The PEEK implants market has witnessed significant growth in recent years owing to its excellent biological compatibility and mechanical properties similar to bones. PEEK implants are widely used in spinal fusion surgery, trauma fixation and joint reconstruction. The polymer offers the benefit of being stable under radiation and compatibility with various medical imaging techniques. The increasing prevalence of orthopedic disorders such as osteoarthritis, osteoporosis and spinal disorders has raised the demand for safe and effective implant materials.
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 between 2024 to 2030.
Key Takeaways
Key players operating in the PEEK implants market include Fresnillo PLC, Pan American Silver Corp., Coeur Mining, Inc., Hochschild Mining PLC, Hecla Mining Company, Silvercorp Metals Inc., First Majestic Silver Corp., Endeavour Silver Corp., Fortuna Silver Mines Inc., SSR Mining Inc., Wheaton Precious Metals Corp., MAG Silver Corp., Americas Gold and Silver Corporation, Great Panther Mining Limited, and Avino Silver & Gold Mines Ltd. These players are focusing on new product development and market expansion strategies to gain a competitive edge in the market.
The increasing occurrence of trauma and accidents has opened lucrative growth opportunities for players in the Global PEEK Implants Market Size. Furthermore, the rising geriatric population prone to orthopedic conditions will drive the demand.
North America dominated the global market in 2019 owing to the advanced healthcare infrastructure and high prevalence of orthopedic disorders in the region. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to rising medical tourism, healthcare spending and increasing disposable incomes.
Market drivers
The rapidly growing global geriatric population is one of the key drivers for the PEEK implants market. According to the United Nations, the number of people aged 60 years and above is expected to reach 2 billion by 2050 from 722 million in 2019. Old age increases the risks of osteoporosis, arthritis and joint damage requiring surgical intervention. This vast geriatric base will consistently demand innovative orthopedic solutions in the coming years.
PEST Analysis:
Political: Regulations related to medical device approvals and implant materials. Approvals processes can affect time to market for new PEEK implant devices. Economic: Global economic stability and strength determines healthcare expenditure and funding for new medical technologies. Recovery in orthopedic procedures post-pandemic will drive the market. Social: Growing geriatric population suffering from orthopedic conditions increases demand for advanced implants. Technological: Development of 3D-printed and customized PEEK implants utilizing patient-specific CAD models. Additive manufacturing allows for complex porous structures and improved Osseointegration.
Over 60% of PEEK implants market value is concentrated in North America and Europe. This can be attributed to strong healthcare infrastructure, higher insurance rates and prevalence of orthopaedic conditions in developed markets. Asia Pacific region is emerging as the fastest growing for PEEK implants owing to rising healthcare investments, increasing implant procedures and presence of major manufacturers in countries like China, India and Japan.
The adoption of PEEK implants is highest in developed regions like North America and Western Europe owing to advanced healthcare systems, growing geriatric population, and higher healthcare spending. The United States holds the largest share in the North American PEEK implants market due to patient demand for minimally invasive procedures, availability of advanced medical technologies, and presence of major players. However, Asia Pacific region is expected to witness the fastest growth during the forecast period with double-digit CAGR. This exponential rise can be attributed to increasing disposable incomes, improving healthcare infrastructure and growing medical tourism industry in emerging Asian countries like China and India. Expanding base of hospitals and clinics along with rapidly aging demographics also contributes to regional market expansion.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it