Medical Polyetheretherketone Market to Penetrate Untapped Regions During 2022 to 2030: Grand View Research Inc.

 Medical Polyetheretherketone Market Growth & Trends

The global medical polyetheretherketone market size is expected to reach USD 1.0 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.3% from 2022 to 2030. The market for medical polyetheretherketone (PEEK) is anticipated to grow owing to the replacement of metals like stainless steel and titanium in medical devices and implants.

PEEK has many advantages over metals like titanium or stainless steel in medical applications. These can be designed with microporous structures and can be further enhanced with hydroxyapatite or zeolite, which naturally promote bone growth. PEEK is chemically inert and is preferred over metals in areas where the reaction of chemicals with metals is not fully understood. It is also preferred for medical devices as it reduces the weight of the device. Due to its radiopacity, PEEK is preferred as certain scanning devices cannot scan through metallic parts. Finally, because of its high-temperature resistance, tools made of PEEK can be easily sterilized by autoclaving and reused many times.

The high cost of PEEK compared to other medical-grade polymers is going to hinder the growth of the market. However, these plastics cannot replace PEEK as it is a high-performance polymers with superior characteristics like high flexural strength, impact resistance, chemical and heat resistance, and biocompatibility. Strict medical device regulations also pose a challenge to the adoption of PEEK in medical devices and implants.

Players in the market are adopting new product development and collaborations as their prime strategies to expand their reach in the global market. In May 2021, a new Creed Cannulated Screw System for foot and ankle surgery made by Carbon22 from Solvay’s Zeniva (PEEK) received 510(k) clearance from the FDA. In March 2019, the first foot and ankle implant made from Invibio’s PEEK-OPTIMA HA enhanced polymer received clearance from the FDA.

Due to the presence of established players in the market, the competitive rivalry is high. Medical polyetheretherketone manufacturers collaborate with other market players to increase their market share. For instance, in November 2020, In2Bones USA, a subsidiary of In2Bones Global, Inc. and a global manufacturer of implants for upper and lower extremities, announced that it has reached an exclusive agreement with Invibio Ltd. The agreement is for research and development and manufacturing of lower extremity implants by using the latter’s PEEK-OPTIMA Ultra Reinforced (POUR) carbon fiber technology.

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Medical Polyetheretherketone Market Report Highlights

• The cardiovascular application segment is expected to register the highest CAGR of 9.2% over the forecast period, in terms of revenue. The significant growth is attributed to the increasingly sedentary lifestyle, stress, and unhealthy eating habits leading to the increased cardiovascular diseases
• Spine implantation was the largest application segment in 2021. The increasing geriatric population in countries like Japan, Italy, the U.S., and Germany is going to drive the spine implantation segment over the forecast period
• The increasing adoption of medical polyetheretherketone in medical equipment is expected to be the major driver for the market over the forecast period. Its superior heat, chemical and fatigue resistance, and high flexural strength make it ideal for medical implants like spine implants, hip and knee implants, and dental implants
• North America dominated the market and accounted for more than 40.0% share of the overall revenue in 2021

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Medical Polyetheretherketone Market Segmentation

Grand View Research has segmented the global medical polyetheretherketone market on the basis of application, and region:

Medical PEEK Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

• Trauma Fixation
• Cardiovascular
• Orthopedic
  • Spine Implantation
  • Knee & Hip Implantation
• Dental Implants & Fixtures
• Others

Medical PEEK Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
  • Italy
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
• Middle East & Africa

List of Key Players in Medical Polyetheretherketone (PEEK) Market

• Superior Polymers
• Evonik Industries AG
• Invibio Ltd.
• Solvay
• Medtronic

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.