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Medical Injection Molded Plastics Market

Medical Injection Molded Plastics Market: Information by Product (Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS)), Application (Medical Components, Implants), and Region- Forecast till 2031

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Market Snapshot

market snapshot
Base Year:
2022
Study Period:
2021-2031
CAGR:
4.5 %
Fastest Growing Market:
Europe
Largest Market:
North America

The Total Addressable Market (TAM) for medical injection molded plastics was valued at USD 24.61 billion in 2022. It is estimated to reach USD 36.57 billion by 2031, growing at a CAGR of 4.5% during the forecast period (2023–2031). Manufacturing parts by injecting molten material into a mold is known as injection molding. Metals (for which the process is known as die-casting), glasses, elastomers, confections, and thermoplastic and thermosetting polymers are the most common materials for injection molding. In this process, the material for the part is fed into a heated barrel, mixed (via a helical screw), and then injected into a mold cavity, where it cools and hardens to the shape of the cavity. Metal molds, typically steel or aluminum, are precision-machined to form the features of the desired part after the product has been designed, typically by an industrial designer or engineer.

Injection molding is commonly used to mass-produce everything from tiny screws to car doors. Products made of rubber, plastic, and other materials use medical injection molding machines. The manufacturing process makes it possible to produce lots of medical devices. Molten materials are injected into a mound to make it work and are used in a mass-production process to create thousands of identical components. Thermoplastic and thermosetting polymers are the most frequently used materials in injection molding, but other materials used in the process include metals, glass, elastomers, and sweets.

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Market Dynamics

Market Driving Factors

Growing Need for Medical Technologies

Plastics used in medical injection molding have significantly changed the healthcare industry. Medical injection molded plastic has emerged as one of the few flexible materials that can keep up with the changing demands of the industry due to advancements in the healthcare sector. Disposable plastic syringes, blood bags, new heart valves, and other medical devices have all been produced using injection molded plastics.

Additionally, medical injection molded plastics can be customized to meet the needs of a particular application. They are employed, for example, in creating novel medical devices. Due to their capacity to conform to even the smallest and most intricate molds, plastics are now used in surgical instruments and procedures and items like contemporary pacemakers, stents, and joint replacement devices. This is anticipated to drive the market over the forecast period.

Improving Healthcare Investments in Emerging Economic Situations

The market for medical injection molded plastics is aided by the fact that the global healthcare industry is growing faster than the overall economy. High-income countries account for about 80% of global spending, but between 2002 and 2022, middle-income countries' share increased from 13% to 19%. These investments have increased technological development, increasing the demand for medical injection molded plastics. Medical injection molded plastics are becoming increasingly important in medical devices and product production due to their toughness, temperature resistance, corrosion resistance, and resistance to wear and tear. The global medical injection molded plastics market is anticipated to grow over the forecast period due to rising demand for injection molded plastics in medical applications such as inhalation masks, syringes, catheters, and other surgical tools.

Market Restraining Factors

Variable Prices for Raw Materials

The fluctuating price trend of raw materials due to unstable energy prices is the primary restraint on the global medical injection molded plastics market. According to BP statistics, the price of oil decreased from USD 81.05/bbl in 2019 to USD 41.84/bbl in 2020. As a result, the growth of the global market for medical injection molded plastics is constrained by shifting oil prices. Additionally, the medical injection molded plastics market's growth in the upcoming years may be hampered by stringent regulations regarding product quality and costs imposed by various medical agencies.

Segmental Analysis

The global medical injection molded plastics market is segmented by product and application.

Based on the product, the global market is bifurcated into polypropylene (PP), acrylonitrile butadiene styrene (ABS), polyethylene (PE), polystyrene (PS), polycarbonate (PC).

The polypropylene (PP) segment is the highest contributor to the market and is expected to grow at a CAGR of 5.4% during the forecast period. Due to its high toughness and durability, polypropylene (PP) is used to make protective packaging and medical equipment. It is also suitable for producing medical components such as disposable syringes, connectors, finger-joint prostheses, non-absorbable sutures, reusable plastic containers, pharmacy prescription bottles, clear bags, beakers, test tubes, and others due to the strong chemical bonds. Due to its lightweight, chemical, and bacterial resistance, and low-cost attributes, it is anticipated to experience significant growth in the applications for medical components over the coming years. It also has a high demand in the syringe manufacturing industry because it is simple to mold into the required dimensions.

Due to its strong impact resistance and durability, Acrylonitrile Butadiene Styrene (ABS) is an engineering plastic that can be injection molded and used in non-absorbable sutures, tendon prostheses, drug-delivery systems, cleaning applications, and tracheal tubes. Due to its temperature resistance, good tensile strength, heat resistance, shock absorbance, dimensional stability, and corrosion resistance properties, injection-molded ABS is widely used in medical devices. Over the forecast period, this is anticipated further to supplement the demand for ABS across the market.

Based on the application, the global market is bifurcated into medical components, implants, cleanroom supplies, and mobility aids.

