Medical Polyoxymethylene (POM) Market size is anticipated to reach USD 147.77 Billion by the end of 2031, growing at a CAGR of 6.40% during the forecast period, i.e., 2022-2031. In the year 2021, the industry size of medical polyoxymethylene was USD 79.81 Million. The growth can be attribute to rise in prevalence of diabetes all around the world. A total of 537 million individuals (20-79 years old) worldwide has diabetes. By 2030, there would be 643 million diabetics worldwide, and by 2045, there would be 783 million, according to the international diabetes federation. Hence owing to this, the demand for insulin pen treatment is expected to increase. For instance, in the United States, there were 27, 860,691 visits for insulin treatment between 2016 and 2020. Treatment visits with insulin pens grew from 36.1% in 2016 to 58.7% in 2020.
Further, there has been growth in medical industry which is also estimated to boost the growth of the market. This growth in medical industry is further booming demand for healthcare and medical devices. Additionally, POM has a significant history in the medical industry, notably as an implantable substance. The use of polyoxymethylene in tissue engineering is made possible by its properties, including excellent dimensional stability and thermal stability that enable steam sterilization. This is anticipated to influence the market potential for the expansion of the global medical polyoxymethylene market. Moreover, POM is an appropriate material for tissue culture since it significantly inhibited hematopoietic stem cells' ability to grow and form colonies, whether it was used as a growth substrate or as a medium-wetted component. Consequently, this is expected to create a huge opportunity for the market for medical polyoxymethylene to expand.
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
6.40% |
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Base Year Market Size (2021) |
USD 79.81 Million |
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Forecast Year Market Size (2031) |
USD 147.77 Million |
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Regional Scope |
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Growth Drivers
Challenges
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)]
The global medical polyoxymethylene (POM) market is segmented and analyzed for demand and supply by application into drug delivery system, and medical devices. Out of which, the medical devices segment is anticipated to garner the largest revenue by the end of 2031. Further, the medical devices segment is sub-segmented into dialysis machine, skin stretchers, male circumcision device, cruciate ligament operation device, infusion pump and rack system, and others. Out of these, the skin stretchers segment is anticipated to grow with the highest CAGR of 6.78% over the forecast period. However, the dialysis machine sub-segment is expected to garner the second highest revenue of USD 14.80 million by the end of 2031, up from a revenue of USD 7.74 million in the year 2021. The growth of the segment can be attributed to the rising cases of kidney malfunctioning and related diseases. Nearly 786,000 Americans have end-stage renal disease (ESRD), with about 70% receiving dialysis and 30% receiving a kidney transplant, according to a research from the National Institute of Diabetes and Digestive and Kidney Diseases. Between 2008 and 2018, the number of patients receiving home dialysis doubled. Hence this growth in kidney malfunctioning is expected to boost the use of dialysis machine. Since, various top manufacturers employ polyoxymethylene as an appropriate raw material for making dialysis machines as it provides important attributes such as high mechanical strength and stiffness, outstanding dimensional stability and more, this segment is expected to boost the market growth. However, the drug delivery system segment is expected to grow with a highest CAGR of 6.55% over the forecast period.
Grade (Standard, Weather Resistant, Low VOC, Reinforced, Special Grade)
The global medical polyoxymethylene (POM) market is also segmented and analyzed for demand and supply by grade into standard, weather resistant, low VOC, reinforced, special grade, and others. Amongst these segments, the standard segment is anticipated to hold the second largest revenue of USD 36.60 Million by the end of 2031, up from a revenue of USD 19.08 Million in the year 2021. However, weather resistant segment is anticipated to grow at a highest CAGR of 7.03% over the forecast period, backed by growth in number of surgeries which is further boosting demand for surgical instruments. Many reusable surgical instruments are sterilized using heat, which calls for a polymer with weather-resistant qualities to endure such high temperatures. The weather-resistant grade gives polymeric materials the ability to survive the activities of extreme ambient agents (solar radiation, heat, oxygen, moisture, industrial gases, and so on) without substantial shift in their exterior form and functional capabilities (mechanical, dielectric, and others). Hence, these advantages are provided by polyoxymethylene copolymers.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Grade |
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By Application |
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APAC Market Statistics
The Asia Pacific medical polyoxymethylene (POM) market, amongst the market in all the other regions, is projected to hold the largest market revenue of USD 56.03 million by the end of 2031, growing at a highest CAGR of 6.73% over the forecast period. Moreover, in the year 2021, the market in this region garnered a revenue of USD 29.31 million. The growth of the market in this region can be attributed to upsurge in industrialization, and expanding healthcare sector. Further, growing prevalence of diabetes is also estimated to boost the market growth in this region. For instance, India has about 16% of all diabetes patients worldwide, earning it the moniker "Diabetes Capital of the World." India has close to 70 million diabetics in 2022, and by the year 2045, that figure is projected to rise to about 134 million.
Previously reported in December 2020, Korea Engineering Plastics Co. (KEP), a joint venture held equally by Celanese Corporation and Mitsubishi Gas Chemical Firm, Inc. (MGC), has undergone the restructuring Celanese Corporation, a worldwide chemical and specialty materials company, has declared is complete.
Mitsubishi Chemical Corporation said that it has chosen to raise the yearly manufacturing capacity of SoarnoL ethylene vinyl alcohol copolymer (EVOH) resin at its consolidated subsidiary Noltex L.LC by 3,000 tonnes to 41,000 tonnes.
Author Credits: Radhika Gupta, Shivam Bhutani
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