Medical Polyoxymethylene Market to Grow at a CAGR of 4.2% to reach US$ 88,482.56 thousand from 2019 to 2028

The medical polyoxymethylene market was valued at US$ 61,542.14 thousand in 2019 and is projected to reach US$ 88,482.56 thousand by 2028; it is expected to grow at a CAGR of 4.2% from 2020 to 2028.

Polyoxymethylene (POM) is a high-performance engineered thermoplastic, which is traditionally produced through ring opening polymerization of formaldehyde and is mainly supplied in the form of pellets. POM resins are produced by the process of polymerization of formaldehyde so as to provide the homopolymers and copolymers by deploying the other monomers. They are known for its several constructive and mechanical properties which makes them a suitable material to replace metal in production of several medical devices. POM is known to provide metal-like machining properties along with thermal and dimensional stability, ultra-high modulus, enhanced strength, hardness and rigidness, minimal friction coefficient and gas/vapor permeability, dielectric strength, and better retention characteristics at elevated temperature. All such properties make it an ideal material to be used in production of several medical devices and equipment such as dialysis machines, handles for instrument, pharmaceutical closure, inhalers, insulin pens and other such application areas. The growth of the market is strongly driven by advancements in technology along with growth of medical device industry. Rapid urbanization, coupled with economic growth and rise in incidence of chronic ailments and diseases, is further stimulating the demand for medical polyoxymethylene.

In 2019, Asia Pacific contributed to the largest share in the global medical polyoxymethylene market. The growth of the medical polyoxymethylene market in this region is primarily attributed to the presence of strong industrial base along with presence of prominent manufactures significantly contributing to the market growth. Growth of medical sector in the developing countries such as China, Japan, South Korea, and India provide lucrative opportunities for the growth of the medical polyoxymethylene market in Asia Pacific. Further, rapid urbanization, along with rise in incidence of chronic diseases, is also favoring the market growth in the region. The easy accessibility and availability of raw materials, coupled with cheap labor and low production cost, is yet another factor driving the market in the region.

The COVID-19 pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns, and travel bans, and business shutdowns. The chemical & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East & Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products. The travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnership opportunities. All these factors are hampering the activities in the chemical & materials industry, which are restraining the growth of various markets related to this industry. Many countries are now resuming to normalcy, whereas many are experiencing second wave of the outbreak. In addition, due to vaccination drives, now the situations are changing across the globe.

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Medical Polyoxymethylene Market: Strategic Insights

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Market Insights

Rising Demand from Drug Contact and Delivery Applications

Drug delivery is defined as the process of administering a pharmaceutical compound or drug so as to obtain a therapeutic effect in humans or animals. According to the latest World Drug Report released by the United Nations Office on Drugs and Crime (UNODC), approximately 269 million people consumed drugs globally in 2018, which is a 30% hike since 2009. The COVID-19 pandemic and economic downturn have further triggered drug dangers in health globally. Drug contact and delivery is considered to be one of the highly technical and advanced applications; therefore, manufacturers and end users are looking for high quality materials. Several manufacturers of drug-delivery devices are focused on creating complex products by using high-performance materials with better physical and mechanical features, along with advanced functionality and better aesthetics and ergonomics, which could align with the objective of meeting complexity and cost effectiveness. Hence, to cater to the growing demand, manufacturers have come up with the use of polyoxymethylene (POM) in drug-delivery devices.

An insulin pen is significantly used as a drug delivery device to inject insulin into a diabetic patient. Parts of an insulin pen, such as outer needle cap, pen cap, inner needle cap, and dosage knob, are produced using polyoxymethylene (POM). Use of POM in these parts provides characteristics such as impact resistance along with sterility and minimal moisture absorption. The demand for infusion pump is high in the US, while the demand for insulin pens is high in Europe, China, India, and Brazil, owing to the growing health consciousness among the population. Surge in demand for insulin pen and subsequent rise in its production are expected to proliferate the growth of engineering plastics market such as POM.

Application Insights

Based on application, the global medical polyoxymethylene market is segmented into dialysis machine, handles for surgical instruments, inhalers, insulin pen, and others. The insulin pen segment led the market with the largest share in 2019. The insulin pen segment is considered to be one of the lucrative segments in the medical polyoxymethylene market. Insulin pens are categorized under drug delivery devices, which are easy to use, effective, and quite affordable. These factors have positively impacted the demand for insulin pens across developed and developing economies as many people with diabetes are preferring these pens to administer insulin. The rising number of aging patients, coupled with increasing incidence of diabetes and surging adoption of advance drug delivery methods, is expected to positively affect the demand for insulin pens in the market. Several manufacturers of drug delivery devices are focused on creating complex products by using high-performance materials with better physical and mechanical features, along with advanced functionality and better aesthetics and ergonomics, which could align with the objective of meeting complexity and cost effectiveness. Hence, to cater to the growing demand, manufacturers have come up with the use of polyoxymethylene (POM) in drug delivery devices.

The key players operating in the global medical polyoxymethylene market include Daicel Corporation (Polyplastics Co. Ltd); Celanese Corporation; Dupont De Nemours, Inc.; Korea Engineering Plastics Co. Ltd; and Mitsubishi Chemical Corporation. Major market players are focused on strategies such as mergers and acquisitions and product launches to increase their geographical presence and consumer base globally.

Medical Polyoxymethylene Market Regional Insights

The regional trends and factors influencing the Medical Polyoxymethylene Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Polyoxymethylene Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Medical Polyoxymethylene Market Report Scope

Medical Polyoxymethylene Market Players Density: Understanding Its Impact on Business Dynamics

The Medical Polyoxymethylene Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Medical Polyoxymethylene Market are:

1. BASF SE
2. Celanese Corporation
3. DuPont de Nemours, Inc.
4. Ensinger
5. Inventro Polymers

Disclaimer: The companies listed above are not ranked in any particular order.

Report Spotlights

• Progressive industry trends in the global medical polyoxymethylene market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the market from 2017 to 2028
• Estimation of the demand for medical polyoxymethylene across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
• Recent developments to understand the competitive market scenario and the demand for medical polyoxymethylene
• Market trends and outlook coupled with factors driving and restraining the growth of the medical polyoxymethylene market
• Decision-making process by understanding strategies that underpin commercial interest with regard to global medical polyoxymethylene market growth
• Medical polyoxymethylene market size at various nodes of market
• Detailed overview and segmentation of the global medical polyoxymethylene market as well as its dynamics in the industry
• Medical polyoxymethylene market size in various regions with promising growth opportunities

Medical Polyoxymethylene Market, by Application

• Dialysis Machine
• Handles for Surgical Instruments
• Inhalers
• Insulin Pen
• Others

Company Profiles

• BASF SE
• Celanese Corporation
• DuPont de Nemours, Inc.
• Ensinger
• Inventro Polymers
• Kolon Plastics
• Korea Engineering Plastics Co., Ltd
• LG Chem
• Mitsubishi Chemical Corporation
• Polyplastics Co., Ltd.