The medical components segment owns the highest contributor to the market and is expected to grow at a CAGR of 5.4% during the forecast period. The demand for medical supplies like protective and personal equipment (PPE), face masks, gloves, and gowns, as well as magnetic resonance imaging (MRI) scanner machines, increased significantly due to the COVID-19 pandemic. While developed countries produced technology-intensive equipment like MRI scanners and mechanical ventilators, emerging countries produced personal protective equipment (PPE), face masks, and gloves. There is a huge market for medical plastics in applications for medical components like testing apparatus, ventilators, syringes, and medical trays due to rising healthcare costs and changing lifestyles around the globe.

Medical implants are objects that are either temporarily or permanently inserted inside or on the body's surface. Implants may be inserted into the body permanently or removed once no longer required. The demand for medical injection molded plastics is anticipated to be driven by the growing elderly population and an increase in diseases like orthopedic disorders, endovascular disorders, cardiovascular diseases, and dental implants. Additionally, a rise in the demand for dental implants, nasal implants, cheek implants, and other aesthetic implants from the aesthetics population is anticipated to fuel the market for medical injection molded plastics over the forecast period.

Regional Analysis

North America Dominates the Global Market

By region, the global medical injection molded plastics market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

Medical Injection Molded Plastics Market Regional Analysis

Regional Growth Insights Request Sample Pages

North America is the most significant shareholder in the global medical injection molded plastics market and is expected to grow at a CAGR of 5.1% during the forecast period. One of the key trends affecting the market in North America is the rising per capita healthcare spending in the United States in the form of health insurance. This is anticipated to increase demand for generic medications and medical devices, driving the North American medical injection molded plastics market over the forecast period. Surgical supplies, drug delivery products, diagnostic drug kits, and other medical items are essential examples. The medical injection molded plastics market in North America is also anticipated to be driven by rising demand for these materials in the medical sector due to the region's rapid population growth and rising healthcare expenditures.

Europe is expected to grow at a CAGR of 4.8% during the forecast period. An expanding elderly population and an increase in chronic diseases in the nation are anticipated to increase demand for medical devices and fuel demand for injection molded plastics in equipment manufacturing. The European market for medical injection molded plastics is expected to benefit from the demand for medical devices brought on by increased government spending on healthcare and the growth of the home healthcare market. Catheters, prosthetic legs, orthopedic implants, denture applications, and tubing applications are just a few products manufactured using injection molded plastics in the medical industry. To produce implants in various skin grafting procedures like reduction, augmentation, and corrective, injection molded plastics are used. Demand for the product is anticipated to increase over the forecast period due to the expanding use of these implants in Europe's modern medical facility infrastructure.

Medical injection-molded plastics are expected to grow rapidly in Asia-Pacific due to their widespread application in various medical settings, including components, implants, and mobility aids. Due to rising healthcare costs and population growth, hospitals in developing nations like China, India, and Japan are seeing an increase in demand for high-quality medical equipment and parts. The demand for the medical injection molded plastics market is anticipated to be driven by hospitals' improving services and safety standards. In addition, the recent spike in COVID-19 cases in China increased demand for medical injection molded plastics in various medical applications, including testing tools, medical bags, gloves, masks, medical containers, ventilators, syringes, surgical drapes, and personal protective gear.

Spending on healthcare is anticipated to increase gradually in Central and South America over the next few years. The governments in the region are taking several actions to enhance public healthcare systems despite financial restrictions. In order to improve the current healthcare infrastructure in important nations like Brazil and Argentina, several steps have been taken to attract private investment. Over the forecast period, this is anticipated to drive the market.

The Middle East and Africa's rapid population growth, rising per capita income, high prevalence of lifestyle-related disorders, and ambitious healthcare infrastructure development are predicted to be the key factors driving demand for medical injection molded plastics. Medical injection molded plastics are expected to become more and more popular as the demand for high-tech medical devices rises. The demand for dental implants and cleanroom supplies is anticipated to drive the regional market. Additionally, because of their superior strength and radiation resistance, medical injection molded plastics are expected to see an increase in demand for use in orthopedic implants and soft goods.

Competitive Analysis

The global medical injection molded plastics market’s major key players are

  • Dow Inc.
  • SABIC
  • Eastman Chemical Company
  • Celanese Corporation
  • Covestro AG
  • Rutland Plastics
  • Evonik Industries AG
  • Sumitomo Chemical Co.Ltd
  • Arkema
  • INEOS Group

Recent Developments

  • December 2022- Dow introduced its SILASTICTM SA 994X Liquid Silicone Rubber (LSR) series as part of its ongoing efforts to develop more advanced, secure, and environmentally friendly technologies for the mobility and transportation sectors.
  • November 2022- Jinming and Bolsas formed a chain partnership to promote innovative, flexible film packaging solutions.

Global Medical Injection Molded Plastics Market: Segmentation

By Product

  • Polypropylene (PP)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polyethylene (PE)
  • Polystyrene (PS)
  • Polycarbonate (PC)

By Applications

  • Medical Components
  • Implants
  • Cleanroom Supplies
  • Mobility Aids

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America
  • The Middle East and Africa
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