Micromolding has been around for some 30-odd years, but it's only in the past 10 years or so that it has really soared as an enabling technology in medical manufacturing, says Aaron Johnson, Vice President, Marketing & Customer Strategy, at Accumold (Ankeny, IA). "Demand for this technology has skyrocketed in the last decade," says Johnson, and it is a trend that continues to pick up steam, notably, in medical manufacturing. Recent market reports bear him out.
Currently valued at a little more than $300 million, the micromolding market is expected to hit $763 million by 2020, according to Transparency Market Research. Medical and healthcare applications are the leading segments of micro-injection polymer molding, accounting for 33% of total revenue in 2012, notes another report published by Grand View Research. The continued adoption of micro-sized components for minimally invasive surgical instruments and other medical devices will drive demand over the next six years, write Grand View Research analysts, who project that medical technology will be the fastest growing market for micromolding through 2020, with an estimated CAGR of 15.2%.