Medical Injection Molding Market Size, Share & Trends Analysis Report By System (Cold Runner, Hot Runner), By Class (Class 1, 2, 3), By Material (Metal, Plastic), And Segment Forecasts, 2020 - 2027

Report Overview

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.

System Insights

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 Insights

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.

Material Insights

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.

Regional Insights

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.

Key Companies & Market Share Insights

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

Medical Injection Molding Market Report Scope

Segments Covered in the 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 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