The market for medical polyoxymethylene is expected to grow at a CAGR of 3.37%, in terms of revenue, during the forecast period of 2019

NEW YORK, Oct. 7, 2019 /PRNewswire/ --

Market Overview
The market for medical polyoxymethylene is expected to grow at a CAGR of 3.37%, in terms of revenue, during the forecast period of 2019 – 2024. Major factors driving the market studied are the rising demand from drug contact & delivery applications and booming medical devices industry. However, the emergence of new plastics applicable for medical devices (like PEEK and PC) is expected to hinder the growth of the market studied.

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- Insulin pens application segment dominated the market in 2018 and is expected to grow during the forecast period owing to the growing usage in countries such as China, India, and Brazil.
- Emerging Applications in Tissue Engineering is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from the countries such as China and India

Scope of the Report
The scope of the medical polyoxymethylene market report includes:
Key Market Trends
Rising Demand from Drug Contact and Delivery Applications

- Drug-delivery devices contribute significantly to the medical device market. From infusion catheter delivery systems to more complex connected products that have been making their way on to the market in the recent years, the market is expanding continuously.
- Manufacturers of drug-delivery devices are developing complex new products utilizing high-performance materials to meet the specified design criteria that include physical and mechanical attributes, functionality, reliability, aesthetics and ergonomics, compliance with applicable regulatory standards, and meeting cost objectives.
- Drug-delivery devices are becoming increasingly complex. Functional components within these products are integral to ensuring that a device works in a consistent and reliable manner (whether on day one or after a two-year shelf life). By catering to these demands, polyoxymethylene (POM) has become critical to commercial success of the drug-delivery devices.
- Polyacetals (POMs) have the potential to be used as pH-sensitive linkages designed to undergo hydrolysis at mildly acidic pH for a range of alcohol functionalities. By altering their chemical structure, it is possible to tune their hydrolysis rate. Thus, these acetal linkages are promising for use in a variety of drug-delivery applications, ranging from polymer?drug conjugates to pH-sensitive micelles and nanoparticulate systems.
- Continuous innovations in the global drug delivery systems market is creating opportunities for major and local manufacturers to develop wide product portfolio of POM.

Asia-Pacific Region to Dominate the Market

- Asia-Pacific region dominated the global market share in 2018. In the Asia-pacific region, China emerged as the largest market for polyoxymethylene (polyacetals), in 2018.
- The market for glucose monitoring devices is expected to grow rapidly in major economies of Asia-pacific, owing to the major changes in lifestyle, increasing population with diabetes, etc.
- As per American diabetes association, the prevalence of diabetes in china was reported to be less than 1% in the year 1980, 5.5% in 2001, 9.7% in 2008, and it was about 12% in 2018.
- This scenario is expected to boost the insulin pens market which will further concrete the demand for medical grade polyoxymethylene in the nearby future.
- The rapidly growing healthcare industry in major economies of Asia-pacific is instrumental in the consumption of polyoxymethylene, during the forecast period.
- The large market size coupled with the huge growth of Asia-Pacific is quite instrumental in expansion of the global medical polyoxymethylene market.

Competitive Landscape
The medical polyoxymethylene market is fragmented in nature, with several manufacturers across the world. The major companies include Celanese Corporation, Daicel Corporation, DuPont de Nemours, Inc., Korea Engineering Plastics Co., Ltd, and BASF SE.

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- 3 months of analyst support

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