New York – May 10, 2023 - Research Nester’s recent market research report on “Medical Polyoxymethylene Market: Global Demand Analysis & Opportunity Outlook 2031” delivers a detailed competitors analysis and a detailed overview in terms of market segmentation by type, grade, application, medical devices, and by region.
Growing Healthcare Spending and Escalating Medical Sector to Promote the Global Market Share of Medical Polyoxymethylene
The global medical polyoxymethylene market is estimated to grow majorly on account of the increased expenditure of the healthcare sector to improve health facilities for people across the world. Increasing rates of diabetes among people with rising insulin consumption are propelling the market growth. It was indicated that more than 643 million people get diabetes by the end of 2030 and over 783 million people suffer from diabetes by the end of 2045 globally as per the International Diabetes Federation. Also, there has been an increasing number of children and adults diagnosed as pre-diabetic with high consumption of sugary foods and carbohydrate diets.
Moreover, there has been a positive impact on medical care post-pandemic to prevent the risk of disease by implementing many early diagnostic tests in hospitals, clinics, and healthcare centers. Furthermore. the use of polyoxymethylene (POM) in the medical sector for tissue engineering owing to its dimensional and thermal stability is propelling the market growth. Further, the cell growth inhibiting capacity such as hematopoietic stem cells of POM in the tissue culture, POM is used as a growth substrate or medium wetted component which enhanced its applications in the health industry and fuels the market growth.
Some of the major growth factors and challenges that are associated with the growth of the medical polyoxymethylene market are:
- Increasing advancements in the technology
- Rising utilization of insulin pens in diabetic patients
The rising availability of substitutes and strict regulations by the government to protect the environment from thermoplastics are some of the major factors anticipated to hamper the market size of medical polyoxymethylene. The rising price change in the raw materials is also hindering market growth. Many new plastic materials such as polyetheretherketone (PEEK), PC, and synthetic plastics are available for the use in medical industry which hampers the growth of the market.
Access our detailed report Medical Polyoxymethylene Market Analysis by Type (Homopolymer, Copolymer); Grade (Standard, Weather Resistant, Low VOC); Application [Drug Delivery System (Inhalers, Insulin Pens, Hose Clamp/Clip, Stop Cock/Manifold), Medical Devices (Dialysis Machine, Handles for Surgical Instruments, Skin stretchers, Male Circumcision Device)] – Global Supply & Demand Analysis & Opportunity Outlook 2021-2031 @ https://www.researchnester.com/reports/medical-polyoxymethylene-market/4680
By application, the global medical polyoxymethylene market is segmented into drug delivery systems and medical devices. The medical devices segment is to garner the highest revenue by the end of 2031 by growing at a significant CAGR over the forecast period. The rise in the number of people living with diabetes and increased demand for insulin injections. Further, the medical devices segment is sub-segments into different categories such as dialysis machines, skin stretchers, male circumcision devices, cruciate ligament operation devices, infusion pumps and rack systems, and others. Out of these, the dialysis machine sub-segment is anticipated to share a huge medical polyoxymethylene market share in the coming years. The damage to kidneys in various regions such as high blood pressure and aging is increasing the need for dialysis machines which in turn drives the market segment growth. As of 2022, more than 10% of the population globally is suffering from chronic kidney disorders that are in a progressive state which is more than 750 million people.
By region, the Asia Pacific market is to generate the highest revenue by the end of 2031. This growth is driven by the increasing prevalence of diabetic patients in the region and the rising population Further, the increasing industrialization in the region with enhancement in the medical devices with advanced technology is driving the medical polyoxymethylene market growth in the region. As per the observations, India has more than 70 million diabetic patients in 2022 with 16% of the global diabetic population, and is estimated to reach over 134 million by the year 2045.
This report also provides the existing competitive scenario of some of the key players of the medical polyoxymethylene market which includes company profiling of BASF SE., Celanese Corporation, Polyplastics Co. Ltd, DuPont de Nemours Inc, Ensinger, Korea Engineering Plastics Co. Ltd, Mitsubishi Chemical Corporation, Westlake Plastics Company, Asahi Kasei Corporation, PolyOne Corporation, and others.