Market Trends of Medical Polyoxymethylene (POM) Industry
This section covers the major market trends shaping the Medical Polyoxymethylene Market according to our research experts:
Insulin Pens Application to Drive the Market Demand
- An insulin pen is used for injecting insulin into a diabetic patient (mostly patients suffering from type-1 diabetes). Due to its ease of operation and affordability, the usage of insulin pens is increasing, globally.
- Some of the insulin pen parts made with POM are pen cap, outer needle cap, inner needle cap, and dosage knob. Plastics are generally considered for these parts, due to low moisture absorption, sterility, and impact resistance.
- The insulin pen market in Europe and Japan is growing at a moderate rate, as these regions are established markets. However, the moderate growth of insulin pen in these regions is due to the rise in aging population and diabetic patients.
- The US market is mostly dominated by infusion pump, while the insulin pen market is expected to grow in the country.
- In countries, such as China, India, and Brazil, the market for insulin pens is growing at a higher rate, due to the increasing health awareness among the population.
- With the increase in insulin pen usage and production, the market for engineering plastics, like POM, is expected to increase in these regions.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominates the global market. In the Asia-pacific region, China emerged as the largest market for polyoxymethylene (polyacetals).
- 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.
- India signifies about half of the world’s total diabetes burden, with the number expected to 134 million by 2025.
- This scenario is expected to boost the insulin pens market which will further concrete the demand for medical grade polyoxymethylene in the nearby future.
- Apart from the above, 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 (POM) market.
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