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Injection molding is widely used in manufacturing process of the medical industry. Medically graded plastic injection molding is utilized in manufacturing components such as medical components, beakers, test tubes, and laboratory equipment’s. These molds have the ability to meet the exact specifications and the requirements of the medical device industry. Moreover, medical device manufactured from the plastic injection molding process have contributed to reduction in the cost and infectious diseases. Increased demand for medical devices is the key factor contributing to the growth of the market.
The major factor driving the global plastic injection molding for medical device market is the growing demand for plastic based products to efficiently drive the R&D in the pharmaceutical and biotechnology industries. Moreover, cost-effectiveness factor of the plastic molded medical device is likely to increase the global market value during the projected period.
On the flip side, higher investment cost involved in setting up the factory or system to manufacture the plastic molded devices is likely to restrict the market growth.
Key Market Driver -
Increased R&D Demanding for Medical Grade Plastic Disposable Products
Key Market Restraint -
High Investment Cost in Setting up the System
Based on product, the market is segmented into drug delivery products, package & containers, diagnostic test kits, surgical consumables, and others. Based on end user, the global market is segmented into hospitals & clinics, pharmaceutical & biotechnological companies, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global plastic injection molding for medical device market report includes Stack Plastics, SEA-LECT PLASTICS CORPORATION, SMC Plastics Ltd, BD, Teleflex Incorporated, C.R. Bard, B. Braun, PCE Inc, and others.
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The global plastic injection molding for medical device market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe dominated the global market in 2019, owing to the rise in R&D of the pharmaceutical & biotechnology industries. Additionally, stringent regulatory requirements imposed by the U.S government in manufacturing of the products is responsible for increased sales of medically graded products. Asia Pacific is likely to witness higher CAGR in the market owing to setup of manufacturing plants in the region to raise the market potential. Latin America and Middle East & Africa are projected to register a comparatively lower CAGR by the end of the forecast period.
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