Medical Polyoxymethylene (POM) Market Size, Share & Trends Analysis Report By Type (Homopolymer POM, Copolymer POM), By Application (Dialysis Machine, Inhalers), By Region, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global medical polyoxymethylene (POM) market size was valued at USD 110.30 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.50% from 2023 to 2030. The growing need for sustainable materials in the healthcare industry, spurred by increased environmental awareness is expected to create demand for medical POM over the forecast period. Owing to its superior mechanical qualities, biocompatibility, and resilience to chemicals and sterilization procedures, POM is widely employed in a variety of medical applications. The medical POM industry is predicted to expand significantly in the coming years as demand for medical devices and equipment rises. It is extensively used in the manufacture of medical devices such as surgical instruments, catheters, implants, and drug delivery systems.

Furthermore, the growing geriatric population and the rise in chronic diseases have led to increased demand for medical devices and equipment. Furthermore, technological advances, the expansion of the medical device sector, increasing urbanization, and economic growth are projected to boost the market throughout the forecast period.

The U.S. is one of the largest medical device producers across the region, and the market is expected to grow over the forecast period. This is attributed to the well-established healthcare infrastructure and the rising usage of modern medical technologies. Capacity addition and plant expansion by medical companies in the country are further expected to augment the demand for medical POM.

The expanding medical sector, on account of rising demand from drug contact and delivery applications, is also anticipated to fuel the growth of the market in the medical industry. Polyplastics Co., Ltd.; Westlake Plastics; and BASF SE are among the key domestic manufacturers operating in the medical industry in Canada.

Furthermore, the growth in demand for sustainable materials in the healthcare business is being boosted by the development of awareness about environmental issues. To lessen their environmental impact, medical device manufacturers are using recycled POM into their products. These factors are likely to propel the market in the country.

Application Insights

The insulin pen dominated the product segment in medical polyoxymethylene (POM) market. The surge in demand for insulin pens, as well as an increase in manufacturing, are predicted to fuel the expansion of the engineering plastics industry, including POM. An insulin pen is used to inject insulin into diabetic individuals (most of whom have type 1 diabetes). Furthermore, the use of insulin pens is rising rapidly due to their ease of use and low cost.

Additionally, the use of insulin pens is increasing as the incidence of diabetes people increases. Due to their qualities to endure continuous use and other handling procedures, medical POM is often used in the manufacture of insulin pens. Furthermore, the ability of medical POM to retain its shape despite exposure to varying temperatures and pressures assures optimal pen operation and the prevention of damage or leakage to the insulin cartridge, resulting in the use of insulin pens.

Furthermore, the integration of properties possessed by such thermoplastics makes them beneficial for usage in a wide range of applications, including dry powder inhalers and metered dose inhalers (MDIs). The market for medicinal polyoxymethylene (POM) is predicted to expand as demand for inhalers rises.

Type Insights

The copolymer segment dominated the market with more than 63.0% share of the global revenue in 2022. Due to their constructive and mechanical capabilities, make them a suitable material to replace metal in the construction of a variety of medical devices. The copolymers possess several processing properties, as well as qualities such as thermal & dimensional stability, hardness, strength, ultra-high modulus, rigidity, dielectric strength, low friction coefficient & gas/vapor permeability, and enhanced retention. These are expected to create demand for copolymer POM in the medical industry.

Homo-polymer POM possesses characteristics including high strength, durability, hardness, great impact & wear resistance making it suitable for medical applications. However, its combustion gases are very toxic, making it harmful to the environment, and thus, restraining the usage of homo-polymer POM.

In addition, several ongoing R&D activities to expand the medical application scope in the production of medical devices such as insulin pen, trays, inhalers, surgical instruments, and others is expected to boost the medical POM industry. Efficient production and utilization of raw materials, easy customization of complex medical devices, and low weight are likely to augment the demand for polyoxymethylene in the global medical industry over the forecast period.

Regional Insights

Asia Pacific dominated the global market and accounted for over 36.0% share of the global revenue in 2022. The expansion of the medical sector in developing nations such as China, Japan, South Korea, and India provides the lucrative potential for the growth of the Asia Pacific medical POM industry.

The presence of a strong industrial foundation, as well as the presence of key manufacturers, is primarily accountable for the growth of the medical POM market in this region. Furthermore, increased urbanization, as well as increased incidences of chronic diseases are boosting market expansion in the region. Another element boosting the industry in the region is the simple accessibility and availability of raw materials, combined with inexpensive labor and low production costs.

Moreover, growth in medical device production, high standard of living, and growing aging population are significantly contributing toward growth for POM in the medical industry across North America. Well-developed infrastructure along with the presence of renowned medical device manufacturers propelling the development of the medical industry in this region, which in turn is creating application scope for the market in this region.

Key Companies & Market Share Insights

Key manufacturers operating in the medical polyoxymethylene (POM) market include Korea Engineering Plastics Co. Ltd.; Innovative Plastics USA LLC; SPI Performance Coatings; and others. The market participants are involved in the expansion of POM in the medical industry well as their applications. The manufacturers of medical devices are also focusing on streamlining the pre and postproduction process owing to the rapid advancements in technology.

In February 2023, The Polyplastics Group expanded its line of acetal materials for the medical and healthcare industry at MD&M West in Anaheim, California. The company plans to demonstrate its new DURACON POM PM series for pharmaceutical contact and delivery applications. Some prominent players in the medical polyoxymethylene (POM) market include:

• Dow

• Celanese Corporation

• DuPont

• Polyplastics Co. Ltd.

• Asahi Kasei Corporation

• Jet-Hot, Inc.

• Mitsubishi Engineering-Plastics Corporation

• SABIC

• Avient Corporation

• Innovative Plastics USA LLC

• CLARIANT

• Korea Engineering Plastics Co. Ltd.

• SPI Performance Coatings

• China National Bluestar (Group) Co. Ltd

• ICD High Performance Coatings

• EverCoat Industries Sdn Bhd.

Medical Polyoxymethylene (POM) Market Report Scope

Global Medical Polyoxymethylene (POM) Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2023 to 2030. For the purpose of this study, Grand View Research has segmented the global medical polyoxymethylene (POM) market report based on type, application, and region:

• Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Homopolymer POM

  • Copolymer POM

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Dialysis Machine

  • Handles for Surgical Instruments

  • Inhalers

  • Insulin Pen

  • Medical Trays

  • Pharmaceutical Closures

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • The Netherlands

    • Turkey

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Malaysia

    • Singapore

    • Thailand

    • Vietnam

  • Central & South America

    • Brazil

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • UAE

    • South Africa