PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320183
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320183
Medical Polyoxymethylene (POM) Market size was valued at USD 130.8 Million in 2022, expanding at a CAGR of 7.2% from 2023 to 2030.
Polyoxymethylene (POM) is a thermoplastic engineering material commonly referred to as acetal or polyacetal. It is a high-performance polymer with good mechanical qualities such as high strength, stiffness, and dimensional stability, allowing it to be used in a wide range of applications. POM has exceptional mechanical qualities, including as high strength, stiffness, and dimensional stability. These qualities could be used in the production of medical devices and components that require longevity and precision, such as orthopedic implants and surgical equipment. If there are advancements in the use of POM for medicinal purposes, it is critical to examine these concerns and do significant research before widespread use in the medical profession.
As medical technology advances, there is a greater need for high-performance materials in the production of medical devices and equipment. POM or other materials with suitable qualities may find increased applications in medical device manufacture as the medical industry progresses. According to World Health Organization, Nowadays, there are an estimated 2 million different kinds of medical devices on the world market, categorized into more than 7000 generic device groups. POM formulations with greater biocompatibility could be developed as a result of ongoing research and development, making them beneficial for use in medical and healthcare applications. However, biocompatibility concerns and environmental impact may hamper the growth of the market.
The Global Medical Polyoxymethylene (POM) Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into three categories based on product type: Homopolymer POM and Copolymer POM. Homopolymer POM is expected to dominate the market growth. Many of the qualities of Homopolymer POM (POM-H) are retained in copolymer POM, including high stiffness, mechanical strength, and low friction. However, it outperforms Homopolymer POM in terms of thermal stability and chemical resistance.
The market is divided into two categories based on application: Dialysis Machine, Handles for Surgical Instruments, Inhalers, Insulin Pen, Medical Trays, Pharmaceutical Closures, and Others. The inhaler segment is expected to dominate the market growth. POM is commonly used in certain inhaler components, other materials may also be utilized based on specific design requirements and regulatory considerations.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the Medical Polyoxymethylene (POM) Market, due to the presence of established international medical and pharmaceutical companies. Demand for medical devices and equipment, many of which use POM, is driven by the region's advanced healthcare infrastructure, which includes hospitals, clinics, research institutions, and medical universities. The U.S. is the biggest market for pharmaceutical industries. The US pharmaceutical industry statistic says that the market share of the US in the global pharma industry will be 43.72% in the year 2023. The pharma industry in the USA spends around USD60 billion every year on drug research and development. Another major market for medical POM is Europe. The region is connected to many medical device providers and has a well-developed healthcare system, which contributes to the demand for high-performance materials such as POM.
the Medical Polyoxymethylene (POM) Market experienced steady demand due to the growing medical industry's need for high-performance materials in various applications. Manufacturers that can provide medical-grade POM with the necessary certifications and regulatory approvals may have a competitive edge over others. Medical technology advancements prompted to the development of more sophisticated and novel medical devices. These developments frequently necessitate materials with exceptional mechanical qualities, precision, and endurance, which is where POM comes into play. Companies who spend in R&D to improve POM qualities or create new grades for medical applications may gain a competitive advantage.
In 10 July 2023, Polyplastics announced the commercial availability of its DURACON POM (Polyoxymethylene/Acetal) PM Series for medical applications. The company will supply materials to all global regions including Asia such as China and India, and Europe and the U.S.
The scope of this report covers the market by its major segments, which include as follows: