Medical Injection Molding Market Size, Share & Trends Analysis Report By Material (Plastics, Metal, Others), By System (Hot Runner, Cold Runner), By Product, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global medical injection molding market size was estimated at USD 20.30 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030. This growth is poised to be driven by the demand for mass production of identical medical components with design flexibility and precision at lower costs. The number of hospital visits and hospitalizations has increased manifold since the advent of the COVID-19 pandemic.

This has augmented the demand for various devices in emergency room products, MRI equipment, drug delivery systems, and surgical devices, among other devices used in hospitals. The market in the U.S. has undergone a transformation as a result of the COVID-19 pandemic, with players acquiring and expanding their capacity to satisfy the market's growing demands.

The regional industry is predicted to witness growth in the coming years, owing to various factors such as the increasing number of manufacturers adopting medical injection molding technology, the rising demand for medical equipment, and the rising healthcare expenditure in the country.

Medical-grade products, components, equipment, and tools require a production process that meets medical hygiene standards. Injection molding is a viable approach for producing complex medical products, components, equipment, and tools. Medical-grade injection-molded products are in high demand globally because they are long-lasting and are inherently resistant to pollutants and chemicals. These factors are expected to boost the industry demand.

Medical injection molding (MIM) can be utilized to develop complicated and basic medical devices. In general, it is best suited for pieces that have thickness and weight less than 6 mm thick and 100 g, respectively. However, the advent of new binder removal procedures has enabled the processing of cross-sections of parts of medical devices that are larger than 12.5 mm and weigh up to 400 g.

In-house injection molding of injection molded components by OEMs can be a considerable issue in terms of productivity, cost, and quality. Many companies are outsourcing injection molding services because it provides benefits such as strategic optimization, reduced inventory, economies of scale, quick start-up time, and increased quality.

Material Insights

The plastics material segment led the industry and accounted for 98.8% of the global revenue share in 2020. Plastic injection molding is a viable approach for producing complex medical products. Medical-grade injection-molded goods are in high demand because they are long-lasting, inherently resistant to pollutants and chemicals, and provide economies of scale to major manufacturing companies.

The rising use of engineering-grade plastic resins for medical and pharmaceutical products is due to factors such as high-temperature endurance, metal tolerance, and high tensile strength. Furthermore, these resins allow for a reduction in product weight, manufacturing waste, and manufacturing costs, leading to their use in medical device injection molding.

The demand for metals in the manufacturing process is likely to grow at a CAGR of 8.2% during the forecast period. Metal injection molding is an excellent method for producing delicate, tiny, and precision metal components for the medical industry. The metal injection molding process employs both thermoplastic and powder metallurgy injection molding.

Metal injection molding is suitable for producing delicate and precise metal components used in medical applications. This process employs both thermoplastic and powder metallurgy injection molding technologies for developing metal-based medical components. Metal injection molding is more cost-effective than other traditional fabrication processes as it reduces raw material utilization, labor, and inventory expense.

System Insights

Hot runner systems led the medical injection molding market and accounted for more than 57.8% of the global revenue share in 2020. The growth is attributed to various advantages of these systems, such as faster cycle time and lower pressure required to drive the molten mixture into the mold cavity, elimination of waste due to the elimination of runners, the housing of larger parts with greater volume of production, and an increase in the uniformity & quality of parts.

Hot sprinter molds are made up of two plates that are heated by a sophisticated structure. This structure keeps liquid thermoplastics at the same temperature as their warming chamber. There are two types of hot sprinters: inside warmed sprinters and distantly warmed sprinters. The hot sprinter framework keeps the material in a liquid state throughout the sprinter method, until it enters the form pit.

The cold runner system market is likely to advance at a CAGR of 5.4% during the forecast period. The use of a cold runner system is based on its benefits such as ease of maintenance and cost-effectiveness; it is suited for a wide range of polymers. This technology is a viable choice because it produces higher-quality parts. As a result of reduced initial investments compared to other systems, the use of cold runner systems is increasing at a rapid pace.

