MEDICAL POLYOXYMETHYLENE MARKET ANALYSIS

The global medical polyoxymethylene (POM) market size was valued at US$ 199.8 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 3.37% from 2023 to 2030. The increasing population with diabetes, coupled with the growing awareness about the use of this polymer in medical equipment are driving growth of medical polyoxymethylene (POM) market. It is a non-toxic material and can be formulated in different colors, which makes it popular among medical device manufacturers. Moreover, it is easily moldable and molded into shape by injection or extrusion methods. It is a cost-effective material that is widely used in the manufacture of various medical devices and equipment.

Global Medical Polyoxymethylene (POM) Market: Regional Insights

Based on geography, the global medical polyoxymethylene (POM) market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among the regions, Asia-Pacific is expected to hold a significant share in the global medical polyoxymethylene (POM) market. This is due to the rise in production of automotive and consumer goods & appliances in this region. The growing electrical & electronics sector and rapid urbanization is also stimulating the growth of this market.

Europe is another key region for medical polyoxymethylene market for this product. This region is anticipated to exhibit a high CAGR during the forecast period. The rising automotive production and favourable trends in the medical industry are driving the demand for polyoxymethylene in this region. The rising demand for this material in the automotive industry can be attributed to the production of door locking systems, fuel units, light stocks and power windows.

Figure 1. Global Medical Polyoxymethylene (POM) Market, By Region 2022

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Global Medical Polyoxymethylene (POM) Market Drivers:

Growing demand for drug contact and delivery applications to augment market growth

Continuous innovation in the field of drug delivery systems market is driving growth of the medical POM market. For instance, in January of 2019, the Polyplastics Group announced the development of the DURACON(R) polyoxymethylene (POM) PM series for drug contact and delivery applications for the medical/healthcare market. The new PM series complements the company’s TOPAS(R) cyclic olefin copolymer (COC), a high-purity material for a range of medical applications.

Expanding medical devices industry to foster market growth

POM is common medical plastic, which is widely used in the manufacturing of a wide range of medical devices such as intraocular lenses, bone cement, cranial implants, etc. This material has a strong elastomeric property and can regain its original shape and size after being stretched. It is a popular choice for making prosthetics because it can be easily processed and it is reusable, which helps reduce the cost of production.

Global Medical Polyoxymethylene (POM) Market Opportunities:

Increasing replacement of metal with POM is expected to provide significant growth opportunities. POM, which is short for polyoxymethylene, is a chemically engineered thermoplastic resin that has several properties, which make it suitable to replace metal in the production of many medical devices. It has a high-molecular weight, good dimensional stability and is resistant to moisture absorption. It is also known for its high tensile strength, rigidity and durability.

Growing number of R &D in the field of medical POM is expected to serve major growth opportunities. For instance, in January 2019, the Polyplastics Group has announced the development of the DURACON® polyoxymethylene (POM) PM series for drug contact and delivery applications for the medical/healthcare market. The new PM series complements Polyplastics’ TOPAS® cyclic olefin copolymer (COC), a high-purity material for a range of medical applications.

Global Medical Polyoxymethylene (POM) Market Trends:

Rising popularity of Polyether ether ketone (PEEK)

Polyether ether ketone (PEEK) is a unique semi-crystalline engineering thermoplastic that offers excellent chemical compatibility, low susceptibility to stress cracking, good electrical insulation and is easy to machine. This material is used to make components for a wide variety of applications in the medical and aerospace industries.

Increasing focus on medical devices is another recent trend

The geriatric population and the increase in chronic disease have driven the demand for advanced medical devices and equipment. This trend will continue throughout the forecast period and is expected to contribute to the growth of the medical polyoxymethylene market. Moreover, the increasing focus on medical devices that have improved physical and mechanical properties is also expected to drive the growth of this market.

Global Medical Polyoxymethylene (POM) Market Restraints:

Porosity problems, sterilization limitations, and issues in implant applications hindering market growth

Challenges such as porosity problems, sterilization limitations, and issues in implant use are expected to limit its application in medical sector. Moreover, this material is prone to breakage and fracture. In addition, this material is very expensive and difficult to produce. It is not recommended for a wide range of applications and is not a suitable replacement for metal in many applications.

Fluctuating price of raw materials

They are produced from a variety of monomers and fluctuating price of crude oil is expected to hamper the production of POM. However, advancement in the technology due to ongoing R &D in the field is expected to favor the market growth.

Figure 2. Global Medical Polyoxymethylene (POM) Market, By Medical Application 2022

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Global Medical Polyoxymethylene (POM) Market Segmentation:

The global medical polyoxymethylene (POM) market report is segmented into type, application and region

Based on type, the market is segmented Homopolymer POM and Copolymer POM. Out of which, Homopolymer POM is expected to dominate the global market over the forecast period and this is attributed to their high rigidity, low wear, toughness and dimensional stability properties. Moreover, it has lower thermal expansion rate than acetal copolymer.

Copolymer POM segment is also expected to witness significant growth in the near future.  It is FDA-approved for medical applications and has been evaluated for biocompatibility per USP Class VI.

Based on medical application, the market is segmented into Dialysis Machine, Handles for Surgical Instruments, Inhalers, Insulin Pen, Medical Trays, Pharmaceutical Closures, and Other Medical Applications. Out of which, Dialysis Machine is expected to dominate the global market over the forecast period and this is attributed to their high temperature stability and insulating property, POM is used to make component of dialysis machine such as roller, adaptor, and cassettes used for recording the patient’s data. The use of POM also reduce the overall weight of the component.

Handles for Surgical Instruments segment is also expected to witness significant growth in the near future and this is owing to the non-hygroscopic property of POM. It is increasingly gaining acceptance to replace wood or metal in handles for surgical instruments.

Global Medical Polyoxymethylene (POM) Market: Key Developments

In October 2018, KOLON BASF innoPOM started the commercial production of polyoxymethylene (POM) in Korea worth US$ 220 million. This was expected to add a capacity of 70,000 metric ton per year to BASF’s production line.

In June 2019, Celanese Corporation announced about increasing the prices of its Amcel and Celcon polyacetal (POM) grades and other functionalized grades.

In October 2018, Celanese Corporation was planning to increase the polyacetal production by 20,000 tons, at the Frankfurt facility, which is expected to be completed in next 18 to 24 months.

In January 2019, Polyplastics Group announced the development of the Duracon polyoxymethylene (POM) PM series for drug contact and delivery applications for the medical/healthcare market.

Global Medical Polyoxymethylene (POM) Market: Key Companies Insights

The global medical polyoxymethylene (POM) market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global medical polyoxymethylene (POM) market are 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

*Definition: Polyoxymethylene is a cost-effective and lightweight material, which is widely used in the production of surgical instruments, catheters and infusion pumps.