medical Injection Molded Plastics Market Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2030. For the purpose of this study, Grand View Research has segmented the global medical injection molded plastics market report on the basis of product, application, and region:

• Product Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • Polypropylene (PP)

  • Acrylonitrile Butadiene Styrene (ABS)

  • Polyethylene (PE)

  • Polystyrene (PS)

  • Polycarbonate (PC)

  • Others

• Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • Medical Components

  • Implants

  • Cleanroom Supplies

  • Mobility Aids

  • Others

• Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia