The global 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.
Medical Polyoxymethylene (POM) is a high-performance polymer used in the manufacturing of medical devices. It possesses excellent mechanical properties, such as high tensile strength and stiffness, low friction coefficient, and good dimensional stability. These properties make it ideal for applications requiring high precision and durability, such as medical implants, surgical instruments, and drug delivery systems. The increasing demand for these high-performing medical devices is expected to drive the growth of the Medical POM market.
Market Key Trends:
One key trend observed in the Medical Polyoxymethylene (POM) market is the growing adoption of POM-based materials in orthopedic implants. POM offers excellent biocompatibility and corrosion resistance, making it an ideal material for orthopedic implants, such as knee and hip replacements. POM implants provide better longevity and improved patient outcomes compared to traditional materials. The increasing prevalence of musculoskeletal disorders and the rising geriatric population are expected to fuel the demand for POM-based orthopedic implants, driving market growth.
Threat of new entrants: The threat of new entrants in the medical polyoxymethylene (POM) market is low. This is because the market is already dominated by well-established key players who have a strong presence and extensive distribution networks. Additionally, the high capital requirements and specialized knowledge needed to enter the market act as barriers to entry, further reducing the threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers in the medical POM market is moderate. Buyers have the ability to compare and choose from a variety of suppliers, which gives them some leverage in negotiating prices. However, the specialized nature of medical POM and the limited number of key players in the market limit the extent to which buyers can exert their power.
Bargaining power of suppliers: The bargaining power of suppliers in the medical POM market is moderate. While there are a few key players dominating the market, they still rely on suppliers for the raw materials required to produce POM. Suppliers can leverage their position by controlling the availability and pricing of these raw materials.
Threat of new substitutes: The threat of new substitutes in the medical POM market is low. POM is known for its excellent mechanical properties, low friction, and resistance to chemicals, making it difficult to find suitable alternatives for applications in the medical field. Furthermore, the high costs and time required to develop and test new materials act as significant barriers to the entry of substitutes.
Competitive rivalry: The competitive rivalry in the medical POM market is high. There are several key players operating in the market, each striving to gain a larger market share by offering innovative products and expanding their distribution networks. Price competition is also intensifying, putting further pressure on margins.
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. This growth can be attributed to the increasing demand for medical devices and equipment, particularly in emerging economies. The growing geriatric population and the rising prevalence of chronic diseases also contribute to the market growth.
In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the medical POM market. The region has a large population base, increasing healthcare expenditure, and a rising demand for medical devices. Moreover, the presence of major players in countries like China and India further boosts the market growth in the region.
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 are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and gain a competitive edge.
In conclusion, the medical POM market is poised for substantial growth driven by increasing demand for medical devices and equipment, particularly in emerging economies. Asia Pacific is expected to be the fastest-growing region, and key players are implementing various growth strategies to stay competitive in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it