PEEK (polyether ether ketone) implants are used in orthopedic and traumatology applications as they are biocompatible and have mechanical properties similar to bone. It is used for spinal fusion surgery, screws, plates, rods and cages. PEEK implants have several advantages such as high strength, durability, biocompatibility, radiolucency and chemical resistance. With increasing cases of osteoporosis and accidental injuries, demand for orthopedic implants is growing.
The global PEEK Implants Market is estimated to be valued at US$ 982.08 Bn in 2023 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 Opportunity:
Expanding application of 3D printing technology presents a major market opportunity for PEEK implants. 3D printing allows custom fabrication of implants as per patient's anatomy using CT/MRI scans. It reduces surgery time and improves treatment outcomes through accurate fitting. With advancement in 3D printing materials and processes, PEEK implants can be 3D printed with customized porous surfaces for better osseointegration. Leading players are focusing on developing 3D printing capabilities to manufacture patient-specific PEEK implants. Increased adoption of 3D printed PEEK implants is expected to drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirement for R&D and manufacturing of biocompatible materials. Additionally, stringent regulatory approvals and established brand names pose barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of alternative implant materials gives buyers options however price sensitivity is low due to medical necessity.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key materials like PEEK resin and specialized equipment have few substitutes and suppliers have pricing power however growing number of material manufactures offset this.
Threat of new substitutes: The threat of new substitutes is moderate. While new biomaterials are explored, PEEK’s unique properties of biocompatibility, radiolucency, and strength make replacement difficult in the foreseeable future.
Competitive rivalry: Competition is high among the dominant players to gain market share through innovations, partnerships and geographic expansion.
SWOT Analysis
Strengths: PEEK implants are non-toxic, non-allergic and strong as titanium. They enable precise imaging during surgeries and cause minimal intervention.
Weaknesses: High costs of production and limited suppliers increases product costs. Limited long term data on human safety profile.
Opportunities: Rising prevalence of degenerative diseases and trauma cases drives the demand. Untapped potential in developing regions presents opportunities.
Threats: Stringent regulations delay product approvals. Reimbursement policies vary globally impacting uptake. Patent expiries of blockbuster drugs increases competition.
Key Takeaways
The global PEEK implants market size is expected to witness high growth over the forecast period. The global PEEK Implants Market is estimated to be valued at US$ 982.08 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
Regionally, North America dominates currently owing to advanced healthcare systems and growing aging population in the US and Canada demanding hip and spine surgeries. However, Asia Pacific is likely to grow at the fastest pace due to rising medical tourism, healthcare investments and demand for quality implants from expanding middle class in countries like China and India.
Key players operating in the PEEK implants market are Fresnillo PLC, Invibio Ltd, Victrex Plc, Evonik Industries AG, GKN Sinter Metals Engineering GmbH. Fresinillo dominates with wide PEEK resin portfolio and long expertise. New players are focusing on 3D-printed implants to tap unmet needs and emerging economies. Partnerships between material and implant manufacturers are also witnessed to strengthen distribution networks.
Get more insights on this topic: https://www.trendingwebwire.com/peek-implants-market-size-and-opportunity-analysis/
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The investigative study on the Global PEEK recently added by Emergen Research sheds light on the current market scope as well as the emerging trends and opportunities of the market.
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The report also offers a comprehensive analysis of the competitive landscape with company profiles and product portfolios.Get a free sample of the report - https://www.emergenresearch.com/request-sample/297 The leading players in the PEEK Market are equipped with enhanced production facilities and are involved in various R activities.
A few leading players in the PEEK include:Key players profiled in the report include:· Celanese Corporation· Solvay SA· Darter Plastics Inc.· Evonik IndustriesKey Features of the Global PEEK:· The report offers a deep insight into the market with expert data insights from the industry experts and analysts · Dedicated focus on market growth and restraining factors · Thorough analysis of the market segments includes product types, application spectrum, technology, end-user, and other key segments · SWOT and Porter’s Five Forces analysis along with feasibility analysis and venture return analysis · Current and emerging market trends and growth prospects To know more about the report - https://www.emergenresearch.com/industry-report/polyether-ether-ketone-market This report forecasts revenue growth at a global, regional & country level and provides an analysis of the market trends in each of the sub-segments from 2018 to 2027.
The scope of the report can be defined as:For the purpose of this report, Emergen Research has segmented the global PEEK Market on the basis of Type, Application, and region:· Product Type Outlook (Revenue, USD Billion; 2017-2027)o Glass Filledo Carbon Filledo Unfilledo Others· Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)o Onlineo OfflineIn conclusion, the report provides a qualitative and quantitative analysis of the Global PEEK, including the global and regional analysis of the market.
The study covers critical information and factual data about the Silicon Photonics Devices industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats.
