The global medical injection molding machine market size is anticipated to reach USD 2.61 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. The industry is primarily driven by the increased application of plastics in several healthcare products, and technological advancements in the medical industry.
Medical Injection Molding Machine Market Report Highlights
- Plastic accounted for 85.2% of the global revenue share in 2021, owing to its high flexibility, cleanliness, high tensile strength, metal tolerance, & temperature resistance among other factors that make it ideal for medical injection molding
- The demand for electric medical injection molding machines is expected to expand at a CAGR of 4.5% from 2022 to 2030, on account of their higher energy efficiency, lesser downtimes, faster process, and clean operations
- Asia Pacific accounted for around 36.5% of the global revenue share in 2021, attributed to the expanding healthcare infrastructure such as hospitals, increasing number of people opting for home care facilities, and rising medical tourism
- The demand for hot runner systems is expected to advance at a CAGR of 5.2% from 2022 to 2030, owing to faster cycle times, elimination of the need for robotics, and increased efficiency as compared to cold runner systems
- In January 2021, Husky Injection Molding Systems Ltd launched the UltraShot Injection System, an injection molding technology that aims to maximize overall part design freedom and speed-to-market
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As the industry rapidly develops, a variety of high-performance plastics and technologies for medical devices are emerging. PP, PVC, PE, and silicon rubber have been one of important raw materials for medical injection molding and pharmaceutical packaging. High-performance materials such as polyether ether ketone (PEEK), biocompatible polycarbonate (PC), and thermoplastic elastomer (TPE), are also important materials that drive the development of the medical industry. They are material of first choice in making capsule endoscope shells, as they have strong resistance to corrosion, hydrolysis, and chemicals and laziness to body fluids, can be used to make implantable medical devices, such as gastrointestinal stents and implantable fluid pumps, to alleviate the pain in patients caused by conventional paracentesis, and medical polycarbonate, for its biocompatibility, strong corrosion resistance, and non-breakability, is the material of first choice in making capsule endoscope shells. The primary application includes in surgery, pharma, medical equipment, healthcare, and cosmetics.
The demand for testing kits witnessed exponential growth globally, as healthcare authorities attempted to track the spread of the COVID-19 pandemic. This resulted in various companies in the medical devices and pharmaceuticals sectors initiating the production of these kits and ramping up their production capacities to help alleviate testing shortages.
The adoption of different raw materials used in the injection molding process, as well as the rising energy efficiency of injection molding machines, have replaced traditional molding machines. This, in turn, has boosted the demand for automated and energy-efficient injection molding equipment used in the medical industry. The key factors influencing the demand for medical products include availability, awareness, affordability, and adaptability. Increasing demand for better healthcare facilities and the ongoing COVID-19 pandemic has boosted the growth of medical devices manufactured by using injection molding machines.
Manufacturers are focusing on producing injection molding machines that can bring down production costs, provide flexibility in production, reduce scrap, are low maintenance, shorten production cycle times, and are efficient in every manner. This is increasing the demand for electric and hybrid medical injection molding machines.
Medical Injection Molding Machine Market Insights By Regions
Asia Pacific led the market and accounted for largest global revenue share. The healthcare industry in the region is expected to grow at a swift pace, owing to several factors, including aging population and urbanization, improving standards of living, and expanding healthcare infrastructure in countries such as China, India, and Japan. North America, 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 epidemic. 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 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 projection years, demand for high-quality, biocompatible, recyclable, and innovative plastics in medical devices is expected to increase.
Competitive Analysis By Major Players
The global market is quite competitive, due to the presence of both international and local producers. To increase industry penetration and fulfill changing technological demands in the medical business, the global medical injection molding machine manufacturers use a variety of methods, such as acquisitions, collaborations, new product developments, and geographic expansion. Some prominent players in the medical injection molding machine market include:
- Sumitomo (SHI) Demag Plastics Machinery GmbH
- ENGEL MACHINERY INDIA PVT. LTD.
- Husky Injection Molding Systems Ltd
- Arburg GmbH + Co KG
- Engel Austria GmbH
- Milacron MSA
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Medical Injection Molding Machine Market Segmentation
Grand View Research has segmented the global medical injection molding machine market based on product, system, material, and region.
- Medical Injection Molding Machine Product Outlook (Revenue, USD Million, 2017 – 2030)
- Medical Injection Molding Machine System Outlook (Revenue, USD Million, 2017 – 2030)
- Medical Injection Molding Machine Material Outlook (Revenue, USD Million, 2017 – 2030)
- Medical Injection Molding Machine Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players in the Medical Injection Molding Machine Market
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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