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Medical Polyoxymethylene Market to Garner USD 88,482.56 thousand by 2028

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Medical Polyoxymethylene Market to Garner USD 88,482.56 thousand by 2028

November 23
21:30 2021
Emerging Applications in Tissue Engineering to Escalate Growth of Medical Polyoxymethylene Market During 2020–2028

According to our latest market study on “Medical Polyoxymethylene Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Dialysis Machine, Handles for Surgical Instruments, Inhalers, Insulin Pen, and Others),” the market was valued at US$ 61,542.14 thousand in 2019 and is projected to reach US$ 88,482.56 thousand by 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Strategic Insights

Report Coverage

Details

Market Size Value in

US$ 61,542.14 thousand in 2019

Market Size Value by

US$ 88,482.56 thousand by 2028

Growth rate

CAGR of 4.2% from 2020-2028

Forecast Period

2020-2028

Base Year

2020

No. of Pages

150

No. Tables

13

No. of Charts & Figures

64

Historical data available

Yes

Segments covered

Application

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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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 medical polyoxymethylene 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.

Rising demand from drug contact and delivery applications to boost in the global medical polyoxymethylene market

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 downturns 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.

Impact of COVID-19 on Medical Polyoxymethylene Market:

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.

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Medical Polyoxymethylene Market: Application

Based on application, the medical polyoxymethylene market is segmented into dialysis machine, handles for surgical instruments, inhalers, insulin pen, and others. The insulin pen segment held the largest share in the global medical polyoxymethylene market 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.

Medical Polyoxymethylene Market: Competitive Landscape and Key Developments

The major players operating in the global Medical Polyoxymethylene market include BASF SE, DuPont de Nemours, Inc., Ensinger, Inventro Polymers, Korea Engineering Plastics Co., Ltd., LG Chem, Mitsubishi Chemical Corporation, Polyplastics Group, Celanese, and Kolon Plastics and among many others. The major players in the Medical Polyoxymethylene market are focused on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Contact Person: Sameer Joshi
Email: Send Email
Phone: +1-646-491-9876
City: Pune
State: Maharashtra
Country: India
Website: http://www.theinsightpartners.com/pr/polyoxymethylene-pom-market

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