Market Overview
The Global Medical Polyoxymethylene (POM) Market is expected to reach a value of
USD 124.2 million in 2023 and is anticipated to grow with a
compound annual growth rate (CAGR) of 7.1% for the forecast period (2023-2032). Polyoxymethylene (POM) is a thermoplastic material obtained from formaldehyde, and it is also known as polyformaldehyde or polyoxymethylene glycol. POM resins are mostly used in the manufacturing of items that require excellent sliding properties & consistent size and shape. This versatile material is applied across a range of sectors, like industrial, electrical & electronics, automotive, & medical delivery, where its robustness and longevity are highly appreciated. POM's capacity to uphold exact measurements and exhibit effortless sliding properties positions it as the preferred material for manufacturing a wide range of precision components used across various sectors.
The increasing emphasis on sustainable materials in the healthcare sector, & rising environmental awareness, is expected to drive the demand for medical POM. Medical POM is used due to its biocompatibility, exceptional mechanical properties, & resistance to chemicals & sterilization processes, making it a widely used material in various medical applications. As the demand for medical devices and equipment continues to rise, the medical POM industry is expected to observe significant expansion in the upcoming years. It is extensively used in the production of healthcare devices, like catheters, surgical instruments, drug delivery systems, & implants contributing to its market growth.
Market Dynamic
The U.S. holds a prominent position as one of the largest medical device producers in the region, and the market is expected to grow in upcoming years as well. This is accredited to robust healthcare facilities in the nation & the increasing incorporation of cutting-edge medical innovations. Additionally, capacity expansion and plant upgrades by healthcare firms within the U.S. are anticipated to further stimulate the need for medical POM.
The continuous growth of the medical sector, driven by the increasing demand for pharmaceutical interaction and distribution purposes, is also expected to contribute to the market's expansion within the medical sector. Key domestic manufacturers in Canada, such as BASF SE, Polyplastics Co., Ltd, & Westlake Plastics play significant roles in the medical sector. Moreover, the growing need for eco-friendly materials in the healthcare domain is driven by the rising consciousness of environmental concerns. In response to these concerns, healthcare device manufacturers are integrating reclaimed Polyoxymethylene within their product designs, aiming to reduce their environmental impact. These factors collectively drive the market in the U.S., positioning it for continued growth in the medical Polyoxymethylene industry.
Research Scope and Analysis
By Type
The Copolymer Segment holds a dominant position in the market with a maximum share in 2023. Copolymers are favored for their mechanical capabilities, making them a suitable alternative to metals in the production of various medical devices. With properties like strength, thermal stability, hardness, ultra-high modulus, enhanced retention & rigidity, Copolymer Polyoxymethylene is in demand within the medical domain. Meanwhile, Homo-polymer Polyoxymethylene exhibits properties such as hardness, durability, high strength & resistance to deterioration, making it apt for healthcare applications. However, its noxious emissions during combustion restrict its applicability and impact on the environment.
The Medical Polyoxymethylene sector is further fueled by ongoing research and development activities aimed at expanding the application scope in medical device production. healthcare devices like inhalers, insulin pens, surgical instruments, and trays benefit from Effective manufacturing and resource utilization, in addition to the ability to tailor for intricate medical apparatus & reduced weight. These factors are expected to fuel the demand for polyoxymethylene during the forecast period (2023-2032).
By Application
The insulin pen segment emerges as the dominant product category in the POM Market in 2023. The increasing demand for insulin pens, coupled with a rise in their production, is expected to drive the growth of the polymer engineering sector, such as POM. Insulin pens are widely used for administering insulin to diabetic patients. Their popularity is rapidly increasing due to their user-friendly design & cost-effectiveness.
The growing number of patients with diabetes is contributing to the increased usage of insulin pens. Medical POM, known for its durability & resistance to continuous handling, is commonly used in the production of these insulin pens. Additionally, the ability of medical POM to maintain its shape under changing pressures & temperatures ensures Peak pen performance and prevents damage or leakage to the insulin reservoir, making insulin pens the preferred choice. Moreover, the amalgamation of diverse beneficial characteristics in thermoplastic materials, including POM, renders them apt for an extensive area of uses, such as metered-dose inhalers & dry powder inhalation devices. As the demand for inhalers increases, the market for medical polyoxymethylene (POM) is expected to witness significant growth.
