Global Micro Injection Molding Medical Devices Market Size

Micro Injection Molding Medical Devices Market Analysis

The microinjection molding medical devices market is projected to record a CAGR of 7.3% over the forecast period (2022 - 2027).

COVID-19 has impacted the healthcare industry. The restrictions imposed by the government across the world have impacted the treatment and surgeries of the patients. The recognition of the need to limit operative capacity to only emergent and urgent procedures have resulted in delayed elective procedure and surgeries. The visits to eye clinics or hospitals have reduced drastically, and only emergency procedures are being performed. According to the data published by National Center for Biotechnology Information, December 2021, titled "Access to Eye Care During the Covid-19 Pandemic", it has been observed that the patient numbers visiting eye care hospitals fell to a mere 3.5%. In addition, during the COVID-19 epidemic, a backlog of approximately half a million endoscopic operations, which are critical for identifying gastrointestinal malignancies and illnesses, has built up. For instance, according to the National Center for Biotechnology Information updates from March 2021, 476,000 backlogs were estimated by the researchers in January 2021, and that number might climb to more than 870,000 if there is another full or partial lockdown and a slow return to normalcy. As minimally invasive procedures make the most use of micro injection molding techniques, these procedures were halted during covid, which had a negative impact, but now the procedures are resuming, so the demand is likely to increase in the forecast period.

The rising prevalence of chronic diseases is propelling the growth of the micro injection molding medical devices market

The minimally invasive surgical procedures are the key driving factor for the growth of micro injection molding medical devices in the market. For instance, the risk of thrombus on the surface of intravascular catheters is a dreaded complication in interventional cardiology. According to the data published by the Biomed and Pharma Journal, in July 2020, recently the catheters were made of nanotube-based polymer reinforced with multiwalled carbon nanotubes utilized as a filler in nylon12 (matrix) have helped develop minimally invasive surgery.

In addition, the application and uses of nanotechnology in medical devices providing patients a comfortable life and helping professionals monitor their health are also contributing to the market's growth. Interfacing semiconductor devices with living tissues could be achievable with microelectromechanical systems (MEMS) and silicon chips implanted within the human body. For instance, an implanted glucose sensor can be used with an insulin delivery system to help people with diabetes manage their blood sugar levels without using insulin injections or finger-prick testing. 

Rising product launches by the market players are expected to drive this market's growth further. For instance, in November 2021, QNES Global introduced a micro injection molding machine. The company has developed a small-sized grinder which has been miniaturized for large grinders. It is a passive ultra-small injection machine that has the superior capacity, convenience, and design. This will lead to increased adoption of micro injection molding medical devices, driving the market growth.

However, the dearth of awareness among the population for micro injection molding medical devices in emerging and low-income economies is likely to hinder the market growth.