Market Introduction
The North America region comprises of developed economies such as the United States and Canada, as well as Mexico, as a developing country. Companies are constantly optimizing the overall business processes in order to satisfy consumer demand in the best possible way. Several domestic and foreign companies have a strong presence in the North American region. In the North American region, the United States is a major market for medical polyoxymethylene, followed by Canada and Mexico. Medical thermoplastic such as polyoxymethylene has been gaining momentum across the region attributable to varied applications such as medical instruments and tools, prosthetics, drug delivery and other such applications. The development in the North American region is powered by significant investments in lieu to promote healthcare sector. Furthermore, the strong presence of major players in the area also contributes to the growth of the industry. Also, growing instances of hospital-acquired infections (HAIs) is the major factor driving the growth of the North America medical polyoxymethylene market.
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.
Market Overview and Dynamics
The medical polyoxymethylene market in North America is expected to reach US$ 15,130.52 thousand by 2028 from US$ 10,319.82 thousand in 2020. The market is estimated to grow at a CAGR of 4.9% from 2020 to 2028. Tissue engineering is defined as an interdisciplinary field which focuses toward repairing the tissues and organs with the help of cell-polymer interactions conducted by chemists, material scientists, and other such people working in the field. Several thermoplastic and thermosetting polymers have been considered ideal materials for use in devices that assist tissue engineering. Polyoxymethylene is an engineering resin exhibiting mechanical features, which make it ideal for use in prototyping and production of laboratory apparatus. Further, it is known to offer excellent, metal-like machining properties, along with thermal and dimensional stability, which permits the steam sterilization. Further, polyoxymethylene (POM) provides ultra-high modulus along with enhanced strength, hardness and rigidness, minimal friction coefficient and gas/vapor permeability, dielectric strength, and better retention characteristics at elevated temperature.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the medical polyoxymethylene market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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. among others.
Reasons to buy report
North America Medical Polyoxymethylene Market Segmentation
North America Medical Polyoxymethylene Market -By Application
North America Medical Polyoxymethylene Market -By Country
North America Medical Polyoxymethylene Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 10,319.82 thousand |
| Market Size by 2028 | US$ 15,130.52 thousand |
| CAGR (2020 - 2028) | 4.9% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Medical Polyoxymethylene Market is valued at US$ 10,319.82 thousand in 2020, it is projected to reach US$ 15,130.52 thousand by 2028.
As per our report North America Medical Polyoxymethylene Market, the market size is valued at US$ 10,319.82 thousand in 2020, projecting it to reach US$ 15,130.52 thousand by 2028. This translates to a CAGR of approximately 4.9% during the forecast period.
The North America Medical Polyoxymethylene Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Medical Polyoxymethylene Market report:
The North America Medical Polyoxymethylene Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Medical Polyoxymethylene Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Medical Polyoxymethylene Market value chain can benefit from the information contained in a comprehensive market report.
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