PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1643599
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1643599
The global medical injection-molded plastics market is projected to grow from $26.4 billion in 2024 to $42.1 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.1%. This growth is driven by the increasing use of plastics in healthcare applications, including medical devices, implant packaging, and mobility aids. Technological advancements and rising R&D spending in the healthcare sector further propel the demand for medical-grade injection-molded polymers.
Key Insights
Polypropylene accounts for over 35% of the market share, favored for its lightweight, chemical resistance, and cost-effectiveness, making it suitable for various medical applications. Acrylonitrile butadiene styrene (ABS), known for its rigidity and impact resistance, is widely used in drug delivery systems and non-absorbable sutures.
Medical components hold the largest share, driven by the demand for disposable medical products and devices. Mobility aids are expected to witness significant growth due to the rising geriatric population and increasing cases of physical disabilities.
North America leads the market, supported by a well-developed healthcare infrastructure and a high number of medical implant and component manufacturers. Asia-Pacific is anticipated to experience the fastest growth, driven by expanding healthcare infrastructure and increasing awareness of plastic-based medical products.
Gas-assisted injection molding is a key technological advancement, offering improved accuracy in the shape and design of medical parts while using less plastic material. This results in stronger, lightweight, and more attractive products.
The expansion of healthcare infrastructure globally boosts the demand for medical injection-molded plastics. Additionally, rising R&D spending in healthcare leads to the creation of advanced medical devices, further driving market growth.
The market is fragmented, with key players focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position.