The Medical Polyoxymethylene (POM) Market is estimated to be valued at US$ 199.8 million in 2022 and is expected to exhibit a CAGR of 3.37% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The Medical Polyoxymethylene (POM) Market refers to the market for a thermoplastic material that is widely used in the healthcare industry for various applications. It offers excellent performance characteristics such as high stiffness, low friction, excellent dimensional stability, and resistance to wear and impact. Medical POM finds extensive use in the production of medical devices, such as orthopedic devices, dental devices, surgical instruments, drug delivery systems, and diagnostic equipment. Additionally, the material offers biocompatibility, which allows for its safe use in implantable medical devices.
The Medical POM market is primarily driven by the increasing demand for medical devices and equipment in the healthcare sector. The growing geriatric population and the prevalence of chronic diseases are fueling the demand for advanced medical devices, thereby boosting the market growth. Furthermore, the expanding healthcare infrastructure in emerging markets such as Asia-Pacific presents a significant opportunity for market players to tap into new revenue streams. However, strict regulations regarding the use of medical-grade materials and the high cost of POM may hinder market growth to some extent.
The medical polyoxymethylene (POM) market can be segmented based on application into medical devices and equipment, drug delivery systems, and implants. Among these segments, medical devices and equipment dominate the market. This is due to the increasing demand for POM in the production of surgical instruments, catheters, dental devices, and diagnostic equipment. POM offers excellent mechanical properties, such as high strength, stiffness, and dimensional stability, which make it ideal for these applications. Additionally, POM’s resistance to chemicals and low friction coefficient further enhance its suitability for medical devices. As a result, the medical devices and equipment segment is expected to continue dominating the market in the forecast period.
Political: The medical POM market is influenced by governmental regulations regarding the use of materials in the medical industry. Compliance with safety and quality standards is crucial for manufacturers to enter and remain in the market.
Economic: The growing healthcare expenditure, increasing geriatric population, and technological advancements in the medical sector are driving the demand for medical POM. These economic factors contribute to the growth of the market.
Social: The rising awareness about healthcare and the increasing demand for advanced medical devices and equipment are propelling the adoption of medical POM. Patients and healthcare professionals are seeking innovative and reliable materials for medical applications.
Technological: Technological advancements in the manufacturing processes of POM are improving the quality and efficiency of medical devices. New formulations and modifications are being introduced to enhance the performance and safety of POM in medical applications.
The global Medical POM Market Share is expected to witness high growth, exhibiting a CAGR of 3.37% over the forecast period of 2023-2030. The increasing prevalence of chronic diseases, the growing aging population, and the advancements in medical technology are driving the demand for medical POM.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the medical POM market. The region has a well-established healthcare infrastructure, increasing healthcare expenditure, and a high adoption rate of advanced medical devices. Europe and Asia Pacific are also expected to contribute significantly to the market growth.
Key players operating in the medical POM market include 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, and Yuntianhua Group Co. Ltd. These companies focus on product development, partnerships, and mergers to strengthen their market position and cater to the increasing demand for medical POM.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it