Strong growth in the medical market is attracting a major new player from the world's largest metal injection molder.
Global precision components producer Indo-US MIM Tec (Bangalore, India and Princeton, NJ), is separating its medical device contract manufacturing services to create Indo-Med.
|Endoscopic part required precise dimensions.|
John Gaspervich, past president of Indo-MIM, has been named president of Indo-Med and has established corporate offices in San Francisco with large scale manufacturing systems in Bangalore, India.
"Our roots in making high-quality components for critical applications in aerospace, defense and automotive industries and our exceptional engineering teams-combined with a new focus on harmonizing our services for medical device and life science companies-will position us for success in this growing and dynamic space," said Krishna Chivukula, Indo-MIM chairman and CEO.
Gaspervich said: "We look forward to exploring potential acquisitions and partnering candidates to complement our new company and its strategic directives."
Gaspervich's expertise focuses on metal injection molding (MIM) as well as powder metallurgy processes, metal matrix composites, precision machining, investment casting, plastic injection molding and other precision fabrication technologies.
Indo-MIM says it has become the world's largest producer of MIM components, with more than 400,000 sq. ft. of manufacturing space and over 1,000 employees. Indo-MIM specializes in producing high-precision metal components complemented by specialized secondary processes to meet the requirements of complex engineered products.
According to BCC Research the global market for MIM is expected to reach $1.9 billion in 2014, showing a compound annual growth rate (CAGR) of 13.9%. Growth is driven by rapid improvements in technologies, particularly in the area of powder size by suppliers such as BASF. New simulation and control systems for injection molding machines boost predictability and repeatability of processes.
MIM applications in the medical market are surgical forceps, endo-surgery equipment, body implants, and dental braces.
In one example, a customer of Indo-MIM needed a stainless steel part for endoscopic applications. The part weighed 29.34 grams with dimensions of 115mm x 15mm x 22 mm and had several critical features such as, holes, surfaces and protrusions. Investment casting couldn't build the tool to accommodate all the critical features. Indo-MIM manufactured the required part with MIM 17-4 PH.