New York, May 22, 2024 (GLOBE NEWSWIRE) -- The size is expected to reach by 2024 and is further anticipated to value by 2033 at a CAGR of according to Dimension Market Research. Polyoxymethylene (POM), derived from formaldehyde, is a thermoplastic material also known as polyformaldehyde or polyoxymethylene glycol. POM finds its application in items that require exceptional sliding properties, uniform size, & shape.
These are adaptable substances that are used in different industries like electronics, automotive, & medical equipment, where their durability & precision are highly valued. Asia-Pacific is anticipated to dominate the global medical polyoxymethylene market with a revenue share of by the end of 2024, due to the flourishing medical sector in emerging economies like Japan, China, India, & South Korea, presenting promising opportunities for the industry's growth. The region benefits from a strong industrial foundation and prominent POM manufacturers, facilitating market growth in the medical sector.
Factors such as rapid urbanization and the increasing prevalence of chronic diseases further contribute to market expansion. Moreover, the availability of essential resources and cost-effective labor also fuels the growth of the medical POM industry in Asia Pacific. The insulin pen is expected to lead the medical POM market with a revenue share in 2024, primarily due to its widespread use in administering insulin to diabetic patients.
The increasing demand for insulin pens .
