Medical Overmolding Market Growth Analysis | 2024-2030

Market Insights

“The medical overmolding market size was USD 1.8 billion in 2023 and is likely to grow at a decent CAGR of 4.8% during 2024-2030 to reach USD 2.5 billion in 2030.”

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Market Dynamics

Introduction

Medical overmolding is a process that involves two materials; substrate, as the base material, and overmold molding which is molded over the substrate as the outer layer. The substrate material can be metal or polymer, whereas the overmolding material can be thermoplastic or elastomer (silicone). The basic premise of overmolding is to take economic advantage of two materials with uniquely different properties by incorporating them into a single-molded component. The medical components manufactured with the overmolding process are safe, resistant to electric shock, efficient, flexible, and functional. Overmolding is sustainable and environmentally friendly as it encourages the reduction of material waste and energy consumption.

The market experienced a slight decline in 2020 due to slow medical device market growth. However, the market experienced exceptional growth in 2021 due to an increased demand for medical devices due to growing healthcare spending and a preference for personal health and hygiene.

Market Drivers:

Key factors stimulating the growth of the medical overmolding market include increasing demand for advanced medical devices and equipment, focus on technological advancements including innovation in materials, rising demand for customized and miniaturized medical devices, and advantages of overmolding processes, such as enhanced grip and ergonomics, good durability and longevity, sterilization-friendly, enhanced functionality, and cost efficiency.

Recent Market JVs and Acquisitions:

A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In August 2023, DuPont completed the previously announced acquisition of Spectrum Plastics Group (“Spectrum”), one of the leaders in specialty medical devices and components markets.
• In April 2015, TE Connectivity acquired Creganna Medical Group which is one of the major players in designing and manufacturing minimally invasive delivery and access devices.

Key Trends:

• Development of smaller and more intricate medical devices which requires explicit overmolding techniques to create compact designs integrating multiple functions.
• The rising demand for personalized medical devices drives the demand for overmolding techniques to customize various shapes, sizes, and functions.
• Growing technological advancements, compliance with stringent regulatory standards for medical devices, and increasing healthcare requirements are driving innovation in material science, manufacturing processes, and device design.

Segments Analysis

By Application Type

“Tubing parts is the demand generator of the market, during the forecast period.”

• Based on the application type, the medical overmolding market is segmented into; tubing parts, surgical instruments, needle components, medical cables, and others.
• Tubing parts are used in various medical devices and are integral components of catheters, IV lines, respiratory tubes, and drainage tubes. Versatile, customizable, biocompatible, sterility, and easy to use are some key advantages of tubing components. Overmolding process provides enhanced performance of tubing parts by making them more resistant to wear, abrasion, and environmental factors.

By Overmold Material Type

“Thermoplastic is expected to remain the dominant material, whereas silicone is expected to experience faster growth during the forecast period.”

• Based on the overmold material type, the market is segmented into two types; thermoplastic and silicone.
• Key thermoplastic materials used as overmold material in the market include thermoplastic elastomers (TPE), polycarbonate (PC), polyethylene (PE), polypropylene (PP), Polyvinyl Chloride (PVC), polyamide, etc.
• Biocompatibility, versatility, durability, ease of processing, and cost-effectiveness, are some key advantages of thermoplastic making them the preferred choice for manufacturing a wide range of medical devices and components.
• Silicone holds a niche share in the market, but it is likely to experience faster growth owing to its exceptional biocompatibility, flexibility, and chemical and thermal stability properties.

Regional Insights

“North America is expected to be the dominant region and Asia-Pacific is likely to experience the fastest growth during the forecast period.”

• In terms of region medical overmolding market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
• North America is expected to remain the largest market for medical overmolding 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. China is the hotspot of the region owing to the rapidly growing Chinese medical device market and continuous investment in healthcare infrastructure and technology.

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Key Players

The market is highly fragmented with the presence of a large number of players across the region. Key players offer both standard and customized products to address the diverse needs of medical device OEMs, fostering strong partnerships and driving innovation. Some of the key players manufacture overmolding components on a contract basis with OEMs; Biomerics is one of the leading vertically integrated contract manufacturers in the medical device market.

The following are the key players in the medical overmolding market (Based on Dominance)

• TE Connectivity
• Biomerics, LLC
• Avient Corporation
• Trelleborg AB
• Kaysun Corporations
• Saint-Gobain

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

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s medical overmolding market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner 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 8 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The medical overmolding market is segmented into the following categories:

By Application Type

• Tubing Parts
• Surgical Instruments
• Needle Components
• Medical Cables
• Others

By Overmold Material Type

• Thermoplastic
• Silicone

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)

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Report 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