PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401772
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401772
The Medical Injection Molding Machine Market size was valued at USD 1,710 Million in 2022, expanding at a CAGR of 4.5% from 2023 to 2030.
Medical injection molding plays a vital role in the manufacturing process of a wide range of plastic medical devices and components. This process involves melting plastic resin pellets, which are then injected into a mold to create a specific shape. One of the major advantages of medical injection molding is its ability to produce FDA-approved medical devices that are not only durable but also highly reliable. As a result, it is an essential manufacturing process in the medical industry, serving various applications. Medical-grade plastic injection molding is extensively utilized for producing medical devices, components, laboratory equipment, and facility equipment, among others. With the continuous advancements in medicine and technology, the field of medical device injection molding must keep up with these developments. From the materials used to the technology employed in the manufacturing process, new trends are constantly emerging. This ensures that medical injection molding remains at the forefront of innovation, enabling the production of state-of-the-art medical devices that meet the evolving needs of the healthcare industry.
Medical Injection Molding Machine Market- Market Dynamics
Growing demand for injection molded plastic goods in the healthcare sector is anticipated to drive the market's growth.
The healthcare industry heavily relies on the production of medical devices and components, and injection molding is a widely utilized manufacturing process for creating various medical products such as syringes, vials, containers, surgical instruments, and disposable items. Injection molding proves to be highly efficient, especially when producing components in large quantities. According to the National Center for Biotechnological Information, a significant number of plastic disposable syringes are used in the healthcare sector, with a portion being utilized for drug dilution and application in plastic. The annual usage of syringes is estimated to be around 369,140, with an average of eight syringes per patient per in-hospital day. These syringes are disposed of as regulated medical waste in compliance with the law. Despite this, the injection market molded plastic goods in the healthcare sector can face challenges due to the high initial capital investment required for purchasing and setting up medical injection molding machines. However, the continuous advancements in automation and robotics within the injection molding field present opportunities for market growth.
Medical Injection Molding Machine Market- Key Insights
As per the analysis shared by our research analyst, the global Medical Injection Molding Machine market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030)
Based on Product segmentation, Electric was predicted to show maximum market share in the year 2022
Based on Material segmentation, Plastics was the leading type in 2022
Based on Application segmentation, Medical Equipment, was the leading type in 2022
based on region, Asia pacific was the leading revenue generator in 2022
The Global Medical Injection Molding Machine Market is segmented based on Product, Material, Application, and Region.
The market is divided into three categories based on Product: Hydraulic, Electric, and Hybrid. The electric segment holds the dominant position in the market. The energy efficiency of electric machines is frequently a crucial aspect that works in their favor. With industries, such as healthcare, placing greater emphasis on sustainability and energy preservation, the benefits of electric machines are further highlighted.
The market is divided into two categories based on Material: Plastics, Metals, and Others. The plastics segment dominates the market. Plastics are frequently more economical in comparison to alternative materials, which greatly contributes to their extensive utilization in medical injection molding. This economic advantage holds significant importance, especially in the healthcare industry, which is highly regulated and cost-sensitive.
The market is divided into seven categories based on Application: Surgery, Pharma, Diagnostics, Medical Equipment, Healthcare, and Cosmetics. The medical equipment sector holds a significant share of the market. The growing worldwide need for medical devices, such as diagnostic equipment, surgical instruments, and patient monitoring devices, is expected to propel the dominance of the medical equipment segment in the injection molding machine market.
Medical Injection Molding Machine Market- Geographical Insights
The Medical Injection Molding Machine Market is spread across various regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented based on the countries involved in the business. The Asia Pacific region is anticipated to dominate the growth of the Medical Injection Molding Machine Market. This can be attributed to the expansion of healthcare infrastructures, such as hospitals and clinics, and the rising number of individuals opting for home care facilities. With the increasing demand for medical devices and the expansion of healthcare infrastructure, there is a corresponding need for advanced manufacturing technologies like medical injection molding machines. China, in particular, heavily relies on urban hospitals to provide even basic healthcare services. Although hospitals account for only 3.5 percent of medical institutions in China, they handle 45 percent of all outpatient visits. The United Nations predicts that by 2045, nearly 450 million people in China will be aged 60 or older. As China's population ages, the healthcare system is ill-prepared to provide long-term care to hundreds of millions of elderly individuals. On the other hand, North America and Europe are expected to drive the growth of the market in the forecast period. This can be attributed to the increasing demand for precision and miniaturized medical devices in these regions.
The competitive landscape of the medical injection molding machine market entails a thorough analysis of key players, their market share, product offerings, technological advancements, and strategic initiatives. Manufacturers are actively researching emerging trends in this market, including technological advancements, shifts in demand, and changes in manufacturing processes. The market share of certain companies may be influenced by their strong presence in specific regions. It is advisable to explore potential partnerships or collaborations with other companies, particularly those in the medical device manufacturing industry, as this can indicate strategic initiatives. Furthermore, it is worth considering the exploration of potential growth opportunities in emerging markets, which may experience an increasing demand for medical devices and, consequently, medical injection molding machines.
In JUNE 2022, Haitian International is set to enhance its production and logistics network in Europe. With an investment of approximately €100m, the company will construct a state-of-the-art facility in Ruma, Serbia. This modern plant will be dedicated to the manufacturing and customization of up to 2,500 injection molding machines annually for Haitian.
The scope of this report covers the market by its major segments, which include as follows: