Market Trends of Global Micro Injection Molding Medical Devices Industry
Endoscopic Devices Segment Expects to Register a High CAGR in the Forecast Period
The increasing use of advanced micro components for endoscopic surgery, the growing demand for minimally invasive procedures, and the desire to provide more comfort to patients with implants and medical devices are driving market growth over the forecast period.
The rising prevalence of gastrointestinal disorders requiring endoscopy surgeries and technical improvements in endoscopic devices are the key driving factor for the market's growth. For instance, according to data published by the American Cancer Society (ACS) updated in January 2022, approximately 26,560 new cases of stomach cancer are projected to be detected in the United States in 2021, with 16,160 males and 10,400 women. According to the data published by the National Center for Biotechnology Information in November 2021, titled 'Advanced Endoscopic Imaging and Interventions in Gastroesophageal reflux disease (GERD): An Update and Future Directions', the prevalence of Gastroesophageal reflux disease (GERD) is estimated to be 18.1-27.8% in North America, 8.8-25.9% in Europe, and 2.5-7.8% in East Asia.
Furthermore, technological breakthroughs such as fiberscopes and video-aided endoscopes, as well as raising awareness of early disease diagnosis and the benefits of minimally invasive diagnostic procedures, are propelling the growth of the endoscopic devices segment.
Thus, the increasing awareness regarding minimally invasive surgical procedures and the rising prevalence of chronic diseases are boosting the market's growth over the forecast period.
North America is Expected to Have the Significant Market Share
The factors propelling the growth of the microinjection molding medical devices market are the high adoption rate of medically advanced techniques such as minimally invasive surgical procedures and growing awareness about the minimally-invasive procedures which eliminate the need to cut and painful invasion.
The rising prevalence of chronic diseases such as cardiovascular diseases, cancer, and respiratory diseases, which require surgeries as treatment, is the key driving factor for market growth. For instance, according to GLOBOCAN, 2020, 2,281,658 new cancer cases were diagnosed in the United States in 2020, with 612,390 fatalities. Similarly, according to the American Cancer Society updates from January 2021, it is estimated that 250 new cases of cervical cancer were diagnosed in 2021.
In addition, the increasing number of cardiovascular diseases and surgery is likely to boost the demand for microinjection molded medical devices in the market as there is a high demand for minimally-invasive procedures. According to the data published by Philippine Statistics Authority (PSA), 2020, it has been observed that ischaemic heart diseases were the leading cause of death from January to October 2021, with 110,332 cases or 18.3% of the total deaths in the country. According to the World Health Organization updates from August 2021, an estimated 1,28 billion adults aged 30-79 years have heart diseases, and approximately two-thirds of the population lives in low- or middle-income countries. The risk of cardiovascular disease at the age of 24 is only 20%, at the age of 45, it becomes double to 50%, and higher cases of cardiovascular diseases are seen in people over the age of 60 years.
Moreover, the rising number of hearing problems among people increases the demand for hearing aids which further increases the demand for micro-molding medical devices in the region, as the companies are making hearing aids using micro-molding techniques. For instance, according to the Centers for Disease Control updates from March 2021, it is estimated that about 16% of adults have some hearing troubles, and 11% of the people reported tinnitus or ringing in the ear.
Thus, the market is expected to witness significant growth during the forecast period due to the abovementioned factors.
