Plastic Injection Molding For Medical Device Market To reach US$ 1,36,167.0 Mn by 2028
Injection molding is the key process of manufacturing products and parts by injecting molten materials into molds. Injection molding process can mold parts and components using materials such as metals, elastomers, glass, thermoplastics, and thermosetting polymers. It is considered a multipurpose technique for manufacturing and offers numerous benefits to other methods. Injection molds are exposed to too high pressure, which reduce to bare bones related to the complex and intricate designs that otherwise will be expensive to manufacture using other techniques.
The Global Plastic Injection Molding for Medical Device Market is projected to be US$ 81,700.2 Mn in 2020 to reach US$ 1,36,167.0 Mn by 2028 at a CAGR of 6.5%. The first five-year cumulative revenue (2019–2023) is projected to be over US$ 4,35,750 Mn, which is estimated to increase moderately over the latter part of the five-year forecast period.
Injection molding is the key process of manufacturing products and parts by injecting molten materials into molds. The injection molding process can mold parts and components using materials such as metals, elastomers, glass, thermoplastics, and thermosetting polymers. It is considered a multipurpose technique for manufacturing and offers numerous benefits to other methods. Injection molds are exposed to too high pressure, which reduces to bare bones related to the complex and intricate designs that otherwise will be expensive to manufacture using other techniques. Injection molding also imparts enhanced strength to products and also allows customization as per customer requirements.
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Global Plastic Injection Molding for Medical Device Market: Market Dynamics
Increasing healthcare spending and expenditure in both developed and developing economies is a significant factor anticipated to propel the global plastic injection molding for the medical device market.
However, price volatility for plastics raw material due to fluctuating crude oil prices is likely to impact the growth of the global plastic injection molding for the medical device market to a certain extent.
Constant improvements in injection molding technologies such as multiple-component injection and micro injection molding are projected to provide players with optimistic opportunities in the global plastic injection molding for the medical device market.
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Global Plastic Injection Molding for Medical Device Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global plastic injection molding for medical device market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global plastic injection molding for medical device market is estimated to expand at a CAGR of 6.5% during the forecast period.
Global Plastic Injection Molding for Medical Device Market: Segmental Snapshot
The market report has been segmented on the basis of product type, end-user, and region/country. The product type segment includes drug delivery products, diagnostic drug test kits, package and container, surgical consumables, others. The end-user segment includes hospitals, clinics, R & D. The region covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The drug delivery products segment is expected to register a CAGR of over 7.5%, thereby accounting for highest revenue share among the type segments.
By end-user: The hospitals segment is expected to register a CAGR of over 6.9% over the forecast period, thereby accounting for highest revenue share among the end-user segments.
By region: The market in North America accounted for highest revenue share in the global plastic injection molding for medical device market in 2018, and is estimated to register a CAGR of over 7.5% between 2019 and 2028.
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Global Plastic Injection Molding for Medical Device Market: Competitive Analysis
The research report on the Global Plastic Injection Molding for Medical Device Market includes profiles of major companies such as Becton, Dickinson and Company, Teleflex Incorporated, B. Braun Melsungen AG, Terumo Corporation, Flex Ltd., Smiths Group plc., WEGO HOLDING COMPANY LIMITED, Phillips-Medisize Corporation, Nipro, Boston Scientific Corporation, QFC Plastics Inc, Shanghai Kindly Enterprise Development Group Co., Ltd., Spectrum Plastics Group, Inc, ICU Medical, Inc, Merit Medical Systems, Freudenberg & Co KG, and PCE, Inc.
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