Metal Injection Molding (MIM) in the medical industry produces intricate metal parts with high precision. It uses fine metal powders and binders, molded and sintered to achieve final shapes. MIM enables complex designs in surgical instruments and implants. The process ensures high strength and biocompatibility. It enhances the efficiency and quality of medical device manufacturing.
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Data Bridge Market Research analyzes that the Global Metal Injection Molding (MIM) in Medical Application Market is expected to reach USD 1,030 million by 2031 from USD 535.45 million in 2023, growing with a substantial CAGR of 8.45% in the forecast period of 2024 to 2031.
Key Findings of the Study
Increasing Demand for Precision Components in Medical Applications
Precision components are critical in medical devices, ensuring reliability and high performance. Metal injection molding, with its capability to produce complex and high-precision parts, has emerged as an ideal solution for the medical industry’s stringent requirements. This method allows the production of small, intricate components with excellent mechanical properties, which are essential for medical instruments and implants.
Medical applications such as surgical instruments, orthodontic appliances, and orthopedic implants benefit from MIM's precision and consistency. The ability to manufacture components with tight tolerances and superior surface finishes makes MIM an attractive choice for producing medical parts. Additionally, the process's efficiency in creating high-volume, consistent quality parts aligns with the medical industry's need for cost-effective manufacturing solutions. This alignment drives the adoption of MIM technology in the medical sector, thereby boosting market growth.
In conclusion, the increasing demand for precision components in medical applications significantly drives the metal injection molding market's growth. MIM's ability to produce complex, high-precision parts efficiently align well with the medical industry's stringent requirements. As the medical sector continues to evolve, with trends towards miniaturization and higher regulatory standards, MIM's role becomes even more crucial. This synergy between MIM capabilities and medical industry needs underscores the strong market growth for metal injection molding technology.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Material (Ferrous Alloys, Tungsten Alloys, Hard Metals, Special Material, Others), Category (Implants, Dental Crowns, Endoscopes, Laparoscopic Devices, Handle for Surgical Scissors, Jaw, and Others)
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Countries Covered
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U.S., Canada, Mexico, China, Japan, India, South Korea, Taiwan, Singapore, Vietnam, Malaysia, Rest of Asia-Pacific, Germany, U.K., Italy, France, Spain, Switzerland, Russia, Turkey, Belgium, Netherlands, Rest of Europe, Brazil, Argentina, Rest of South America, South Africa, U.A.E., Saudi Arabia, Egypt, Israel, and Rest of Middle East and Africa
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Market Players Covered
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GKN Powder Metallurgy (U.S.), Molex (U.S.), Seiko Epson Corporation (Japan), INDO-MIM (India), ARC Group Worldwide (U.S.), Jiangsu Gian MIM Parts (China), MPP (U.S.), Reich MIM GmbH (Germany), SZS Co., Ltd. (Taiwan), Alpha Precision Group (U.S.), Optimim (U.S.), ASH INDUSTRIES (U.S.), Parmaco Metal Injection Molding AG (Switzerland), Advanced Powder Products, Inc. (U.S.), AMT Pte Ltd (Singapore), Shilpan Steelcast Pvt. Ltd. (India), VDR Metals Inc. (India), Smith Metal Products (U.S.), Taiwan Kodai Co., Ltd. (Taiwan), and ABIS MOLD Technology Co.,Ltd (China)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The Metal Injection Molding (MIM) in medical application market is segmented into two notable segments based on material and category.
- On the basis of material, the market is segmented into ferrous alloys, tungsten alloys, hard metals, special material, and others
In 2024, the ferrous alloys segment is expected to dominate the global Metal Injection Molding (MIM) in medical application market.
In 2024, the ferrous alloys segment is expected to dominate the market with a market share of 36.11% due to their high strength, durability, and widespread use in medical applications.
- On the basis of category, the market is segmented into implants, dental crowns, endoscopes, laparoscopic devices, handle for surgical scissors, jaw and others
In 2024, the implants segment is expected to dominate the global Metal Injection Molding (MIM) in medical application market.
In 2024, the implants segment is expected to dominate the market with a 31.81% market due to the high precision and complex geometries required for medical implants.
Major Players
Data Bridge Market Research analyzes GKN Powder Metallurgy (U.S.), Molex (U.S.), Seiko Epson Corporation (Japan), INDO-MIM (India), and ARC Group Worldwide (U.S.) as the major players in the global metal injection molding (MIM) in medical application market.
Market Developments
- In June 2024, MPP, a leading manufacturer of custom components, proudly announced its Grand Prize Award from the Metal Powder Industries Federation for creating a core plate in the electrical category for Metal Injection Molding (MIM) parts. This core plate is crucial in the Cadence Tablet, the first device that can display moving tactile graphics. This recognition will attract new clients, strengthen customer trust, and open up more opportunities in advanced industries like electronics and tactile technology
- In November 2023, Molex expanded its European manufacturing footprint with a new campus in Katowice, Poland, announced. The initial 23,000 square-meter facility supported advanced medical devices and electrification solutions, with future expansion plans up to 85,000 square meters. Molex invested USD 110 million in the site, which provided state-of-the-art capabilities and created approximately 350 skilled jobs. The campus was set to achieve LEED Gold and ISO 13485 certifications
- In July 2023, ARC Group Worldwide Vice President received two Awards of Distinction at PowderMet2023 in Las Vegas. The awards recognized innovative Metal Injection Molding (MIM) components for firearms, including an S-7 tool steel locking block and a pistol slide stop. Winning the Awards of Distinction enhances ARC Group Worldwide's industry reputation and fosters new business opportunities by showcasing their leadership in precision MIM technology for firearms components
- In June 2023, Alpha Precision Group parent company Nichols Portland, Inc. has acquired the assets of Neota Product Solutions LLC, a leading provider of Metal Injection Molding (MIM) solutions from prototyping to full-scale manufacturing. This acquisition, announced by Nichols' President and CEO Thomas K. Houck, strengthens Nichols' MIM capabilities. Jason Osborne, President of Neota, and his team will join Nichols, enhancing the company's product design and manufacturing expertise. Heidi Goldstein of Altus Capital Partners, which owns Nichols, highlighted the partnership's potential to bolster Nichols' comprehensive customer-focused services. Financial terms were not disclosed
- In July 2022, ASH INDUSTRIES expanded its Lafayette Parish, Louisiana, facility with a USD 5 million investment, creating 85 jobs. The project doubled the manufacturing floor size by adding 20,000 square feet. The company emphasized the importance of manufacturing space, a solid employee base, and cutting-edge equipment, including in-house metal injection molding during the launch
Regional Analysis
Geographically, the regions covered in the global Metal Injection Molding (MIM) in medical application market report are Asia Pacific, North America, Europe, South America, and Middle East and Africa. These regions are further segmented by countries into U.S., Canada, and Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, and Rest of Europe, China, Japan, India, South Korea, Thailand, Indonesia, Singapore, Australia & New Zealand, Malaysia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, and Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel and Rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the global Metal Injection Molding (MIM) in medical application market
In 2024, Asia-Pacific is expected to dominate the market due to its advanced manufacturing capabilities and cost-effective production. The region's large population drives high demand for medical devices, supporting market growth.
North America is estimated to be the fastest-growing region in the global Metal Injection Molding (MIM) in medical application market
North America is expected to grow during the forecast period 2024 to 2031 as increasing demand for precision components in medical applications
For more detailed information about the global metal injection molding (MIM) in medical application market report, click here – https://www.databridgemarketresearch.com/es/reports/global-metal-injection-molding-mim-in-medical-application-market
