PEEK Implants Market Rises Significantly Due to Increasing Use in Orthopedic Surgeries
PEEK is a linear, thermoplastic polymer that provides osteoconductive, osteoinductive, and osteogenetic properties that make it an excellent implant material for orthopedic surgeries. PEEK implants are used in spinal fusion, trauma fixation, and joint reconstruction surgeries. Its biocompatibility and radiolucency allow for high compatibility with the human body and easy monitoring through medical imaging. Unlike metal implants, PEEK does not interfere with scans and offers a framework for bone ingrowth. Global demand has grown as more surgeons recognize PEEK's advantages over traditional implant materials.
The global PEEK implants market is estimated to be valued at US$ 982.08 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing use of PEEK implants in orthopedic surgeries is one of the major drivers propelling the growth of this market. PEEK implants are used in a variety of procedures such as spinal fusion surgery to treat herniated discs, laminectomy to relieve pressure on spinal nerves, and total joint replacement surgery for hips and knees. According to the National Center for Health Statistics, over 790,000 lumbar fusion surgeries are performed in the U.S annually. Moreover, as the global geriatric population prone to orthopedic diseases continues to rise rapidly, the demand for effective implant solutions like PEEK is expected to grow substantially. However, the high cost of PEEK implants compared to traditional metal implants may restrain the market to a certain extent over the forecast period.
SWOT Analysis
Strength: PEEK implants have high biocompatibility and are capable of providing strength and rigidity to bones and tissues. PEEK implants can be custom-designed and their elastic modulus closely matches that of bones, allowing natural stress distribution. PEEK implants also produce clearer images under most medical imaging techniques like CT and MRI compared to metal implants.
Weakness: PEEK implants are more expensive to produce than metals commonly used in implants. The manufacturing process to produce PEEK implants with intricate designs is complex and requires specialized equipment.
Opportunity: With an aging global population and rising incidence rates of trauma injuries and degenerative diseases, demand for orthopaedic implants is growing steadily. As PEEK provides advantages over conventional metal implants, its use can help address the increasing volume of implant procedures. Advancements in 3D printing and additive manufacturing technologies also offer opportunities to lower production costs of custom PEEK implants.
Threats: Strong competition exists from well-established metal implant manufacturers to capture market share. New biomaterials with superior properties than PEEK can potentially replace it over the long run if proven to be clinically effective and affordable. Stringent regulatory approvals also pose delays in commercializing new PEEK implant devices.
Key Takeaways
The global PEEK implants market size is expected to witness high growth over the forecast period of 2024 to 2031 driven by rising orthopaedic and neurosurgery procedures globally. The global PEEK Implants Market is estimated to be valued at US$ 982.08 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
North America currently dominates the market due to advanced healthcare infrastructure and high patient acceptability of innovative biomaterials. However, Asia Pacific is expected to be the fastest growing regional market attributed to growing medical tourism, rapid economic development and rising healthcare spending in countries such as China, India and Japan.
Key players operating in the PEEK implants market are Fresnillo PLC, Mitsubishi Chemical Holdings, Evonik Industries AG, Solvay SA, Victrex plc, and GKLS. With rising penetration into developing markets and continuous research into improving the mechanical properties and extending applications of PEEK, the market leaders enjoy strong brand credibility and market shares.
Manufacturers are actively engaged in developing customized PEEK implants for complex reconstruction cases using 3D printing and computer-assisted designs. Successful clinical validations and approvals would help address the growing reconstructive needs more effectively. Partnerships between OEMs and hospitals also enable joint product development and research initiatives.
Get more insights on this topic: https://www.newswirestats.com/peek-implants-market-size-and-outlook/
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