May 18, 2024
PEEK Implants Market

PEEK Implants Market Driven By Increasing Orthopedic Applications is estimated to be valued at US$982.08 Bn in 2024

Polyether ether ketone (PEEK) is a semi-crystalline thermoplastic that possesses high strength, stiffness, and fatigue resistance similar to metal but with lower density. Implants made from PEEK offer several advantages over traditional metallic implants such as titanium. PEEK implants are non-allergic, non-corrosive, bio-inert, radiolucent, and MRI compatible. PEEK implants have elasticity matching that of bones, making them suitable for orthopedic and spinal applications. PEEK is increasingly used for spinal implants, hip replacement, knee replacement, shoulder replacement, dental implants, and craniofacial reconstruction. PEEK provides durability suitable for withstanding stresses and pressures from joint movement. It preserves bone stock and promotes bone in-growth around the implant due to its osteogenic properties. PEEK provides pain-free mobility and long-term stability to patients.

The global PEEK Implants Market is estimated to be valued at US$982.08 Billion in 2024 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 key trends:
The demand for PEEK implants is primarily driven by increasing orthopedic surgeries and growing demand for polymer-based implants. 3D printing or additive manufacturing is significantly boosting the use of PEEK in implants manufacturing. 3D printing allows complex porous structures to be built into implants facilitating better osseointegration and bone growth. Leading players are focusing on research and development of 3D printed PEEK implants of varying stiffness and strength for different orthopedic indications. For instance, in 2023, Fresnillo PLC launched 3D printed PEEK spinal cages and interbody devices. Rising demand for minimally invasive spine surgeries is favoring the adoption of PEEK spinal implants over traditional metallic ones. Growing numbers of spinal fusion procedures, increasing prevalence of spinal disorders, and rising elderly population worldwide are propelling the PEEK implants market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as establishing manufacturing facilities for medical-grade materials requires substantial investment and regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many existing manufacturers of PEEK implants. Buyers can negotiate prices depending on order quantities.

Bargaining power of suppliers: Suppliers of raw materials for PEEK implants have moderate bargaining power due to the availability of substitute raw materials.

Threat of new substitutes: The threat of substitutes is moderate as some ceramic and metal biomaterials can be used for a few orthopedic and spinal applications instead of PEEK.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and regional players.

Key Takeaways

The global PEEK implants market size is expected to witness high growth. The global PEEK Implants Market is estimated to be valued at US$982.08 Billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.

North America dominated the market in 2024 due to substantial research funding and high adoption of advanced medical technologies in the region. Europe was the second largest market owing to increased focus on designing and developing bioimplants by key players.

Key players operating in the PEEK implants market are Fresnillo PLC, Evonik Industries AG, Victrex plc, Panjin Zhongrun High Performance Polymers Co. Ltd., and GLS Polymer. The demand for 3D printed implants is rising as it enables customized designs and reduces healing time. Manufacturers are focusing on developing bioabsorbable reinforcements to improve the mechanical properties of implants.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it