PUBLISHER: Grand View Research | PRODUCT CODE: 1433553
PUBLISHER: Grand View Research | PRODUCT CODE: 1433553
The global medical polyetheretherketone market size is expected to reach USD 1,003.25 million by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at CAGR of 7.4% over the forecast period. The demand can be attributed to the increasing adoption of medical polyetheretherketone (PEEK) for use in medical implants such as knee & hip implants, vascular medical devices, spinal implants, and dental fixtures.
The market is expected to register growth due to the high adoption of the product on account of its superior chemical inertness, heat and superior fatigue resistance. However, the high cost of the polyetheretherketone compared to other plastics may hinder the market growth over the forecast period.
Rise in global healthcare expenditure and replacement of metals with polyetheretherketone (PEEK) are the major factors contributing to the growth of the market. Healthcare spending in the country is likely to accelerate in the near future owing to the growing awareness about healthcare. Factors such as rising needs of the geriatric population (65 years of age or above), an increase in the prevalence of chronic disorders & diseases, infrastructure improvements, and technological advancements are expected to drive the healthcare sector, thereby leading to an increase in the demand for medical medical-grade PEEK.
PEEK has many advantages over metals like titanium or stainless steel in medical applications. PEEK can be used to produce innovative interbody fusion cages. These can be designed with microporous structures and can be further enhanced with hydroxyapatite or zeolite, which naturally promote bone growth. PEEK is chemically inert and is preferred over metals in areas where the reaction of chemicals with metals is not fully understood. PEEK is also preferred for medical devices as it reduces the weight of the device. Due to its radiopacity, PEEK is preferred as certain scanning devices cannot scan through metallic parts. Finally, because of its high-temperature resistance, tools made of PEEK can be easily sterilized by autoclaving and reused many times.
Another added advantage is that PEEK can be 3D printed to produce patient-specific designs and porous geometries ideal for stable integration with bone. PEEK polymers can be 3D printed to make ergonomic, strong, and light tools and can be used as reusable surgical instruments. These can reduce surgeon fatigue and thus prevent potentially harmful mistakes during long surgeries. PEEK tools, because of their radiopacity, do not interfere with the surgeon's view for minimally invasive surgeries, live x-ray imaging, or guided by fluoroscopy, unlike metal tools.