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    Medical Molding Market Report

    Medical Molding Market Report
    Report code - SR2885 Published On : May,2024 No. of Pages: 120
    Medical Molding Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

    “The medical molding market size was US$ 42.6 billion in 2023 and is likely to grow at a healthy CAGR of 5.8% in the long run to reach US$ 63.3 billion in 2030.”

    Market Dynamics

    Introduction

    The medical molding market involves parts manufactured with various polymers and metals, using multiple processes, such as injection molding, extrusion, over molding, blow molding, compression molding, and transfer molding. These parts are used in a wide range of applications, such as diagnostic equipment, surgical instruments, drug delivery systems, and implantable devices. Medical molding processes must maintain cleanliness and ensure effective sterilization to prevent infections and ensure patient safety. Medical molding processes enable the production of custom-designed parts for specific medical applications and patient needs.

    After slower growth in 2020, the market experienced exceptional growth in 2021 owing to a robust increase in demand for medical devices and equipment, rising personal health and hygiene, and rapid introduction of new products and technologies to address healthcare challenges during the pandemic.

    Market Drivers

    Key factors propelling the growth of the medical molding market are rising demand for medical devices due to a growing aging population; growing investment in healthcare infrastructure; rising focus towards minimally invasive procedures, personalized medicine, and point-of-care diagnostics; and increase in technological advancements which include development in molding technologies, and process innovations impacting the growth of high-performance and complex medical devices.

    Recent Market JVs and Acquisitions:

    The market is highly fragmented with several local and regional players grabbing bits and pieces of the market share. Some of the key strategic alliances performed over the past few years:

    • In April 2023, Medtronic and DaVita launched a joint venture, Mozarc Medical, focusing on kidney care technology. Both companies contributed approx. US$ 200 million in cash for the joint venture.
    • In May 2022, Warburg Pincus and Advent Internation, both leading investor firms acquired Baxter International Inc.'s Biopharma Solutions (BPS) business. The business now operates as a standalone as Simtra BioPharma Solutions.

    Key Trends:

    • Miniaturization is one of the key trends shaping the market owing to the increase in demand for minimally invasive procedures, personalized medicine, and point-of-care diagnostics. The molding process enables the production of miniaturized and complex parts with high precision and consistency.
    • The multi-material molding technique allows the combination of different materials which enhances functionality, performance, and cost efficiency.
    • Key players focus on sustainable materials, such as biodegradable polymers and recycled plastics owing to environmental concerns and stringent regulations. They put effort into optimizing manufacturing processes, minimizing waste generation, and implementing recycling initiatives.

    Market Segments' Analysis

    Segmentations

    List of Sub-Segments

    Segments with High Growth Opportunity

    Application-Type Analysis

    Medical Devices and Pharmaceutical Packaging & Processing.

    Medical devices are expected to be the dominant as well as the fastest-growing application in the coming years.

    Material-Type Analysis

    Polymer [PVC, HDPE, LDPE, PP, Silicone, and Others] and Metal.

    Polymer is anticipated to contribute a larger share of the medical molding market in the coming years.

    Process-Type Analysis

    Injection Molding, Extrusion, and Others.

    Injection molding is likely to hold the dominant position as the process type of the market.

    Region Analysis

    North America, Europe, Asia-Pacific, and Rest of the World.

    North America is expected to maintain its reign during the forecast period, whereas Asia-Pacific is likely to grow at the fastest rate.

     

    By Application Type

    “Medical devices are expected to remain dominant as well as the faster-growing application of the market during the forecast period”.

    • The medical molding market is segmented into medical devices and pharmaceutical packaging & processing.
    • Medical devices are expected to remain dominant as well as the fastest-growing application of the market during the forecast period.
    • Key applications including medical devices are:
      • High-value consumables: stents, pacemakers, surgical sutures, artificial heart valves orthopedic implants, surgical balloons, neurostimulation electrodes, cochlear implants, dental implants, etc.
      • Low-value consumables: syringes, needles, scalpels, bandages, catheters, drainage tubes, gauze pads, cotton swabs, gloves, masks, etc.
      • Medical Equipment: MRI machines, x-ray machines, dialysis machines, anesthesia machines, nebulizers, blood pressure monitors, diagnostic imaging equipment, etc.
      • IVD: Blood glucose monitors, pregnancy tests, immunoassays, genetic tests, histopathology equipment, point-of-care testing devices, etc.
    • Low-value consumables are expected to remain dominant, whereas IVD will likely experience the fastest growth during the forecast period.

    By Material Type

    Polymer is expected to remain the dominant and faster-growing material of the market during the forecast period”.

