Medical Injection Molding Market is Expected to Reach US $2.59 Billion By 2027 “The global medical injection molding market size is anticipated to account for USD 2.59 billion by 2027. The market is estimated to register over 8% CAGR from 2020 to 2027. The outbreak of COVID-19 has posed an unprecedented challenge for the healthcare industry.”
The global medical injection molding market size is anticipated to account for USD 2.59 billion by 2027. The market is estimated to register over 8% CAGR from 2020 to 2027. The outbreak of COVID-19 has posed an unprecedented challenge for the healthcare industry. The pandemic has led to rise in the number of patients across the world, which in turn, has contributed the demand for medical devices. Medical injection molding is widely used in the production of various kinds of medical devices. The increasing popularity of this method is due to its cost-effective nature and precision. Growing penetration of plastic made equipment in healthcare is anticipated to further fuel the demand for injection molding in healthcare. Plastics can be mold into any shapes and it is light in weight. Hot runner system held the highest share in the market in 2019 owing to faster cycle time and lower pressure requirement. In addition, this system is cost-effective, efficient and suitable for mass production. Asia Pacific accounted for the major share in the medical injection molding market owing to the increased spending on healthcare in countries such as China, India, Japan and South Korea. Further, the region attracts a huge number of medical tourists owing to the cost-effective treatment. North America, on the other hand, anticipated registering the significant growth over the forecast duration owing to the growing number of COVID-19 cases in the United States. Further key findings from the report suggest: • Depending on the system, the hot runner segment is projected to register a growth of 8.3% from 2020 to 2027.
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