Pune, India., July 21, 2021 (GLOBE NEWSWIRE) -- Medical Polyoxymethylene Market: Key Insights
According to our new research study on “Medical Polyoxymethylene Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Dialysis Machine, Handles for Surgical Instruments, Inhalers, Insulin Pen, and Others),” the Medical Polyoxymethylene Market Size is projected to reach US$ 88.48 million by 2028 from US$ 61.54 million in 2019; it is expected to grow at a CAGR of 4.2% from 2020 to 2028.
Medical Polyoxymethylene Market: Competitive Landscape and Key Developments
BASF SE; Celanese Corporation; DuPont de Nemours, Inc.; Ensinger; Inventro Polymers; Kolon Plastics; Korea Engineering Plastics Co., Ltd; LG Chem; Mitsubishi Chemical Corporation; and Polyplastics Co., Ltd. are among the well-established players operating in the medical polyoxymethylene market. The key market players are focused on strategies such as mergers and acquisitions, and research and development to expand their geographic reach and consumer base. For Instance, in October 2018, KOLON BASF innoPOM commenced commercial production of POM in Korea. The new production facility with a capacity of 70,000 metric tons per year, in combination with its existing annual POM production facility with the capacity of 80,000 metric tons, is the world’s largest POM production facility, with a total annual capacity of 150,000 metric tons.
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North America is estimated to register the highest CAGR in the medical polyoxymethylene market during the forecast period. The region has a strong healthcare sector, which holds high potential for the polyoxymethylene market players. Innovations in the healthcare sector, growing use of medical thermoplastics instead of metal parts and components in medical device manufacturing, and rising inclination toward high-quality medical products are among the factors bolstering the demand for polyoxymethylene in North America.
Rising Instances of Hospital-Acquired Infections Boosts Medical Polyoxymethylene Market Growth:
Healthcare-associated infections (HCAI) or nosocomial infections are associated with the equipment and devices used in medical procedures, such as catheters or ventilators. The rising prevalence of HCAI diseases has become a serious concern among various economies. According to the estimates of National Center for Biotechnology Information (NCBI), ~2 million patients in the US suffer from the HCAI annually, of which ~98,000 people die due to the related complications. Likewise, as per the estimates of the European Center for Disease Prevention and Control (ECDC), HCAIs are reported in ~4.1 million acute care patients in the EU every year, and ~37,000 cases result in death. According to the World Health Organization (WHO), ~7% and ~10% of patients from developed and developing economies, respectively, suffer from the HCAI. The infections pose major health challenge in healthcare units, and the conditions arising from HCAIs are the sixth-leading cause of death in western countries, as well as in other developing economies. The increase in HCAI is expected to boost the use of medical POM in order to produce healthcare equipment’s. Thus, the growing focus toward the impact of HCAI through several programs along with active participation of hospitals and manufacturers to generate the significance of the Medical POM is expected to stimulate the growth in the global Medical POM market.
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Medical Polyoxymethylene Market: Segmental Overview
Based on application, the medical polyoxymethylene market is segmented into dialysis machine, handles for surgical instruments, inhalers, insulin pen, and others. The market for inhalers is estimated to grow at the highest CAGR of 4.9% during 2020–2028. Polyacetal or POM is formaldehyde-based and semicrystalline form of thermoplastics that feature better strength, rigidity, and firmness that result in enhanced mechanical properties; superior moldability; and abrasion, fatigue, and chemical resistance. These characteristics of POM makes them ideal for diversified range of applications, including dry powder inhalers and metered dose inhalers (MDIs). Further, manufacturers such as Vanéflon NV are involved in the production and supply of polyacetal for metered dose inhalers, among other medical applications.
Impact of COVID-19 on Medical Polyoxymethylene Market:
As of April 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst-affected countries in terms of confirmed cases and deaths. The factors such as travel bans and business shutdowns are making the conditions conducive for the growth of the chemicals and materials industry, alongside restraining the growth of other markets related to this industry. Therefore, the medical polyoxymethylene market is facing difficulties to grow due to shortfall in production and insufficiency of transportation facilities. However, as the economies are planning to revive their operations, the demand for medical polyoxymethylene is expected to rise in the coming months. With the projected rise in the importance of advanced medical equipment and application diversification in post-pandemic times, the demand for medical polyoxymethylene is expected to take huge leaps.
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