    • The market is segmented into polymer [PVC, HDPE, LDPE, PP, silicone, and others] and metal.
    • Polymer is expected to remain the dominant and fastest-growing material during the forecast period owing to its advantages such as biocompatibility, stabilizability, versatility, ease of molding and processing, and lightweight and comfortable design.
      • Polymer is further segmented into PVC, HDPE, LDPE, PP, silicone, and others; among which PVC is likely to remain the dominant and faster-growing polymer type in the market during the forecast period.
      • Key advantages of PVC driving its demand are high durability, excellent resistance to chemicals, fire resistance, recyclability, and ease in the process. It is a hygienic material that meets regulatory requirements for healthcare applications.
    • Metal holds a very niche share of the market.

    By Process Type

    Injection molding is expected to hold the dominant position and will be the fastest-growing process during the forecast period.

    • The medical molding market is segmented into injection molding, extrusion, and others.
    • Injection molding is expected to remain the dominant as well as the fastest-growing process during the forecast period due to its high precision and consistency. The process allows the production of complex geometries; efficient manufacturing process; supports a wide range of materials and is highly scalable and adaptable in medical device manufacturing.

    Regional Analysis

    North America is expected to remain the largest market for medical molding during the forecast period”.

    • In terms of region, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
    • North America is expected to remain the largest market for medical molding during the forecast period. Its dominance is bolstered by several key factors, including its advanced healthcare infrastructure, the presence of leading medical device manufacturers, technological innovations, and a strong regulatory environment.
    • Asia-Pacific is expected to be the fastest-growing region in the coming years. Its growth is driven by growing healthcare expenditure, expanding healthcare infrastructure, a rapidly aging population, and advancements in medical technology.

    Key Players

    The market is highly fragmented with the presence of over 100 players across the region. Key players are following a hybrid approach for manufacturing medical components and parts which includes in-house production and contract manufacturing. Through contract manufacturing players optimize their efficiency, flexibility, and cost-effectiveness. The following are the key players in the medical molding market:

    Here is the list of the Top Players (Based on Dominance)

    • Medtronic
    • Abbott Laboratories
    • Siemens Healthineers
    • BD (Becton, Dickinson & Company)
    • Philips-Medisize

    Key competitive points about the leading players are:

    • BD (Becton, Dickinson & Company), is one of the leaders in providing diagnostics solutions to the world. It has invested US$ 60 million to upgrade its Columbus-East facility into a plastic molding manufacturing center of excellence in 2021.
    • Siemens Healthineers is one of the major players that has expertise in providing solutions and services in the areas of diagnostics, therapeutic imaging, laboratory diagnostics, and molecular medicine.
    • Philips Medisize is one of the largest providers of solutions to companies in the field of pharmaceuticals, medtech, and in vitro diagnostics.

     

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
    • COVID-19 impact and its recovery curve.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The global medical molding market is segmented into the following categories. 

    Medical Molding Market, by Application Type

    • Medical Devices (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
      • High-Value Consumables
      • Low-Value Consumables
      • Medical Equipment
      • IVD
    • Pharmaceutical Packaging & Processing (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

    Medical Molding Market, by Material Type

    • Polymer (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
      • PVC (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
      • HDPE (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
      • LDPE (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
      • PP (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
      • Silicone (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
      • Others (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Metal (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

    Medical Molding Market, by Process

    • Injection Molding (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Extrusion (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

    Medical Molding Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, Italy, The UK, Spain, and The Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and The Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, UAE, and Others)

    Research Methodology

    • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s medical molding market realities and future market possibilities for the forecast period. 
    • The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
    • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
    • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
    • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
    • We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Medical molding refers to the umbrella term encompassing various molding processes (injection molding, extrusion, over-molding, blow molding, compression molding, and transfer molding) used to manufacture medical parts from polymers and metals.

    The market is estimated to reach US$ 63.3 Billion in 2030.

    The medical molding market is estimated to grow at a CAGR of 5.8% by 2030, driven by increasing demand for medical devices, advancements in medical technologies, rising prevalence of chronic diseases, and increasing healthcare expenditure.

    North America is expected to hold the largest market for medical molding during the forecast period. Its dominance is bolstered by several key factors, including its advanced healthcare infrastructure, the presence of leading medical device manufacturers, technological innovations, and a strong regulatory environment.

    Asia-Pacific is expected to grow at the fastest rate during the forecast period owing to growing healthcare expenditure, expanding healthcare infrastructure, a rapidly aging population, and advancements in medical technology.

    Medtronic, Abbott Laboratories, Siemens Healthineers, Becton, Dickinson & Company, and Philips-Medisize, are the leading players in the medical molding market.