Medical applications are driving robust growth in the global micromolding sector, according to a new market report from TechNavio (Elmhurst, IL). The medical segment of the micromolding market is expected to surpass $234 million in revenue by 2018, with overall micromolding growing globally by a compound annual growth rate (CAGR) of 13.5% between 2014 and 2018.

"The global microinjection polymer molding market in the medical and healthcare sector was valued at $120.75 million in 2013, and this is expected to grow at a CAGR of 14.18% during the forecast period," TechNavio analysts told PlasticsToday. Geographically, Asia-Pacific, a largely untapped market for micromolding with pent-up demand for advanced medical technology, will be the fastest growing region for medical micromolding through 2018, according to TechNavio.

In 2013, North America and Europe were the largest markets for microinjection molding across all sectors, at 45% and 36%, respectively, with Asia-Pacific capturing 15%. "The rising number of minimally invasive surgeries in the United States and increasing medical expenditures will drive the North American market during the forecast period," according to TechNavio analysts. Europe is also expected to witness steady growth, fueled by rapid advances in microtechnologies such as micro-optics and microfluidics.

Micromolding faces some challenges, however, notably a lack of awareness of the technology itself and its benefits, especially in emerging economies in Latin America, the Middle East, and South Asia, according to TechNavio. The higher costs associated with adopting advanced microinjection polymer molding technology also will hamper its widespread adoption.

Thermoplastics accounted for 68% of total micromolding market revenue in 2013, with polycarbonate, cyclic olefin copolymer, styrene acrylonitrile copolymer, and tetrafluoroethylene-ethylene copolymer resins capturing the lion's share, according to TechNavio analysts.

The Global Microinjection Polymer Molding Market report covers market forecasts through 2018, examines market trends and challenges, and profiles key vendors. It is available for purchase on the TechNavio website.

For the perspective of one U.S. micromolder with a significant footprint in medical manufacturing, we invite you to read "Micromolding: A decades-old technology is enabling today's medical advances."

— Norbert Sparrow

Norbert Sparrow is Senior Editor at PlasticsToday. Follow him on twitter @norbertcsparrow and Google+.