PUBLISHER: Grand View Research | PRODUCT CODE: 1375974
PUBLISHER: Grand View Research | PRODUCT CODE: 1375974
The global medical injection molded plastic market size is anticipated to reach USD 37.61 billion by 2030, according to a new report by Grand View Research, Inc.. The market is projected to grow at a CAGR of 4.3% from 2023 to 2030. Increasing healthcare investments across emerging nations is expected to drive the market. The global healthcare sector continues to expand at a faster rate than the overall economy, thereby contributing to the growth of medical injection molded plastics.
Between 2002 and 2022, global healthcare spending, in real terms, increased by approximately 4.0% per year, while the economy grew by 3.0% annually. This significant increase in healthcare spending was particularly notable in a group of 42 countries that experienced rapid economic growth. On average, real healthcare spending per capita grew 2.2 times, and its share of GDP increased by 0.6 percentage points. In most cases, healthcare spending outpaced GDP growth between 2002 and 2022.
Medical injection molded plastics are gaining importance in the manufacturing of medical devices and medical products on account of their properties such as durability, temperature resistance, corrosion resistance, and ability to withstand wear & tear. Increasing demand for injection molded plastics in medical applications, such as syringes, inhalation masks, catheters, and other surgical tools, is expected to further drive the market growth over the forecast period.