Medical Injection Molded Plastics Market To Generate Revenue worth $37,899.5 Million by 2030

The global medical injection-molded plastics market is projected to generate $37,899.5 million revenue in 2030, advancing at a CAGR of 5.7% between 2021 and 2030. This can be ascribed to the rising consumer awareness of advanced medical devices, technological advancements in the field of healthcare, and increasing R&D spending. Furthermore, the rising need for high-grade injection-molded products due to their cost efficiency and high durability propels the market growth.

Polypropylene-Based Products Contribute Majority of Revenue

Based on material, polypropylene held the largest revenue share, of over 35%, in the 2021, and it is predicted to maintain this trend throughout the forecast period. This is because of its distinctive characteristics, such as low weight, chemical resistance, shock resistance, moisture resistance, low density, high molding capability, and low cost.

Additionally, acrylonitrile butadiene styrene (ABS) accounted for a significant revenue share in 2021, and it is predicted to advance with a substantial CAGR. This can be credited to the high rigidity, resistance to impact, abrasion, and strain; high dimensional stability, hardness, and toughness of this polymer. Additionally, this plastic is widely used in cleaning applications, drug delivery systems, and non-absorbable sutures, which fuels the medical injection-molded plastics market growth.

Based on application, mobility aids are expected to witness considerable growth in demand in the coming years. This can be attributed to the rising geriatric population, increasing cases of physical disabilities, and technological development in the medical sector. Moreover, the increasing R&D spending in the healthcare sector and increasing usage of mobility aids drive the market expansion.

Geographically, North America held the largest revenue share in 2021, and it is expected to maintain its position during the forecast period. This can be ascribed to the well-developed healthcare infrastructure, high number of medical implant and component manufacturers, and increasing awareness of using plastic-based implants due to their cost-effectiveness and high durability. Moreover, the U.S. is the prime revenue contributor to the regional market as it is a large manufacturing base for medical equipment, accounts for a high number of surgeries in which implants are used, and is characterized by favorable government reimbursement and health policies.

APAC will register the highest CAGR during the forecast period. This will be due to the expansion in the usage of injection-molded plastics in the development of medical components, growing geriatric population, rising government and private spending to develop more-cost-efficient medical devices, and improving healthcare sector in the region.

Strategic Developments of Key Players in Market

Collaborations, partnerships, and acquisitions are the major strategic developments being observed in the medical injection-molded plastics market. For instance, in March 2022, TriMas Corporation acquired Intertech Plastics Inc., a manufacturer of complex, precise injection-molded components, to expand its product portfolio and capabilities for applications in the medical end market.

Some of the major players in the market are The Dow Chemical Company, Eastman Chemical Company, C&J Industries, PCE Inc., Biomerics LLC, EVCO Plastics, and All-Plastics LLC.