Medical Polyoxymethylene Market Share, Size, Value, Latest Trends, and Growth Demand Report 2023-2030
Medical Polyoxymethylene Market Overview:
According to the USD Analytics published latest research report, the global “Medical Polyoxymethylene Market” is expected to grow at a tremendous CAGR of 4.12% during the forecast period 2023-2030.
Polyoxymethylene (POM) or acetal is a kind of polymer manufactured from semi-crystalline formaldehyde-based resins with a functional carbon group bound to two -OR groups. Because of its biocompatibility, robustness, and resistance to chemicals and sterilizing techniques, it is a chemically inert material commonly used in medical equipment.
Medical polyoxymethylene is a thermoplastic engineering material used in precision components requiring high stiffness, minimal friction, and exceptional dimensional stability. The fabric comes in homopolymer and copolymer forms and may be utilized in various applications.
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Market Drivers:
The medical polyoxymethylene market is expected to rise rapidly during the forecast period. One of the primary reasons driving the development of this market is the rising usage of innovative medical technologies.
Furthermore, the rising prevalence of chronic disorders is fueling the expansion of this market. Another factor driving market expansion is the rising usage of polyoxymethylene in manufacturing and packaging therapeutic goods. The increase in pharmaceutical businesses is also hastening the market’s expansion.
Market Restraints:
However, sterilization and implant application difficulties are projected to hamper market expansion.
Covid-19 Impact Analysis:
The COVID-19 pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns, travel bans, and business shutdowns. Chemical and materials are key sectors experiencing significant disruptions such as supply chain breakdowns, technology event cancellations, and workplace closures. The closure of numerous facilities and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has hampered the global supply chain and harmed production activity, delivery schedules, and product sales. Furthermore, some corporations have already forecasted probable delays in product delivery and a drop in future product sales. Travel prohibitions implemented by European, Asian, and North American nations are impeding economic partnerships and partnership chances. These problems inhibit activity in the chemical and materials industries, stifling the expansion of several markets associated with this sector.
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Segmentation Analysis:
By Type:
- Homopolymer POM
- Copolymer POM
By Application:
- Dialysis Machine
- Handles for Surgical Instruments
- Inhalers
- Insulin Pen
- Medical Trays
- Pharmaceutical Closures
- Other Applications
The inhaler segment is predicted to be the fastest expanding during the projected period. Polyacetal or polyoxymethylene (POM) is a semi-crystalline formaldehyde-based thermoplastic with improved strength, stiffness, and firmness, as well as moldability, superior mechanical properties, and abrasion, fatigue, and chemical resistance. Because of these features, it is widely employed as a building material and in medical equipment design.
The properties of such thermoplastics make them excellent for usage in a wide range of applications, including dry powder inhalers and metered dosage inhalers (MDIs). The medicinal polyoxymethylene (POM) market is predicted to expand as demand for inhalers rises. Furthermore, companies like Vaneflon NV are engaged in the manufacturing and distribution of polyacetal for medical applications such as metered dose inhalers.
Geographical Analysis:
The global medical polyoxymethylene market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
Asia-Pacific Medical Polyoxymethylene Market:
The Asia Pacific region had the greatest proportion of the global medical polyoxymethylene market. The existence of a strong industrial foundation and the presence of renowned manufacturers is largely responsible for the development of the medical polyoxymethylene market in this area. Expanding the medical sector in emerging nations such as China, South Korea, and India provides the attractive potential for developing the Asia Pacific medical polyoxymethylene market.
Furthermore, increased urbanization, as well as an increase in the frequency of chronic illnesses, is boosting market expansion in the area. Another element boosting the industry in the area is the simple accessibility and availability of raw materials, inexpensive labor, and low manufacturing costs.
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North America Medical Polyoxymethylene Market:
The existence of established multinational medical and pharmaceutical firms producing medical equipment in the area, as well as increased consumer healthcare spending, is propelling the region’s medical POM industry. For example, the American Medical Association anticipated that healthcare spending in the United States would reach $4,255.1 billion in 2021.
Furthermore, the rising demand for dialysis devices due to a surge in renal failure among patients is likely to boost medical POM use. According to the American Renal Fund, around 570,000 individuals are on dialysis machines, and the rising rates of renal failure are likely to increase the need for dialysis equipment throughout the country.
Competitive Landscape:
The major companies included in the global medical polyoxymethylene market are
- BASF SE
- Celanese Corporation
- Daicel Corporation (Polyplastics Co. Ltd)
- DuPont de Nemours Inc.
- Ensinger
- Korea Engineering Plastics Co. Ltd
- Mitsubishi Chemical Corporation
- Westlake Plastics Company
- Yuntianhua Group Co. Ltd
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