SAN FRANCISCO, Feb. 17, 2022 /PRNewswire/ -- The global medical component manufacturing market size is expected to reach USD 15.93 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.4% from 2021 to 2030. The rising demand for 3D printed parts in the medical industry is projected to contribute to market growth.
Key Insights & Findings from the report:
- The 3D printing process segment is anticipated to register the fastest CAGR of 20.8% from 2021 to 2030. Suitability to produce complex and customized products, along with cost efficiency in low volume production, is projected to drive the segment over the forecast period.
- The plastic injection molding process segment held the largest revenue share of over 65.0% in 2020. Advantages such as durability, strength, ease of handling, and improved sterilization make the process comply with stringent regulations set by different government bodies.
- North America accounted for the largest revenue share of over 40.0% in 2020. The Increasing geriatric population, along with a rise in lifestyle diseases, is projected to benefit the growth of the medical device industry in the region, thus benefiting the demand for various medical components.
- Leading companies in the industry are focused on the development of advanced processes such as 3D printing and are likely to increase their R&D expenditure over the coming years. The merger & acquisition activities are anticipated to rise over the coming years as companies are focused on improving their market share.
Read 92-page market research report, "Medical Component Manufacturing Market Size, Share & Trends Analysis Report By Process (Plastic Injection Molding, 3D Printing, Forging), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2021 - 2030", published by Grand View Research.
Medical Component Manufacturing Market Growth & Trends
Penetration is the adoption of medical component manufacturing in various applications in the market. The penetration of medical component manufacturing is likely to be the highest in the 3D printing segment. The benefits of 3D printing such as improved productivity, cost-effectiveness, personalization, and customization of medical products, applications in complex operations, and rapid medical prototyping are projected to benefit the growth of the 3D printing market.
The plastic injection molding process segment accounted for the largest revenue share of over 65.0% in 2020. The segment is projected to grow due to the development of efficient products using better-engineered resins. Moreover, the process can help component manufacturers produce cost-effective products in various sizes and shapes. Some of the low-cost products include disposable gloves, syringes, plastic instruments, and different one-time products for healthcare facilities.
The rising geriatric population is projected to remain an indirect contributor to market growth. There has been a change in the pattern of the aging population across the globe in the recent past owing to the decreasing levels of fertility and rising life expectancy. This has led to a longer lifespan of people, wherein the share of old people or geriatric population is growing at a rapid pace. As per the United Nations, there are over 727 million people globally who are aged 65 or above as of 2020.
Emerging economies such as India and China are projected to offer numerous opportunities for market vendors. These countries have less penetration of medical devices but higher potential owing to their large population size. Moreover, the governments in these countries have undertaken different initiatives to improve public healthcare with a focus on rural health facilities and medical infrastructure. For instance, the Indian government has allowed 100% automatic FDI in this sector, wherein prior regulatory approvals are not required.
Medical Component Manufacturing Market Segmentation
Grand View Research has segmented the global medical component manufacturing market on the basis of process and region:
Medical Component Manufacturing Process Outlook (Revenue, USD Billion, 2017 - 2030)
- Forging
- Metal Injection Molding
- 3D Printing
- Ceramic Injection Molding
- Investment Casting
- Plastic Injection Molding
Medical Component Manufacturing Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Europe
- Germany
- France
- U.K.
- Spain
- Asia Pacific
- China
- India
- Japan
List of Key Players of Medical Component Manufacturing Market
- Anchor Harvey
- Rejointsrl
- Nexxt Spine, LLC
- 3D Systems, Inc.
- Heraeus Holding
- Simalex
- American Casting Company
Check out more other studies published by Grand View Research:
- Metal Injection Molding Market - The global metal injection molding market size is anticipated to reach USD 6.52 billion by 2025, at a registering a CAGR of 11.9% over the forecast period, according to a new report by Grand View Research, Inc. The growing demand for small components in the automotive, consumer products, and medical equipment industry is projected to propel market demand over the coming years.
- 3D Printing Market - The global 3D printing market size is estimated to reach USD 62.79 billion by 2028, according to the new report by Grand View Research, Inc. The market is expected to witness a CAGR of 21.0% from 2021 to 2028. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM), as it involves successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.
- Metal Forging Market - The global metal forging market size is expected to reach USD 124.10 billion by 2027 registering a CAGR of 5.0%, according to a new report by Grand View Research, Inc. Increasing demand for passenger aircraft coupled with the rising middle-class population is projected to remain the key factor driving the market growth.
Browse through Grand View Research's Advanced Materials Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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