A cold runner system is a physical tube that is not heated and is used to inject plastic through a sprue. Its mold base is made up of two or three plates. The injection technique employs molten thermoplastic, which is injected into the molds through a nozzle via a sprue. Runners are kept at the same temperature as molds in this system.

Product Insights

The medical equipment components segment led the market and accounted for around 34.9% of the global revenue share in 2021. Pharmaceutical companies having a presence in the United States include 3M Health Care Business, Johnson & Johnson, Abbott Laboratories, and Pfizer Inc. 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 the demand for these products.

The in-house injection molding of injection molded components by OEMs can be a considerable issue in terms of productivity, cost, and quality. Many companies are outsourcing injection molding services because it provides streamlined inventory, optimization, economies of scale, quick start-up time, and enhanced quality, among other benefits, all of which are projected to drive industry demand throughout the forecast period.

The dental products market is likely to grow at a CAGR of 6.8% during the projection period. Medical injection molding of dental products offers advantages for designs of complex geometry, precision, and production in large-scale series of implants with high performance. Different products include procedures, extraction instruments, and instruments used in the reconstruction of teeth.

The increasing geriatric population globally that is suffering from oral diseases, demand for medical tourism relating to dental treatment, and the launch of multiple initiatives for oral health care for the public by the government, are few of the growth enablers for the industry. Furthermore, people are becoming more conscious of cosmetic dental treatment, which helps to improve looks and keep fresh breath, which is expected to boost the industry growth.

Regional Insights

Asia Pacific led the market and accounted for 40.6% of the global revenue share in 2021. The healthcare industry in the region is expected to grow at a swift pace owing to several factors, including the aging population coupled with urbanization, improving the standard of living, and expanding healthcare infrastructure in countries such as China, India, and Japan. The ongoing COVID-19 pandemic has further increased hospitalization and in turn boosted the demand for disposable medical devices, thereby propelling the industry growth.

In North America, the rising healthcare costs and an aging population are expected to boost the medical sector. Government authorities are anticipated to invest considerably in healthcare facilities following the COVID-19 pandemic. The increasing use of injection molding to manufacture a variety of parts and components for medical devices is likely to boost industry growth in the coming years.

The medical industry in the U.S. is among the most technically advanced in the world, thereby contributing to the surging demand for medical devices. Moreover, it has a high per capita income, along with increased health awareness among the masses. All these factors contribute to the augmented adoption of this technology in the healthcare sector, thereby boosting industry growth.

The regulatory framework for the medical device sector in Europe is being changed, with the goal of raising medical device safety and performance standards. As a result, during the forecast period, demand for high-quality, biocompatible, recyclable, and innovative plastics in medical devices is expected to increase, which is expected to boost medical injection molding services.

Key Companies & Market Share Insights

Due to the presence of both international and local producers, the global MIM market is quite competitive. To increase market penetration and fulfill changing technological demands in the medical business, global manufacturers use a variety of methods such as acquisitions, collaborations, new product development, and geographic growth.

In February 2020, HTI Plastics added new Haas VF-3SSYT Vertical mills, thereby enhancing its lineup in CNC machinery, along with gaining the ability to perform greater detailed work with increased precision at a fast pace. This investment helped the company in increasing setup time, thereby boosting the turnaround on finished components. Some prominent players in the 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

Segments covered in the report

This report forecasts revenue growth at the global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 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, 2017 - 2030)

  • Medical equipment components

  • Consumables

  • Patient Aids

  • Orthopedics Instruments

  • Dental Products

  • Others

• System Outlook (Revenue, USD Million, 2017 - 2030)

  • Hot Runner

  • Cold Runner

• Material Outlook (Revenue, USD Million, 2017 - 2030)

  • Plastics

  • Metals

  • Others

• Regional Outlook (Revenue, USD Million; 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • UK

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE