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Medical Injection Molding Market Size Worth $1.83 Billion by 2026: Grand View Research, Inc.
SAN FRANCISCO, Oct. 10, 2019 /PRNewswire/ -- The global medical injection molding market size is anticipated to reach USD 1.83 billion by 2026, expanding at a CAGR of 4.0% during the forecast period, according to a new report by Grand View Research, Inc. Factors such as, rising demand for medical products, adoption of disposables, and rapid technological advancements are anticipated to boost the growth.
Key suggestions from the report:
- Hot runner system dominated the medical injection molding market in 2018 owing to the faster cycle time, quality standard components, and higher production volume
- Plastic material segment held the leading market share in 2018, owing to its feasible nature for manufacturing complex medical parts, increased functionality, and low cost
- Class 3 held the leading market share in 2018 owing to their potential of bearing risk and injury. However, Class 2 is expected to expand at the highest CAGR owing to the benefits such as safety and effectiveness
- Asia Pacific dominated the regional market due to rise in government spending and high demand for medical devices coupled with increasing demand for polypropylene in plastic injection molding components
- Key market players are introducing technologically enhanced products to gain competitive advantage. For instance, in 2018, Milacron demonstrate its low-pressure injection molding process known as iMFLUX designed by Procter and Gamble. This technology uses highly consistent pressure to achieve up to 50% resulting in faster cycle and reduction in weight of machine parts
Read 114 page research report with ToC on "Medical Injection Molding Market Size, Share & Trends Analysis Report By System (Cold Runner, Hot Runner), By Class (Class 1, Class 2, Class 3), By Material (Metal, Plastics), By Region, And Segment Forecasts, 2019 - 2026" at: https://www.grandviewresearch.com/industry-analysis/medical-injection-molding-market
Technological advancements are expected to drive the market growth. The ability to mold several raw materials through medical injection molding process and increased energy efficiency of injection molding machine have outperformed the traditional medical injection molding machines. Therefore, with technological advancements, the use of injection molding machines for producing medical devices is anticipated to witness growth. This process is used for manufacturing various devices such as cerebral simulators and implantable pacemakers.
Increasing application of plastics in healthcare is anticipated to positively influence the medical injection molding market. Plastic is cost-effective, non-corrosive, pliable, lightweight opposed to other material, and can be molded into more complex shapes and patterns. These advantages are projected to drive the demand for plastics in healthcare products. According to the National Center for Biotechnology Information (NCBI), plastic meets critical requirements of medical products in terms of sterility and chemical resistance.
Grand View Research has segmented the global medical injection molding market on the basis of system, class, material, and region:
- Medical Injection Molding System Outlook (Revenue, USD Million, 2015 - 2026)
- Cold Runner
- Hot Runner
- Medical Injection Molding Class Outlook (Revenue, USD Million, 2015 - 2026)
- Class I
- Class II
- Class III
- Medical Injection Molding Material Outlook (Revenue, USD Million, 2015 - 2026)
- Injection Blow Molding
- Extrusion Blow Molding
- Medical Injection Molding Region Outlook (Revenue, USD Million, 2015 - 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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