The growing demand for biocompatible implants is anticipated to open up the new avenue for PEEK Implants market

PEEK Implants Market 


 Market Overview:

PEEK implants are preferred for orthopedic and spinal applications due to their exceptional biocompatibility and mechanical properties similar to bone. PEEK implants are radiolucent and do not interfere with MRI, CT scans or X-rays allowing for easy post-operation scans. They are used in spinal fusion surgery, trauma fixation and joint reconstruction surgeries such as hip and knee replacements. Some key benefits of PEEK implants include strength, fatigue resistance, chemical inertia and radiolucency.

Market Dynamics:
The increasing prevalence of orthopedic diseases and injuries is a key driver of the PEEK implants market. According to the Centers of Disease Control and Prevention, over 60 million Americans suffer from osteoarthritis resulting in over $185 billion spent annually in treatment. Moreover, the rising global geriatric population is also fueling the need for joint replacements globally. As per the United Nations report, the geriatric population will increase from 962 million in 2017 to 2.1 billion by 2050.
Another driver is the superior biocompatibility properties of PEEK implants. PEEK does not leech toxic substances like metal implants and provides a better integration with tissues. It withstands stresses experienced in high impact joints like the spine allowing it to serve as a bone graft substitute. Its elastic modulus similar to bone prevents stress-shielding which leads to bone loss. The chemical resistance of PEEK also prevents surface degradation ensuring longevity of the implant.
Segment Analysis
The global PEEK Implants Market Demand is segmented into spine, hip, dental, knee and others. Among these, the spine segment accounted for the largest market share in 2022 owing to the rising incidence of spinal disorders and increasing number of spinal injury cases. Being bio-compatible and having similar strength as bone, PEEK implants are extensively used in spinal surgeries to replace or provide support to the damaged or weakened bones in the spine.

PEST Analysis
Political: The favorable government policies and initiatives for promoting the use of advanced biomaterials in healthcare are influencing the adoption of PEEK implants globally. However, stringent regulations may hamper the market growth to some extent.
Economic: The rising healthcare expenditure, growing per capita income, and increasing insurance coverage are positively impacting the PEEK implants market. At the same time, the high cost of surgeries utilizing these implants remains a major challenge.
Social: Growing geriatric population, increasing incidence of orthopedic diseases, and rising awareness about advanced treatment options are fueling the demand for PEEK implants.
Technological: Continuous R&D activities for developing novel production techniques and biomaterials are helping expand the applications of PEEK implants. 3D-printing technology is also augmenting the manufacturing of customized PEEK implants.

Key Takeaways
The global PEEK implants market size was valued at US$ 852.5 Mn in 2023 and is expected to reach around US$ 1,500 Mn by 2030, expanding at a CAGR of 8.6% during the forecast period. The market is experiencing strong growth owing to the rising orthopedic and neurological diseases, growing geriatric population, and increasing usage of PEEK implants in various surgeries.

Regional analysis: North America dominated the global PEEK implants market in 2023 and is expected to maintain its lead over 2030. This can be attributed to the advanced healthcare infrastructure, presence of major players, and rising burden of degenerative bone diseases in the region. Asia Pacific is anticipated to witness the fastest growth during the forecast period supported by increasing medical tourism, rapidly growing economies, and improving accessibility to healthcare in emerging countries.

Key players operating in the PEEK implants market are Invibio, PEEK Implants by Cendres+Métaux, SisoMM, MKPrecision, and Evonik Industries AG. These players are focusing on new product launches, partnerships, and geographical expansion strategies to strengthen their market position and cater to the rising demands globally. For instance, in 2022, Invibio launched its M2a-EV PEEK Optima cage system for anterior cervical discectomy and fusion procedures.

Read More:

https://www.marketwebjournal.com/peek-implants-market-growth-and-value-analysis/

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