Market Research Report
Medical Injection Molding Machine Market Size, Share & Trends Analysis Report By Product (Hydraulic, Electric, Hybrid), By Material (Plastics, Metal), By Region, And Segment Forecasts, 2022 - 2030
|Medical Injection Molding Machine Market Size, Share & Trends Analysis Report By Product (Hydraulic, Electric, Hybrid), By Material (Plastics, Metal), By Region, And Segment Forecasts, 2022 - 2030|
Published: April 19, 2022
Grand View Research, Inc.
Content info: 137 Pages
Delivery time: 2-10 business days
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.
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.
Key market players are undertaking collaborations and new product launches as sustainable strategies. In April 2021, Tederic Machinery Co. launched the NEO series of electric, hybrid injection molding machines that consists of a new generation of servo pumps. These machines can save up to 80% more energy as compared to hydraulic machines.