Micro Injection Molding Medical Devices Market Revenue Growth Predicted by 2018-2026
Micro injection molding process aims to reduce the size of medical devices in the range of few micron or sub-micron range. Products manufactured using this techniques are ultra-precise to produce repetitively and consistently large numbers of micro components with complex shape and better quality at low cost. Micro-molding is used in electronic, biomedical, and industries such as automation and automotive industries.
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Medical device has special importance of accuracy in miniature form, in turn increasing the demands of micro injection molding in medical device. In medical industry the size and accuracy plays important role, as it affects its functionality and safety of the device. Micro injection molding medical device are made up of bioabsorbables or thermoplastics. The commonly manufactured medical device using the micro injection molding technique are surgical device, hearing aids, point of care testing devices, catheters, endoscopic devices, other devices used in sequencing and research based on DNA.
Micro Injection Molding Medical Devices Market Dynamics
The designers and manufacturers of the medical industry continuously aim to decrease the size of medical device to micro scale, owing to exponential increase in adoption of minimally invasive surgical procedures to minimize recovery time.
Moreover, manufacturers are focused on bioabsorbable materials, which are easily metabolized over a time period, circumventing the device removal. Such medical intervention include bioabsorbable stents, degradable surgical staples etc. Increasing demands for such biodegradable medical molded device are expected to drive the micro injection molding medical devices market growth.
Moreover, increasing demand for point of care diagnostics in medical industry is expected to fuel micro injection molding devices market growth over the forecast period. Increasing disease prevalence and implementation of point of care diagnostic for rapid diagnostics are expected to drive the micro injection molding medical devices market growth.
Micro Injection Molding Medical Devices Market – Regional Analysis
Regional segmentation of micro injection molding medical devices market by Coherent Market Insights include North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America micro injection molding medical devices market are holding dominant position in the global micro injection molding devices market owing to high adoption rate of medically advanced technique such as minimally invasive surgical procedures and awareness among population regarding such medical device.
Furthermore, Asia Pacific micro injection molding medical devices market are expected to witness fastest growth, owing to increasing medical tourism in this region, in turn increasing adoption and consumption of such medical device. According to the Pacific Prime, 2015, around 10 million patients travel per year for medical treatment in economies such as Singapore and India, owing to high demand for micro injection molding medical devices.
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Micro Injection Molding Medical Devices Market – Competitive Analysis
Major players operating in micro injection molding medical devices market include Accu-Mold LLC, SMC Ltd., Makuta, Inc. (a part of Sansyu Group of companies), MTD Micro Molding, Micromolding Solution Inc., Kamek Precision Tools, American Precision Products, Sovrin Plastics, BMP Medical, Stamm AG and PEXCO.