July 22, 2024
PEEK Implants Market

PEEK Implants Market is Estimated To Witness High Growth Owing To Trends of Increasing Joint Replacement Surgeries

Market Overview:

PEEK implants are used as replacement for metal implants from the past. PEEK implants are made from polyether ether ketone (PEEK) polymer. PEEK material is very lighter in weight as compared to metal and provides better flexibility and strength. Its biocompatible properties help providing better comfort to patients and faster healing process. It reduce risk of inflammation and hypersensitivity reactions compared to metal implants.

Market key trends:

One of the major trends driving growth of PEEK Implants market is increasing number of joint replacement surgeries globally. According to Arthritis Foundation, by 2040, hip and knee replacement surgeries in U.S. alone are projected to grow to 572,000 and 3.48 million procedures respectively. PEEK implants offer advantages over metal implants which is attracting more surgeons and patients to opt for PEEK implants for joint replacement surgeries. Its flexibly and strength help providing better mobility to joints and long lasting implant life. This is accelerating demand of PEEK implants in orthopedic and trauma fixation applications.

Porter’s Analysis

Threat of new entrants: The PEEK Implants Market Demand has moderate threat of new entrants due to established key players and high capital requirements and R&D efforts required to develop novel PEEK implant products.
Bargaining power of buyers: The bargaining power of buyers is moderate since there are multiple PEEK implant manufacturers providing substitutable products to customers.
Bargaining power of suppliers: Suppliers of raw materials for PEEK implants have low bargaining power as there are many suppliers providing similar raw materials.
Threat of new substitutes: Threat of new substitutes is low as PEEK implants have shown superior biocompatibility as compared to other implant material substitutes.
Competitive rivalry: High due to competition between established players.

SWOT Analysis

Strength: PEEK implants are radiolucent, metal-detectable and compatible with CT and MRI imaging techniques. They provide excellent toughness, durability and mechanical properties as compared to metal and ceramic implants.
Weakness: High costs associated with PEEK implants limit their use. Manufacturing of customized PEEK implants requires extensive R&D efforts.
Opportunity: Increasing prevalence of osteoporosis and orthopaedic diseases driving the demand for orthopaedic implants. Growing geriatric population prone to bone disorders boost the market growth.
Threats: Limited clinical data availability on long term performance and bio-integration of PEEK implants pose threats. Higher revision rates of PEEK joints compared to metal joints restrict the market growth.

Key Takeaways

The global PEEK Implants market is expected to witness high growth at a CAGR of 8.6% over the forecast period due to increasing number of bone-related surgeries and rising adoption of advanced biomaterials for implants.

The North America PEEK Implants market accounted for the major revenue share in 2023 and is projected to maintain its dominance over the forecast period. This is attributed to the presence of major manufacturers, rising geriatric population, and increasing healthcare expenditure in the region.

Asia Pacific PEEK Implants market is anticipated to exhibit the fastest growth rate during the forecast period owing to growing medical tourism, improving healthcare infrastructure and rising prevalence of musculoskeletal disorders due to lifestyle changes and obesity in countries like India and China.

Key players operating in the PEEK Implants market are Invibio, PEEK Implants by Cendres+Métaux, SisoMM , MKPrecision, and Evonik Industries AG. Major players are focusing on new product launches, collaborations and geographic expansion strategies to strengthen their market position.

Note:

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