Medical Component Manufacturing Market Revenue Opportunities, Regional Outlook, And Competitive Strategies 2030

Medical Component Manufacturing Industry Overview

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.

U.S. medical component manufacturing market size, by process, 2018 - 2030 (USD Billion)

Medical Component Manufacturing Market Segmentation

Grand View Research has segmented the global medical component manufacturing market on the basis of process and region:

Based on the Process Insights, the market is segmented into Forging, Metal Injection Molding, 3D Printing, Ceramic Injection Molding, Investment Casting, Plastic Injection Molding.

  • Plastic injection molding held the largest revenue share of over 65.0% in 2020. The plastic injection molding process involves the melting of plastics (thermoplastics/thermosetting polymers) to make them malleable. It is followed by injecting them into cavities at a certain pressure. These plasticsare then cooled, and they solidify to obtain desired shapes. This process offers several advantages and is used for the production of components, medical devices, laboratory equipment, etc.
  • The 3D printing segment is projected to remain the fastest-growing segment and achieve double-digit growth over the forecast period. The 3D printing process is used to develop surgical instruments such as hemostats, needle drivers, scalpel handles, medical clamps, retractors, and forceps; customized body parts and prosthetics; orthopedic implants for hips, knees, and wrists; and equipment and instruments.
  • The forging segment was the second-largest segment in 2020. The forging process prevents wastage, which occurs during the machining process of workpieces that compromises their mechanical strength and results in the formation of sharp edges and burrs in them. Components produced using the forging process include prosthetic knee joints, respirator valves, leg braces, hip joint swivels, hospital bed parts, PET and MRI scanners, hip stems, hearing aid devices, dental implants, customized devices, etc.

Medical Component Manufacturing Regional Outlook

  • North America
  • Europe
  • Asia Pacific

Key Companies Profile & Market Share Insights

The market is extremely competitive owing to the presence of numerous players across the world. Surging demand for components for use in healthcare applications and the development of medical devices is prompting the key players to expand in their target markets and enhance their global footprint.

Some of the prominent players operating in the global medical component manufacturing market include,

  • Anchor Harvey
  • Rejointsrl
  • Nexxt Spine, LLC
  • 3D Systems, Inc.
  • Heraeus Holding
  • Simalex
  • American Casting Company

Order a free sample PDF of the Medical Component Manufacturing Market Intelligence Study, published by Grand View Research.

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