Insulin Pen Segment to Dominate APAC Medical Polyoxymethylene Market during 2020–2028.

  According to a new market research study on “APAC Medical Polyoxymethylene Market to 2028 – COVID-19 Impact and Analysis and Forecast by: Application,” is expected to reach US$ 47,426.65 thousand by 2028 from US$ 34,330.62 thousand in 2020. The market is estimated to grow at a CAGR of 4.1% from 2020 to 2028. The report provides trends prevailing in the APAC medical polyoxymethylene market along with the drivers and restraints pertaining to the market growth. Emanation of applications in tissue engineering is the major factor driving the growth of the APAC medical polyoxymethylene market. However, issues associated with the stern regulations on use of thermoplastics and competition from traditional materials hinder the growth of APAC medical polyoxymethylene market.

The APAC medical polyoxymethylene market is segmented into application, and country. On the basis of application, the APAC 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 COVID-19 is anticipated to cause a significant economic loss in Asia Pacific. The consequence and impact are likely to worsen with the spread of the virus. The governments of various Asia Pacific countries imposed lockdown in early 2020 to restrict the spread of the virus, which, in turn, negatively impacted the Medical Polyoxymethylene market revenue. The ongoing COVID-19 pandemic has significantly impacted the medical polyoxymethylene industry's growth prospects. Due to the sudden closure of national and international borders, the outbreak has distorted operational efficiency and disrupted value chains, resulting in revenue loss and damage. Raw material supply has suffered as a result of the disrupted value chain. However, as economies plan to restart their operations, demand for medical polyoxymethylene is expected to increase in the coming months. However, the emphasis on just-in-time production is another factor impeding the growth of the APAC medical polyoxymethylene market.

BASF SE; Celanese Corporation; DuPont de Nemours, Inc.; Ensinger; Kolon Plastics; Inventro Polymers; Korea Engineering Plastics Co., Ltd.; LG Chem; Mitsubishi Chemical Corporation; and Polyplastics Co., Ltd. are among the leading companies in the APAC 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.

The Report Segments the APAC Medical Polyoxymethylene Market as Follows:

 APAC Medical Polyoxymethylene Market – By Application

• Dialysis Machine
• Handles for Surgical Instruments
• Inhalers
• Insulin Pen
• Others

APAC Medical Polyoxymethylene Market – By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC