Global Medical Polyoxymethylene (POM) Market Is Estimated To Witness High Growth Owing To Increasing Demand from the Healthcare Industry

Medical Polyoxymethylene (POM) Market

The 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 of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Medical Polyoxymethylene (POM) is a high-performance polymer that offers excellent mechanical properties, low friction, and high dimensional stability. It is widely used in the healthcare industry for medical devices and equipment such as catheters, implants, surgical instruments, and drug delivery systems. The unique properties of medical-grade POM make it ideal for applications requiring strength, durability, and biocompatibility. The increasing demand for healthcare products, coupled with the growing awareness about medical-grade plastics, is driving the growth of the global medical POM market.

Market Dynamics:
The high growth of the medical POM market can be attributed to two main drivers. Firstly, the rising demand for medical devices and equipment is fueling the adoption of medical-grade POM. The increasing prevalence of chronic diseases, growing geriatric population, and advancements in medical technology are driving the demand for innovative and reliable medical devices, thereby boosting the market growth.
Secondly, the growing awareness about the benefits of medical-grade plastics, such as improved biocompatibility and resistance to chemicals and sterilization, is further contributing to the market expansion. The stringent regulations and standards set by healthcare regulatory authorities for the use of medical-grade materials are also driving the demand for medical POM. Overall, the global medical POM market is expected to experience high growth during the forecast period.

SWOT Analysis:

Strengths:
- Polyoxymethylene (POM) is known for its excellent mechanical properties, such as high tensile strength and impact resistance. This makes it a preferred material choice across various industries, including medical.
- POM offers good chemical resistance and dimensional stability, which allows it to withstand harsh environments, making it suitable for medical applications where sterilization and exposure to chemicals are common.
- POM has low friction properties, making it an ideal material for medical devices where smooth movement and reduced wear are essential.

Weaknesses:
- POM has poor resistance to UV and prolonged exposure to high temperatures, limiting its use in applications that require outdoor or high-temperature operations in the medical sector.
- Although POM offers good chemical resistance, it is susceptible to degradation in the presence of certain chemicals, limiting its use in specific medical applications where exposure to such chemicals is likely.

Opportunities:
- Rising healthcare spending and an aging population worldwide contribute to the demand for medical devices and equipment, creating opportunities for the growth of the medical POM market.
- Innovations in medical technology and increasing demand for lightweight and durable materials to enhance the performance of medical devices provide opportunities for the adoption of POM in the medical sector.

Threats:
- The presence of alternative materials with similar or better properties, such as polyethylene and polypropylene, poses a threat to the growth of the medical POM market as customers may opt for these alternatives.
- Stringent regulations and standards for medical devices, which require extensive testing and certifications, may act as a barrier to the adoption of POM in the medical sector.

Key Takeaways:

The global medical Medical POM Market Share is expected to witness high growth, exhibiting a CAGR of 3.37% over the forecast period of 2023-2030, due to increasing healthcare spending and the demand for lightweight and durable materials in the medical sector. Among regions, North America is expected to be the fastest-growing and dominating region in the medical POM market, driven by technological advancements and a well-established healthcare infrastructure. 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.

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