Medical Injection Molding Market Trend, Share, Growth, Size, Analysis and Forecast 2032

Medical Injection Molding Industry Prospective:

The global medical injection molding market size was evaluated at $24.17 billion in 2023 and is slated to hit $38.75 billion by the end of 2032 with a CAGR of nearly 5.38% between 2024 and 2032.  

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Medical Injection Molding Market: Overview

Medical injection molding is a cost-effective way of producing medical components that have stringent and tight tolerances. Reportedly, it is a production process producing plastic medical equipment and components.

Key Insights

• As per the analysis shared by our research analyst, the global medical injection molding market is projected to expand annually at the annual growth rate of around 5.38% over the forecast timespan (2024-2032)
• In terms of revenue, the global medical injection molding market size was evaluated at nearly $24.17 billion in 2023 and is expected to reach $38.75 billion by 2032.
• The global medical injection molding market is anticipated to grow rapidly over the forecast timeline owing to a rise in the cases of cardiovascular & respiratory diseases, escalating use of plastic in the healthcare sector, and a surge in the use of medical disposable products.
• In terms of system, the hot runner segment is slated to register the highest CAGR over the forecast period.
• Based on material, the plastics segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Based on the product, the medical equipment components segment is predicted to dominate the segmental space in the ensuing years.
• Region-wise, the North American medical injection molding industry is projected to register the fastest CAGR during the projected timespan.

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Medical Injection Molding Market: Growth Factors

A surge in the incidences of heart disorders can embellish the growth of the global market over 2024-2032

A rise in the cases of cardiovascular & respiratory diseases, the escalating use of plastic in the healthcare sector, and a surge in the use of medical disposable products will spearhead the expansion of the global medical injection molding market. Furthermore, the presence of strong healthcare infrastructure facilities in emerging countries will spur the growth of the market globally. Favorable government laws supporting the use of medical injection molding processes will prop up the expansion of the global market.

An increase in the use of medical equipment such as diagnostic devices, syringes, surgical devices, and IV components will spur the global market trends. Growing demand for miniaturization along with huge demand for complex designs in medical equipment will prompt the expansion of the global market.

Medical Injection Molding Market: Restraints

Changes in the foreign currency values can severely curb the growth of the global industry by 2032

Oscillations in foreign currencies impacting the profitability of the firms along with a surge in the competition between various countries can pose a threat to the expansion of the global medical injection molding industry in the upcoming years.

Medical Injection Molding Market: Opportunities

An increase in the production of medical components can open new growth avenues for the global market

Breakthroughs in biocompatible materials will open new growth avenues for the global medical injection molding market over the forecast period. A surge in the need for increasing mass production of key medical parts will shape the growth horizons of the global market in the years to come.

Medical Injection Molding Market: Challenges

Supply chain disruptions can challenge the growth of the global industry over the assessment period

Fluctuations in supply chain activities leading to massive culmination in the costs of raw components can challenge the expansion of the global medical injection molding industry in the years ahead.

Medical Injection Molding Market: Segmentation

The global medical injection molding market is divided into system, material, product, and region.                                         

In system terms, the medical injection molding market across the globe is bifurcated into cold runner and hot runner segments. Additionally, the hot runner segment, which acquired nearly 55% of the global market earnings in 2023, is expected to register the fastest annual rate of growth in the forecast timespan. The expansion of the segment in the next eight years can be a result of an increase in the system benefits such as shorter cycle times and reduced pressure needs for forcing molten mixture into the cavity of the mold, elimination of waste owing to removal of runners, and enhancements in quality & uniformity of components. Apart from this, the growing popularity of hot runner systems is enhancing due to a slew of advantages including low-pressure requirement and quick cycle time for pushing the molten mixture into the cavity of mold.

Based on the material, the global medical injection molding industry is divided into metal and plastics segments. Moreover, the plastics segment, which accumulated about 57% of the global industry earnings in 2023, is projected to make lucrative contributions towards the global industry proceeds over the analysis timeline. The growth of the segment in the forthcoming years can be owing to the growing demand for exceptional designs for medical-grade items and tools requiring a fabrication process adhering to strict medical cleanliness protocols. Reportedly, plastic injection molding is a major technique for making sophisticated designs for medical items.

On the basis of product, the medical injection molding market across the globe is sectored into patient aids, medical equipment components, orthopedic instruments, consumables, and dental products segments. Furthermore, the medical equipment components segment, which garnered nearly 70% of the global market size in 2023, is projected to dominate the segmental space in the upcoming years. The growth of the segment over the forecast period can be due to escalating requirements for medical equipment components in the healthcare sector along with the use of a medical injection molding process in the manufacture of medical equipment components.

Medical Injection Molding Market: Report Scope

Medical Injection Molding Market: Regional Insights

Asia-Pacific is expected to maintain the in the global market domination in the forecasting years

Asia-Pacific, which garnered nearly 33% of the global medical injection molding market earnings in 2023, is slated to establish leadership in the global market in the years ahead. In addition to this, the regional market expansion in the next couple of years can be subject to the rising need for innovative medical components along with the acceptance of injection molding systems.  Apart from this, a rise in the occurrence of chronic disorders and the need for cost-efficient & exact manufacturing methods in the healthcare sector will steer the regional market trends. Easy access to skilled workforce in India and China at reasonable wages will further provide impetus to the expansion of the regional market.

North American medical injection molding industry is anticipated to register the fastest growth rate annually during the forecast timespan. The rapid progression of the industry in North America can be ascribed to the massive presence of key players in countries such as the U.S. Growing need for ensuring the safety of medical devices and strict laws governing the medical device sector in countries of North America will proliferate the size of the regional industry.                

Key Developments

• In the second half of 2023, Milacron, a major player in the global plastics technology & processing sector, offered injection molding equipment to 20/20 Custom Molded Plastics, LLC.

• In the last quarter of 2023, C&J Industries, a key manufacturer of customized injection molding and medical equipment, acquired nearly 53,000 sq. feet of the building.

Medical Injection Molding Market: Competitive Space

The global medical injection molding market profiles key players such as:

• Proto Labs Inc.
• The Rodon Group
• TR Plast Group
• C&J INDUSTRIES
• All-Plastics
• Biomerics
• HTI Plastics
• H&K Müller GmbH & Co. KG
• EVCO Plastics
• Currier Plastics Inc.
• Tessy Plastics
• Formplast GmbH
• Hehnke GmbH & Co KG
• Majors Plastics Inc.

D&M Plastics LLC.

The global medical injection molding market is segmented as follows:

By System

• Cold Runner
• Hot Runner

By Material

• Metal
• Plastics

By Product

• Patient Aids
• Medical Equipment Components
• Orthopedic Instruments
• Consumables
• Dental Products

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa