The Medical Polyetheretherketone Market refers to the use of PEEK polymer in the healthcare and medical industry. PEEK is a high-performance thermoplastic polymer that offers excellent mechanical and chemical properties, making it suitable for various medical applications.
PEEK has gained popularity in the medical field due to its biocompatibility, radiolucency, high strength, and resistance to wear and fatigue. It is widely used in orthopedic implants, spinal fusion devices, dental implants, trauma plates, and various other surgical instruments. PEEK is also used in medical devices such as catheters, pacemaker headers, and electrical insulation components.
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By 2022, the market for medical polyetheretherketones is projected to be worth US$ 572.54 million, growing at a moderate CAGR of 7.3% between 2022 and 2032. By the end of 2032, the medical polyetheretherketone market is projected to be worth roughly US$ 1158.26 million.
The global medical PEEK market has been witnessing significant growth in recent years, driven by factors such as increasing aging population, rising prevalence of chronic diseases, technological advancements in medical devices, and the need for improved healthcare infrastructure. Additionally, the demand for PEEK is fueled by its advantages over traditional materials like metal, such as reduced implant weight, enhanced imaging capabilities, and better patient comfort.
The revenue for the Asia-Pacific area is expected to rise by 8.7% throughout the projection period. Cardiovascular applications emerged as the dominant category in the APAC region with a medical polyetheretherketone market value of USD 36.17 million in 2021. This is a result of both young and old people living sedentary lives in countries like China and India.
Key Takeaways from Market Study:
- In 2021, the spine implantation segment led the medical polyetheretherketone market and contributed for more than 30.0% of global revenue.
- North America held the biggest medical polyetheretherketone market share in 2021, at over 40 percent, and is anticipated to experience substantial increase throughout the forecast period.
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- In Canada, sales of medical polyetheretherketone are anticipated to expand at a CAGR of around 7% during the coming year. Both the commercial and public sectors are making substantial investments in Canada’s healthcare industry, which is fuelling research and development.
- There are currently 54 million Americans over the age of 65, and this number is predicted to rise to 74 million by 2030. The elderly population, which requires the most comprehensive care, is growing even more fast. The region’s substantial elderly population is also driving growth in the medical polyetheretherketone industry.
Competitive Landscape:
Due to a few regional players, the global demand for medical polyetheretherketone is consolidated. Important participants include Panjin Zhongrun High-Performance Polymers Co. Ltd., Victrex Plc., Jrlon Inc., and Quadrant EPP Surlon India Ltd.
Increasing overall applicability in a range of areas, such as medical, aerospace, and automotive, has led to the expansion of the industrial service provider market and thus also changing the medical polyetheretherketone market outlook. Prototype & Plastic Mold Co. Inc., Parkway Products Inc., A. Schulman AG, and Stern Sectors Inc. are among the key service providers that use the product for injection moulding and other uses in a variety of industries.
Numerous industries, including as healthcare, aerospace, electronics, packaging, and autos, are anticipated to gain from the expanding medical polyetheretherketone market. Medical industries are patenting polyetheretherketone-based end-use innovations in order to acquire a competitive advantage over rivals.
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Global Medical Polyetheretherketone Market Key Players:
- Superior Polymers
- Evonik Industries AG
- Invibio Ltd.
- Solvay
- Medtronic
Medical Polyetheretherketone Market by Segmentation
By Application:
- Trauma Fixation
- Cardiovascular
- Orthopaedic
- Spine Implantation
- Knee & Hip Implantation
- Dental Implants & Fixtures
- Others
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By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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