Medical Polyoxymethylene (POM) Market Size & Share, By Type (Homopolymer POM, Copolymer POM), Application (Dialysis Machine, Inhalers), Regional Forecast, Industry Players, Growth Statistics 2023-2030

Market Outlook:

Medical Polyoxymethylene (POM) Market size surpassed USD 246.9 Billion in 2022 and is poised to reach USD 459.8 Billion, growing at over 8.3% CAGR between 2023 and 2030. Polyoxymethylene, also known as acetal, is a high-performance engineering plastic with excellent mechanical properties, such as high tensile strength, good chemical resistance, and low friction coefficient. These characteristics make POM suitable for various medical applications, driving the demand in the market.

• Base Year Value (2022): USD 246.9 Billion
• CAGR (2023 - 2030): 8.3%
• Forecast Year Value (2030): USD 459.8 Billion
• Historical Data Period: 2018 - 2021
• Largest Region: North America
• Forecast Period: 2023 - 2030

Market Dynamics:

Growth Drivers & Opportunities:

1. Increasing demand for medical devices: The rising prevalence of chronic diseases and the growing geriatric population worldwide have resulted in a surge in demand for medical devices. POM is extensively used in the manufacturing of medical devices due to its biocompatibility, durability, and resistance to chemicals, leading to improved patient outcomes.

2. Advancements in medical technology: The continuous advancements in medical technology have led to the development of innovative medical devices, requiring high-performance materials like POM. The use of POM in various surgical instruments, drug delivery systems, and prosthetics is driving market growth.

3. Growing emphasis on infection control: In the healthcare industry, there is a growing emphasis on infection control and prevention. POM possesses self-lubricating properties, which reduce friction and prevent the accumulation of bacteria and other microorganisms. This makes POM a preferred material choice for medical components that come into contact with bodily fluids.

4. Increasing investments in healthcare infrastructure: Governments and private entities are investing significantly in the development of healthcare infrastructure, particularly in emerging economies. This investment is driving the demand for medical devices, thereby propelling the growth of the medical POM market.

Report Scope

Report Coverage	Details
Segments Covered	Type, Application
Regions Covered	•North America (United States, Canada, Mexico), • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC), • Latin America (Argentina, Brazil, Rest of South America), • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Dow, Celanese Corporation, DuPont, Polyplastics Co. Ltd., Asahi Kasei Corporation, Jet-Hot, Inc., Mitsubishi Engineering-Plastics Corporation, SABIC, Avient Corporation, CLARIANT, Korea Engineering Plastics Co. Ltd., SPI Performance Coatings, China National Bluestar (Group) Co. Ltd, ICD High Performance Coatings, EverCoat Industries Sdn Bhd.

 

Industry Restraints & Challenges:

1. Stringent regulations and standards: The medical industry is subject to stringent regulations and standards to ensure patient safety. Medical POM must meet specific regulations and undergo rigorous testing and approvals. Compliance with these regulations can pose challenges for manufacturers, potentially limiting market growth.

2. High costs of raw materials: The production of POM requires the use of raw materials with specific properties, which can be costly. Fluctuating raw material prices may adversely affect the profitability of market players and act as a restraint in the medical POM market.

3. Concerns regarding environmental impact: The disposal and recycling of POM can have environmental consequences due to its non-biodegradable nature. The industry is exploring sustainable alternatives to minimize the environmental impact, and any delays or limitations in finding viable solutions may hinder market growth.

4. Competitive market landscape: The medical POM market is highly competitive, with various global and regional players. Intense competition in terms of pricing, product quality, and technological advancements may pose challenges for new entrants and smaller manufacturers.

In conclusion, the medical POM market is expected to witness substantial growth due to the increasing demand for medical devices, advancements in medical technology, emphasis on infection control, and investments in healthcare infrastructure. However, stringent regulations, high raw material costs, environmental concerns, and intense market competition may act as restraints and challenges for market players.

Regional Forecast:

The global medical polyoxymethylene (POM) market is expected to witness significant growth in the forecast period across various regions, including North America, Asia Pacific, and Europe. These regions are anticipated to exhibit substantial demand for medical POM due to the rising healthcare sector and increasing adoption of advanced medical devices.

North America

North America is projected to dominate the medical POM market during the forecast period. The region's well-established healthcare infrastructure, high disposable income, and advanced medical technologies are driving the demand for medical POM. Additionally, the presence of major market players and increasing investment in research and development activities further contribute to the market growth in this region.

Asia Pacific

Asia Pacific is expected to witness rapid growth in the medical POM market due to the improving healthcare facilities and increasing investments in medical device manufacturing. Countries like China and India are witnessing significant development in their healthcare infrastructure, thereby propelling the demand for medical POM. Furthermore, the region's large population base and rising healthcare expenditure are anticipated to drive market growth in this region.

Europe

Europe is anticipated to hold a significant share in the medical POM market due to the presence of well-established healthcare systems and the increasing demand for advanced medical devices. The region's stringent regulatory norms for medical devices and favorable reimbursement policies also positively impact market growth. Additionally, the rise in chronic diseases and the aging population further contribute to the demand for medical POM in this region.

Segmentation Analysis:

The medical POM market can be segmented based on various factors such as type, application, and end-user. One sub-segment from each segment is discussed in detail below:

Type:

The medical POM market can be divided into two types, homopolymer, and copolymer. Homopolymer POM is the most widely used type in the medical sector. It possesses excellent mechanical properties, chemical resistance, and low friction coefficient, making it suitable for various medical applications. Homopolymer POM finds extensive use in surgical instruments, dental components, drug delivery devices, and prosthetics.

Application:

Under the application segment, one prominent sub-segment is medical devices and equipment. Medical POM is extensively used in manufacturing a wide range of medical devices and equipment such as syringes, catheters, clips, connectors, and dialysis machines. Its high biocompatibility, dimensional stability, and resistance to sterilization methods make it ideal for these applications. The increasing demand for advanced medical devices and equipment for diagnosis and treatment is driving the growth of this sub-segment.

End-User:

The medical POM market serves various end-users, including hospitals, clinics, and ambulatory surgical centers (ASCs). Hospitals account for the largest end-user segment due to the high volume of medical procedures and surgeries performed in these facilities. The rise in hospital admissions, especially for critical surgeries, has increased the demand for medical POM. Its use in surgical instruments, implant components, and drug delivery devices in hospitals is driving the market growth in this segment.

Competitive Landscape:

The medical POM market is highly competitive and consists of several key players. These market players are actively engaged in strategic initiatives such as mergers and acquisitions, collaborations, and product innovations to gain a competitive edge. Some of the major players in the medical POM market include Dow, Celanese Corporation, DuPont, Polyplastics Co. Ltd., Asahi Kasei Corporation, Jet-Hot, Inc., Mitsubishi Engineering-Plastics Corporation, SABIC, Avient Corporation, CLARIANT, Korea Engineering Plastics Co. Ltd., SPI Performance Coatings, China National Bluestar (Group) Co. Ltd, ICD High Performance Coatings, EverCoat Industries Sdn Bhd. These players focus on expanding their product portfolio and strengthening their distribution networks to cater to the growing demand for medical POM globally.