by The global medical polyoxymethylene Market is estimated to be valued at US$ 206.53 Mn or 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.
Market Overview:
Medical polyoxymethylene also known as polyacetal or polyformaldehyde is a thermoplastic used in medical devices and applications due to its biocompatibility, chemical resistance, and fatigue endurance. It is used to manufacture medical devices such as dialysis machines, surgical instruments, and components of imaging systems.
Market key trends:
Growing demand for minimally invasive surgical procedures and technological advancements in the medical devices industry are the major factors driving the growth of the medical polyoxymethylene market. For instance, there is a rising demand for MRI-safe medical devices made using polymers such as polyoxymethylene owing to the increasing number of MRI scans performed globally. The usage of polyoxymethylene replaces traditional metals used in medical devices thereby helping to develop lightweight medical instruments with reduced infections.
Market key trends:
The Medical Polyoxymethylene Market has been witnessing high demand from the medical devices industry. One of the key trends in this market is the growing usage of polyoxymethylene in implants, prosthetics and surgical instruments. POM offers properties like biocompatibility, heat resistance, toughness and fatigue endurance which make it suitable for applications in the medical industry. Its self-lubricating nature also reduces friction during invasive surgeries or with implants.
SWOT Analysis
Strength: POM offers strength, rigidity and durability required for medical devices. Its bio-compatibility makes it suitable for implants.
Weakness: Production of POM poses environmental and health hazards.
Opportunity: Rising elderly population and chronic diseases are driving demand for medical devices and implants.
Threats: stringent regulations around usage of plastics in medical industry and presence of alternatives like PEEK.
Key Takeaways
The Global Medical Polyoxymethylene Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing demand for implants and prosthetics from rising elderly population globally.
Regional analysis:
Asia Pacific dominates the global market and is expected to grow at fastest pace during forecast period due to large consumer base, increase in healthcare expenditure and growth of medical devices industry in China and India. China represents major market share in the region.
Key players:
Key players operating in the Medical Polyoxymethylene 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
