In this blog article, Forbes Magazine talks about plastic injection molding and the market closely related to it – medical devices. Markets, in general, are becoming more and more interconnected with technology, resulting in many advancements. In this case, Forbes discusses how accurately modeling a new mold or design can give businesses competitive advantage compared to having to replicate each part of it again, which is extremely time-consuming and expensive.
What is Plastic Injection Molding?
The plastic injection molding process is based on the principle that melted plastic can be forced into newly formed parts that require suitable shapes. The shape of the two halves being melted together determines the finished part.
Market Size and Share
Many Medical Device companies are investing into the plastic injection molding industry to process medical devices such as stents. The market for this particular product is projected to be worth $4.5 billion by 2019 with a CAGR of 4%.
Plastic Injection Molding for Medical Device Market Segmentation-
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The two largest categories for medical device manufacturing are metal and plastics. There will be a long-term technological momentum in this market due to technological improvements that increase the chances of successfully bringing new products to the market.
Global Revenue Forecast for the Market by Type of Devices
In many cases, patients with heart diseases and the elderly are at a greater risk of stroke and dementia. Prolonged exposure to plastics and other harmful inks will not only be detrimental to those individuals but also their families. Apart from these dangers, there is also an unreasonable increase in the use of plastics and this greatly affects the planet.
Treatment and Procedures for the Market
Due to the increase in the demand of medical devices, the treatment and procedures in this market is also increasing. Plastics injection molding is one of them, which produces broad range of plastics medical devices used for medical treatment after surgery. Due to increase rates in medical device, more and more people shift towards plastic injection molding.
North America Distribution Share in the Field
The electronic and medical devices market is expected to be worth US $ 334 Billion annually in 2020. In 2018, the North American Industry grew by 4.3%.
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Therapeutic Category Comparison (Therapy, Diagnostic Techniques, Surgical Techniques)
Plastic Injection Molding For Medical Device Market Size and Share
Plastic molding has been a booming sector of the medical industry since its introduction in product manufacturing. Growing quickly due to benefits and growing market, impressive growth throughout the world has been led by manufacturers and developers who have created innovative new devices for use in varied therapeutic markets.