by PEEK implants are commonly used in joint replacement surgeries such as hip, knee, and spine replacements as they provide stiffness similar to bone with enhanced biocompatibility. PEEK implants have corrosion resistance and mechanical properties similar to cortical bone which makes them superior to conventional titanium and metal implants with no allergic reactions or toxicity.
The global PEEK Implants Market is estimated to be valued at US$ 852.5 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for PEEK implants is increasing significantly due to their improved biocompatibility in comparison to metal implants. Advancements in materials used for manufacturing PEEK implants have enhanced their corrosion resistance and mechanical properties similar to bone. New grades of PEEK implants have improved strength, wear resistance and stability equivalent to bone which reduces implant loosening and revision surgeries. This has increased acceptance of PEEK implants among surgeons and patients.
SWOT Analysis
Strength: PEEK implants are biologically inert, lightweight and strong. They have excellent radiolucency, thermal stability and chemical resistance.
Weakness: PEEK implants have high manufacturing costs compared to conventional metal implants. They require specialized manufacturing techniques.
Opportunity: Increasing demand for customized implants and growing geriatric population prone to injuries is creating growth opportunities. Advancements in 3D printing for PEEK implants is expanding applications.
Threats: Stringent regulatory approval process and competition from other biomaterials that are cheaper than PEEK pose threats. Reimbursement policies also impact market growth.
Key Takeaways
The Global PEEK Implants Market Size is expected to witness high growth. Regional analysis comprising North America currently dominates the market and is expected to maintain its lead position during the forecast period. Factors such as growing aging population, rising number of orthopedic surgeries and technological advancements are fueling demand in this region.
Asia Pacific is projected to experience the fastest growth rate owing to rising healthcare expenditure, growing medical tourism and increasing focus of key players on expanding their presence in emerging Asian countries.
Key players operating in the PEEK implants market are Invibio, PEEK Implants by Cendres+Métaux, SisoMM, and MKPrecision, Evonik Industries AG. Major players are focusing on new product launches, expanding their manufacturing facilities and enhancing their distribution networks globally to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
