Mar 29, 2022 SOURCE: BusinessWire

North America Medical Polyoxymethylene Markets 2021-2028: Intense Research and Diversification in Application Base for POM in Medical Industry & Emerging Applications in Tissue Engineering - ResearchAndMarkets.com

The "North America Medical Polyoxymethylene Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Dialysis Machine, Handles for Surgical Instruments, Inhalers, Insulin Pen, and Others)" report has been added to ResearchAndMarkets.com's offering.

North America Medical Polyoxymethylene Market is expected to reach US$ 15,130.52 thousand by 2028 from US$ 10,319.82 thousand in 2020 and is estimated to grow at a CAGR of 4.9% from 2020 to 2028.

Growing instances of hospital-acquired infections (HAIs) is the major factor driving the growth of the North America medical polyoxymethylene market. However, issues associated with the strict regulations on use of thermoplastics and competition from traditional materials hinder the growth of North America medical polyoxymethylene market.

The North America medical polyoxymethylene market is segmented into application, and country. On the basis of application, the North America medical polyoxymethylene market is categorized into dialysis machine, handles for surgical instruments, inhalers, insulin pen, and others. Insulin pen segment dominated the market in 2019. Further, the inhalers segment is expected to be the fastest growing segment during the forecasted period.

The US has the highest number of confirmed cases of coronavirus, among all key countries in the region. This is negatively impacting the chemical and materials industry in the region due to the impact of the COVID-19 pandemic on supply and distribution chains. The ongoing COVID-19 pandemic has drastically altered the growth status of the medical polyoxymethylene industry.

The outbreak has distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. The disturbed value chain has had a negative impact on raw material supply. However, as the economies are planning to revive their operations, the demand for medical polyoxymethylene is expected to rise in the coming months.

However, the focus over just-in-time production is another factor hindering the medical polyoxymethylene market growth. 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.

Therefore, effective measures taken by such associations, backed by positive government initiatives, to support medical industry is expected to generate the demand for medical polyoxymethylene in the coming years. Further, significant investments by prominent companies in the development of advanced products is, yet, another factor supporting the market growth across North America region.

BASF SE; Celanese Corporation; DuPont de Nemours, Inc.; Ensinger; Kolon Plastics; Korea Engineering Plastics Co. Ltd.; LG Chem; Mitsubishi Chemical Corporation; and Polyplastics Co. Ltd. are among the leading companies in the North America medical polyoxymethylene market.

The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

For instance, in 2021, Polyplastics Group expanded its DURACON (R) polyoxymethylene (POM) PM series portfolio with the development of a new high-flow grade for drug contact and delivery applications for the medical and healthcare market.

The new grade, DURACON PM27S01N, offers reduced wall thickness, miniaturization, and lower weight for various medical devices that are becoming increasingly complicated and highly functional.

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