by PEEK (Polyetheretherketone) is a semi-crystalline thermoplastic that offers properties like radio-lucency, biocompatibility and excellent mechanical properties comparable to metallic implants. PEEK implants have advantages like lightweight, non-corroding and compatibility with various imaging technologies such as CT and MRI scanners. The implants provide a solution for joint replacement among geriatric population and for people engaged in high physical activity. PEEK materials are gaining popularity for use in spinal fusion system, trauma fixation and craniomaxillofacial reconstruction. They act as an effective alternative to metal implants by resolving issues related to stress-shielding and corrosion.
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:
3D printing of customized implants is one of the major trends in PEEK implants market. 3D printing technology enables customized designs and shapes as per patient’s anatomy which traditional fabrication methods could not offer. It facilitates precise replication of complex anatomical structures for implants. Many companies are focusing on development of 3D printed PEEK implants for cranial, maxillofacial and spinal applications. Another key trend is increasing application of PEEK for trauma fixations. Its superior mechanical properties make PEEK an ideal candidate for trauma fixtures. Research studies have proved biocompatibility and mechanical integrity of PEEK for small bone fixation like distal radius, clavicle and patella.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the PEEK implants market is moderate. Significant capital requirement for R&D, FDA approvals, and manufacturing capabilities pose entry barriers.
Bargaining power of buyers: The bargaining power of buyers in the PEEK implants market is high due to the presence of many established manufacturers. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few raw material suppliers and switching costs are low for buyers.
Threat of new substitutes: The threat of new substitutes is moderate as newer biomaterial-based substitutes can be developed but bio-compatibility makes wide replacement difficult in short term.
Competitive rivalry: The competitive rivalry in the market is high owing to many global players competing on product quality, price, and expanded product portfolios.
Key Takeaways
The Global PEEK Implants Market Demand is expected to witness high growth over the forecast period of 2023-2030.
Regional analysis: Europe dominates the PEEK implants market currently due to supportive regulations and increasing demand for orthopedic surgeries. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rising healthcare expenditure and healthcare infrastructure improvements in major countries like India and China.
Key players: Key players operating in the PEEK implants market are Invibio, PEEK Implants by Cendres+Métaux, SisoMM, and MKPrecision and Evonik Industries AG. Invibio is one of the leading players offering innovative PEEK biomaterial implants and medical devices. Cendres+Métaux specializes in manufacturing customized 3D printed PEEK implants.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
