Medical Polyetheretherketone Market Insights, Trends and Growth Forecast by 2032
The global Medical Polyetheretherketone Market is expected to reach a market valuation of US$ 572.54 Million by 2022, accelerating with a moderate CAGR of 7.3% by 2022-2032. The medical polyetheretherketone market size is anticipated to be valued at about US$ 1158.26 Million by 2032 end.
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Increased adoption of medical polyetheretherketone as a substitute for metals has boosted the medical polyetheretherketone market. Aluminium, carbon steel, bronze, stainless steel, brass, titanium, and magnesium are among the metals that medical polyetheretherketone has begun to replace in significant numbers.
As a result of rigorous environmental rules, automakers are compelled to increase fuel economy, decrease maintenance needs, and lower noise levels. As a result of these laws, the trend for lighter automobiles is being driven by automobile light-weighting. Polyetheretherketone is a substantial improvement over metals for decreasing pollutants and increasing fuel efficiency.
The demand for medical polyetheretherketone will not grow as fast as it could because it is more expensive than other medical-grade polymers. But these plastics can’t replace medical polyetheretherketone because it is a high-performance polymer with better qualities like high flexural strength, resistance to impact, resistance to chemicals and heat, and compatibility with living organisms. Strict rules about medical devices also make it hard to use medical polyetheretherketone in medical devices and implants.
Over the projection period, the Asia-Pacific region’s revenue is anticipated to increase by 8.7 per cent. With a medical polyetheretherketone market value of USD 36.17 million in APAC for medical polyetheretherketone in 2021, cardiovascular applications emerged as the leading category in the region. This is due to the sedentary lifestyles of the young and old in nations such as China and India.
To satisfy the rising demand for dental implants and dentures in the region, it is anticipated that the adoption of medical polyetheretherketone denture base material will increase. As a result, in the Asia-Pacific area, dental implants and fixtures are anticipated to increase at a 9.3 per cent CAGR over the projection period.
Medical polyetheretherketone is emerging as an eco-friendly alternative in a variety of applications. Compared to other polymers, such as ABS, polyester laminate, polyvinyl chloride, polystyrene, and polysulphone, its use results in lower carbon emissions. By providing exceptional corrosion resistance, PEEK extends the service life of the goods in which it is utilised. It can also operate at elevated temperatures for a longer duration than other polymers. It is one of the most adaptable products in terms of production design flexibility, resulting in minimal labour dependence. The substantial benefits are leading the demand for medical polyetheretherketone.
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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.
- 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.
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.
Medical Polyetheretherketone Market by Segmentation
- Trauma Fixation
- Spine Implantation
- Knee & Hip Implantation
- Dental Implants & Fixtures
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