Medical Polyoxymethylene Market Size, Share & Trends Analysis Report By Type (Homopolymer POM, Copolymer POM), By Application (Inhalers, Insulin Pen), By Region, And Segment Forecasts, 2024 - 2030

Medical Polyoxymethylene Market Size, Share & Trends Analysis Report By Type (Homopolymer POM, Copolymer POM), By Application (Inhalers, Insulin Pen), By Region, And Segment Forecasts, 2024 - 2030

Medical Polyoxymethylene Market Growth & Trends

The global medical polyoxymethylene market size is expected to reach USD 183.46 million by 2030, growing at a CAGR of 6.4% from 2024 to 2030, according to a new study by Grand View Research, Inc. The market is predicted to grow significantly in the coming years as demand for medical devices and equipment rises. Polyoxymethylene is a material that is extensively used in the manufacture of several medical devices such as catheters, surgical instruments, implants, and drug delivery systems.

The growing elderly population and the rise in chronic diseases are also driving market expansion, and increasing demand for medical devices and equipment. Furthermore, rising awareness of the benefits of employing POM in medicinal applications, as well as technological advancements, are propelling the market forward.

Several drug delivery device manufacturers are focusing on creating complex products by utilizing high-performance materials with improved physical and mechanical properties, along with advanced functionality and improved aesthetics, which could align with the cost-effectiveness and goal of meeting complexity. Thus, manufacturers are developing the usage of polyoxymethylene (POM) in medication delivery systems to meet the increasing demand.

The expansion of the medical sector in developing nations such as China, South Korea, and India provides lucrative potential for the growth of the Asia Pacific medical polyoxymethylene market. Due to their well-established healthcare infrastructure and rising acceptance of new medical technologies, North America and Europe are also projected to witness significant development. Another element boosting the industry in the region is the easy accessibility and availability of raw materials, combined with cost-effective labor and low production costs.

Medical Polyoxymethylene Market Report Highlights

• Asia Pacific dominated the overall market owing to the presence of a strong medical industry base along with the rise in diabetic patients and lifestyle changes.
• Copolymer polyoxymethylene accounted to be the largest type segment of the global market in 2023 and is also anticipated to dominate the market from 2024 to 2030.
• Insulin pens dominated the application segment in the market accounting for 34.3% in terms of revenue. Insulin pens are becoming more prevalent globally due to their ease of use and affordability.
• In May 2024, Celanese Corporation announced the conversion of its POM-making process into a sustainable practice. The company aims to ensure that its production facility in Bishop, Texas in the U.S. achieves a net zero carbon footprint through these initiatives.

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