by The Medical Polyoxymethylene Market is estimated to be valued at US$ 206.53 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Medical polyoxymethylene, also known as Acetal or Polyacetal, is a thermoplastic polymer with excellent dimensional stability, low moisture absorption and self-lubricating properties. It is used in manufacturing various medical devices and implants such as bone screws, knee replacement components, surgical instruments, syringe parts and dialysis machine parts. Due to its high strength, rigidity and biocompatibility, polyoxymethylene is a preferred material for load-bearing medical applications.
Market Dynamics:
Rising geriatric population: According to the United Nations report, the global geriatric population above 65 years is projected to reach 1.5 billion by 2050 from 703 million in 2019. With aging comes various health issues which increases demand for medical devices and implants. This acts as a driver for the medical polyoxymethylene market.
Increasing preference for minimally invasive surgeries: Minimally invasive surgeries require precision surgical tools and instruments. Polyoxymethylene offers dimensional accuracy and self-lubricating properties required for manufacturing such tools. This increases its adoption in the medical devices industry fuelling market growth over the forecast period.
However, factors such as availability of alternative plastics and stringent regulatory framework are expected to hinder the market growth.
Segment Analysis
Content: The Global Medical Polyoxymethylene Market Growth is dominated by the medical device sub-segment. This sub-segment accounts for over 60% of the total market share owing to wide application of POM in various medical implants and instruments. Being lightweight and having high strength makes POM a preferred choice for manufacturing of medical devices, implants and surgical/diagnostic instruments.
PEST Analysis
Political: The Medical Polyoxymethylene market is regulated by various regulatory bodies like FDA which ensures strict norms are followed in manufacturing and processing of medical grade POM to ensure patient safety.
Economic: Rising healthcare expenditure globally is supporting growth of Medical Polyoxymethylene market. Higher disposable incomes have also increased affordability of sophisticated medical treatments and devices.
Social: Growing geriatric population prone to various diseases and lifestyle diseases is generating increased demand for medical devices and implants using Medical Polyoxymethylene.
Technological: Continuous R&D is helping in development of advanced grades of Medical Polyoxymethylene with enhanced biocompatibility, fatigue strength and durability important for implants with long usage life.
Key Takeaways
The Global Medical Polyoxymethylene Market is expected to witness high, exhibiting CAGR of 3.3% over the forecast period, due to increasing preference for minimally invasive surgeries and growing popularity of customized medical implants.
The North America region dominates the Medical Polyoxymethylene market holding over 40% share owing to high healthcare spending and significant research activities in the region for developing new application of POM in healthcare. Asia Pacific is expected to be the fastest growing market during the forecast period supported by growing medical tourism industry and rising healthcare infrastructure development.
Key players operating in the Medical Polyoxymethylene market are 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 players are focusing on new product development and capacity expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
