Liquid injection molding (LIM) technology is widely used in the manufacturing of medical devices such as syringes, cartridges, needles and catheters as it allows for the production of complex parts with precise dimensions and close tolerances using liquid silicone. The process of LIM facilitates smooth and seamless bonding and provides flexibility in design. The global Liquid Injection Molding Market is estimated to be valued at US$ 10.77 Billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for medical devices has increased significantly over the past few years mainly due to the growing prevalence of chronic diseases and the rising geriatric population globally. LIM technology plays a vital role in manufacturing devices used in surgical and diagnostic procedures. As per estimates, over 50 million surgical procedures requiring devices like syringes and needles are performed annually worldwide. The increasing demand from the healthcare sector for innovative and accurate products is expected to propel the adoption of LIM technology by medical device manufacturers. This rising demand is one of the key trends that is projected to drive the growth of the global Liquid Injection Molding Market over the forecast period.
Segment Analysis
Liquid injection molding market comprises of different sub-segments such as thermoliquids and thermoplastic materials. Thermoliquids dominates the market with more than 60% share due to its property of being soften at higher temperature and harden when cooled which gives them superior flow properties to fill complex molds. They are widely used for medical and electronic components manufacturing where precision and complexity is required.
Key Takeaways
The global Liquid Injection Molding Market Growth is expected to witness high growth.
Regional analysis: The Asia Pacific region is projected to grow at highest CAGR during the forecast period. Rising healthcare spending and increasing penetration of advanced medical technologies in countries like China, India will boost the regional market. Growing electronics industry in the region further support market growth.
Key players operating in the Liquid Injection Molding market are Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., Sanofi, Amgen Inc. Pfizer dominates the market with wide product portfolio and global sales and distribution network.
For more insights, read- https://www.ukwebwire.com/liquid-injection-molding-market-trends-size-and-share-analysis/
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