DUBLIN--(BUSINESS WIRE)--The "Micro Injection Molding Medical Devices Market - Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The microinjection molding medical devices market is projected to record a CAGR of 7.3% over the forecast period (2022 - 2027).
Companies Mentioned
- Accu-Mold LLC
- Biomerics
- MTD Micro Molding
- Micromolding Solution Inc.
- Kamek Precision Tools
- Sovrin Plastics
- BMP Medical
- Stamm AG
- PEXCO
- Makuta, Inc.
Key Market Trends
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), 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 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 2021, it is estimated that 250 new cases of cervical cancer will be diagnosed in 2021. According to statistics published by the Canadian Cancer Society, in 2021, it is estimated that 229,200 Canadians will be diagnosed with cancer, and 84,600 will die from cancer.
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, 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, in 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.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption of Minimally Invasive Procedures
4.2.2 Increasing Adoption of Miniaturization and Nanotechnology
4.3 Market Restraints
4.3.1 High Cost Associated with Micro Injection Molding Machines
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Material Type
5.2 By Application
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/v7t2kj