The Medical Polyoxymethylene (POM) Market Report is segmented on the basis of the following:
By Type
• Homopolymer
• Copolymer
By Application
• Handles for Surgical Instruments
• Pharmaceutical Closures
• Dialysis Machines
• Medical Trays
• Inhalers
• Insulin Pen
• Others
Regional Analysis
Asia Pacific dominates the Global Medical Polyoxymethylene Market, accounting for more than 37% of the total revenue share. The region's robust growth is majorly accredited to the flourishing of the medical sector in emerging economies like Japan, China, India, & South Korea, presenting promising opportunities for the industry's growth. The existence of a solid industrial base & prominent manufacturers enhances the expansion of the POM market in the medical sector, in the Asia Pacific region. Additionally, factors like heightened urban development and the growing prevalence of chronic illness drive market expansion in this region. The availability and supply of essential resources, combined with economically efficient labor, also contribute to the industry's growth in this area.
Moreover, North America is experiencing significant growth in the medical POM industry due to increased healthcare device production, a high standard of living, & a growing aging population. The region's advanced infrastructure and the existence of well-established manufacturers of medical equipment drive the advancement of the healthcare industry, creating ample application opportunities for the Polyoxymethylene Market in North America.
By Region
North America
• The U.S.
• Canada
Europe
• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe
Asia-Pacific
• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA
Competitive Landscape
Prominent manufacturers in the medical polyoxymethylene (POM) market include Korea Engineering Plastics Co. Ltd., Innovative Plastics USA LLC, SPI Performance Coatings, and several others. These industry participants are actively engaged in expanding the use of POM in the medical sector and exploring its applications. In response to the rapid technological advancements, medical device manufacturers are also focusing on both pre-and post-production processes.
In February 2023, The Polyplastics Group took a significant step by expanding its line of acetal materials for the medical and healthcare industry during MD&M West in Anaheim, California. The company showcased its latest DURACON POM PM series, designed specifically for pharmaceutical contact & delivery applications. This move reflects the industry's commitment to meeting the evolving needs of the medical field and enhancing the use of POM in crucial medical applications.
Some of the prominent players in the Medical Polyoxymethylene (POM) Market are:
• Daicel Corporation
• DuPont de Nemours Inc.
• BASF SE
• Celanese Corporation
• Jet-Hot, Inc.
• SABIC
• CLARIANT
• Avient Corporation
• SPI Performance Coatings
• China National Bluestar (Group) Co. Ltd.
• ICD High-Performance Coatings
• Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Medical Polyoxymethylene (POM) Market:
The COVID-19 pandemic and the subsequent recession had a mixed impact on the global medical polyoxymethylene (POM) market. Initially, the pandemic resulted in disruptions in supply chains, manufacturing operations, and distribution networks, leading to temporary setbacks in the market. The restrictions on movement and the global economic slowdown also affected the demand for medical devices and equipment, impacting the demand for medical POM. However, the healthcare industry's increased focus on infection control & safety measures during the pandemic increased the demand for medical devices and equipment made from POM due to its biocompatibility and resistance to chemicals and sterilization process. Moreover, the growing awareness of sustainable materials in the healthcare sector, fueled by increased environmental consciousness during the pandemic, led to an increased demand for medical POM over the long term. As the healthcare industry gradually recovered and adapted to the "new normal," the demand for medical POM started to rebound, driven by the expansion of the medical sector and rising demand for drug contact and delivery applications. The market's resilience to challenges posed by the pandemic and the potential for growth in the post-pandemic era make medical POM a promising material in the global healthcare industry.
Report Characteristics |
Market Size (2023) |
USD USD 124.2 Mn |
Forecast Value (2032) |
USD 229.6 Mn |
CAGR (2023-2032) |
7.1% |
Historical Data |
2017 - 2022 |
Forecast Data |
2023 - 2032 |
Base Year |
2022 |
Estimate Year |
2023 |
Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
Segments Covered |
By Type (Homopolymer, and Copolymer), and By
Application (Handles for surgical instruments,
Pharmaceuticals closures, Dialysis machines, Medical
trays, Inhalers, Insulin Pen, and Others). |
Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
Prominent Players |
Daicel Corporation, DuPont de Nemours Inc., BASF
SE, Celanese Corporation, Jet-hot Inc, SABIC,
CLARIANT, Avient Corporation, SPI Performance
Coatings, China National Bluestar (Group) Co. Ltd.,
ICD High-Performance Coatings and Other Key
Players. |
Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Medical Polyoxymethylene (POM) Market is expected to reach a value of USD 124.2 million
in 2023.
The Global Medical Polyoxymethylene Market is expected to grow at 7.1% CAGR from 2023 to 2032.
Asia Pacific region dominates the Global Medical Polyoxymethylene Market, accounting for over 37.5%
of the total revenue share in 2023.
Some of the prominent players in the Global Medical Polyoxymethylene Market include Daicel
Corporation, DuPont de Nemours Inc., BASF SE, Celanese Corporation, Jet-hot Inc, etc.