Plastic Injection Molding for Medical Device Market accounted for US$ 82.7 million in 2020 and is estimated to be US$ 148.88 million by 2030 and is anticipated to register a CAGR of 6.1%. The medical plastic injection molding process is cost-efficient, and ideal for top volume production runs and applications requiring consistency and tight tolerances. This molding process is additionally used for medical device prototype development for the FDA approval process and to be used in laboratory testing. Since inception, the utilization of plastics within modern medicine has steadily increased. Medical devices that are manufactured from injection molded plastic have contributed to a discount in medical costs, communicable disease and pain management. High tech polymers are used within medical device prototype development and are commonly wont to create improved artificial limbs and devices that reduce the danger of infection. Medical plastic injection molding directly results in increased patient safety and therefore the ability to save lots of more lives. Since medical device plastics provide increased versatility and may be combined with metal to make enhanced medical product attributes, medical grade plastics became the well-liked material for varied sorts of electronic medical devices.
The report “Global Plastic Injection Molding for Medical Device Market, By Product Type (Drug Delivery Products, Diagnostic Drug Test Kits, Package and Container, Surgical Consumables), By End User (Hospitals, clinics and R&D), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030
Key Highlights:
In Jan 2020, Comar and iMARK molding entered into an agreement with a purpose to serve the medical device industry and their acquisition focused on delivering best-in-class engineering and custom plastic molding to Comar’s medical devices customers.
Analyst View:
Increasing technological advancements in plastic injection molding techniques to make sure medical products are free from contamination and safer is additionally expected to drive the expansion of the respective market. Rising healthcare expenditure and spending in both developing and developed economies are among the crucial factors anticipated to bolster the worldwide plastic injection molding for the medical device market. Moreover, the growing global geriatric population, including the prevalence of chronic diseases, is another factor expected to fuel market growth.
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Key Market Insights from the report:
The Global Plastic Injection Molding for Medical Device Market accounted for US$ 82.7 million in 2020 and is estimated to be US$ 148.88 million by 2030 and is anticipated to register a CAGR of 6.1%. The global plastic injection molding for medical device market report segments the market on the basis of type, end-user, and region.
Based on type, the Global Plastic Injection Molding for Medical Device Market is segmented into the Drug Delivery Products, Diagnostic Drug Test Kits, Package and Container, Surgical Consumables.
Based on end-user, the Global Plastic Injection Molding for Medical Device Market is segmented into Hospitals, clinics and R&D.
By region, the Global Plastic Injection Molding for Medical Device Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the Global Plastic Injection Molding for Medical Device Market owing to rising geriatric population.
Competitive Landscape:
The Key players in the global plastic injection molding for medical device market include Boston Scientific, SMC Plastics Ltd., CandJ Industries, Eastek International, Merit Medical, JunoPacific Inc., QFC Plastics, PCE Inc, Spectrum Plastics Group, Inc, Electroplast.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
