The global medical injection molding market size was valued at USD 1.38 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2020 to 2027. The increasing demand for plastic and metal injection molded components in the medical industry is expected to drive the market over the forecast period. Moreover, the growth of the home healthcare sector on account of the low costs involved as compared to hospital care and intensive care has resulted in a rise in the demand for medical devices. Different types of medical tests conducted by hospitals for diagnosis have also contributed to the increasing demand for medical devices. The rising geriatric population in the country, sophisticated healthcare infrastructure, and relatively higher disposable income levels are some of the key factors driving the healthcare industry in the U.S. In addition, the country has the highest healthcare spending in the world.
The aforementioned factors are expected to have a positive impact on the growth of the medical injection molding market over the forecast period. The plastic injection molding process is used for manufacturing implantable components, test tubes, beakers, casings & housings for laboratory & medical equipment, drug delivery components & equipment, and surgical equipment. Rising demand for medical devices across hospitals and laboratories during the COVID-19 pandemic is anticipated to have a positive impact on market growth.
Factors, such as ISO certifications & compliance, FDA regulations, material properties, suitability in extreme conditions, and durability are taken into consideration during the manufacturing process. Materials such as silicone, polycarbonate, polyethylene, and polypropylene, are widely used in the medical injection molding process. It is one of the primary processes that many companies adopt to manufacture medical products by using plastic as well as metal materials.
The hot runner system held the largest market share of over 55% in 2019 and is expected to exhibit the fastest CAGR over the forecast period. Hot sprinter molds consist of two plates, which are heated using a complex framework. This framework maintains the temperature of liquid thermoplastics at the same level as their warming chamber. As a result, the demand for the hot runner system is high.
Moreover, several benefits of hot runner system including faster cycle time and 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, are augmenting the segment growth.
The use of cold runner system depends on its advantages, such as easy maintenance and cost-effectiveness; 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 cold runner systems is growing at a significant rate owing to lower initial investments compared with other systems.
In addition, flexibility in designing options, capabilities of handling a variety of engineered thermoplastics, and flexibility in gate locations, which can be easily changed or upgraded, will boost the demand for cold runner systems. However, the demand for hot runner is higher owing to its better efficiency.
Class III medical device segment accounted for 38.4% of the overall revenue share in 2019. Class III medical devices, such as defibrillators, ventilators, respirators, and oxygen therapy equipment, are anticipated to have a significant demand on account of the COVID-19 pandemic. The growing adoption of injection molding to manufacture medical device components is projected to drive the segment growth over the forecast period.
Overall 10.0% of all the medical devices fall under this category. These devices are capable of handling the substantial risk of injury and are designed with the balance of strong cybersecurity control and easy accessibility. Class III includes devices such as implanted pacemakers, heart valves, and cerebral simulator.
Injection molding is used to produce a broad range of medical components; it widely used processes in mass production. It has the ability to produce components and small disposable goods with high precision. Growing adoption of injection molding to produce numerous parts and components of Class I medical devices is expected to have a positive impact on market growth over the coming years.
The Class II segment is projected to register the fastest CAGR over the forecast period. Injection molding offers several advantages over other methods, such as lower risk, higher safety, and high productivity. Furthermore, the growing penetration of plastic injection molded products in the medical industry is expected to drive market growth over the forecast period.
The plastic material segment in the medical industry accounted for 76.0% of the overall revenue share in 2019. 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.
Plastic injection molding is a feasible technique for manufacturing complicated designs of medical products. Demand for medical-grade injection-molded products is increasing as they are durable, naturally resistant to contaminants & chemicals, and offer economies of scale to large-scale firms. As a result, the penetration of the material is expected to witness significant growth.
Metal Injection Molding (MIM) is suitable for the manufacturing of intricate, small, and precision metal components required by the medical industry. The MIM process uses a combination of thermoplastic and powder metallurgy injection molding. Moreover, it is more cost-effective than other conventional fabrication methods since it lowers raw material usage, workforce, and inventory costs.
Products manufactured using this process also tend to display better mechanical properties that are superior to other Powder Metal (PM) parts & castings. As a result, the demand for injection molded metal components is growing across the globe. However, the risk of corrosion, large amounts of wastage, and difficulty in producing complicated medical parts are some factors impeding the segment growth.
Asia Pacific dominated the global market with a revenue share of over 38% in 2019. The region is also projected to register the fastest CAGR during the forecast period. Major factors contributing to the market growth in the Asia Pacific include growing population, expanding healthcare infrastructures, the increasing number of people opting for home care facilities, and rising medical tourism in the region.
North America accounted for 23.8% of the global revenue in 2019. The rapid spread of the coronavirus in the region is expected to drive the demand for numerous medical devices over the forecast period. Post-COVID-19 pandemic, the government authorities are expected to invest more in healthcare infrastructure development. This is also expected to drive the demand for medical devices and medical injection molding. The demand for medical components is expected to witness growth in Mexico on account of the rising geriatric population and cases of Cardiovascular Diseases (CVDs), metabolic disorders, and respiratory diseases.
The revision of the regulatory framework associated with the medical device industry is expected to increase the safety and performance standards of medical devices. As a result, the demand for innovative, biocompatible, and recyclable plastics with superior quality is expected to grow over the forecast period.
The industry participants focus on launching new products, technological advancements, and growth strategies, such as mergers and acquisitions, to strengthen their market position. 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. The transaction is valued at around USD 2.0 billion and is expected to finish by 2020. Some of the prominent players in the medical injection molding market include:
C&J Industries
HTI Plastics
AMS Micromedical LLC
Proto Labs, Inc.
Metro Mold & Design Inc.
ENGEL AUSTRIA GMBH
Milacron
Report Attribute |
Details |
Market size value in 2020 |
USD 1.51 Billion |
Revenue forecast in 2027 |
USD 2.59 Billion |
Growth Rate |
CAGR of 8.2% from 2020 to 2027 |
Base year for estimation |
2019 |
Historical data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative units |
Revenue in USD million and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
System, class, material, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
The U.S.; Canada; The U.K.; Germany; France; Italy; Spain; Australia; China; India; Japan; South Korea; Argentina; Brazil; Colombia; Mexico; Saudi Arabia; South Africa; UAE |
Key companies profiled |
C&J Industries; HTI Plastics; AMS Micromedical LLC; Currier Plastics Inc.; Proto Labs, Inc.; Metro Mold & Design Inc.; Harbec, Inc.; Milacron; ENGEL AUSTRIA GMBH |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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 2016 to 2027. Grand View Research has segmented the global medical injection molding market report on the basis of system, class, material, and region:
System Outlook (Revenue, USD Million, 2016 - 2027)
Hot Runner
Cold Runner
Class Outlook (Revenue, USD Million, 2016 - 2027)
Class I
Class II
Class III
Material Outlook (Revenue, USD Million, 2016 - 2027)
Plastic
Metal
Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Italy
Spain
Asia Pacific
Japan
China (Mainland)
India
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE
b. The global medical injection molding market size was estimated at USD 1.38 billion in 2019 and is expected to reach USD 1.51 billion in 2020.
b. The medical injection molding market is expected to grow at a compound annual growth rate of 8.2% from 2020 to 2027 to reach USD 2.59 billion by 2027.
b. Asia Pacific dominated the medical injection molding market with a share of 38.2% in 2019. This can be attributed to the increasing demand for medical devices owing to developing healthcare infrastructure in the region.
b. Some of the key players operating in the medical injection molding market include 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.
b. The key factors that are driving the medical injection molding market include rising demand for injection molded components for medical devices and rising demand for medical devices owing to the outbreak of the COVID-19 pandemic.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.