The global medical polyetheretherketone market is expected to reach a market valuation of USD 572.54 Million by 2022, and it is anticipated to be valued at about USD 1158.26 Million by 2032. The demand for medical polyetheretherketone is anticipated to grow at a CAGR of 7.3% from 2022 and 2032.
The medical polyetheretherketone market share is anticipated to grow as it is utilized in many end use sectors due to the good qualities that make it useful in transportation, semiconductors, industrial, food, and clinical areas. Over the next few years, the manufacturers of medical polyetheretherketone are expected to enter new markets and look for opportunities in untapped markets.
In the medical industry, the overall medical polyetheretherketone market is also expected to have a wide range of uses over the next few years. At the moment, it is used in spinal surgery, but it is likely to be used in more clinical settings and commercial medical products in the future. Due to this, the sales of medical polyetheretherketone are projected to grow at a rapid pace during 2022 to 2032.
| Attributes | Value |
|---|---|
| Medical Polyetheretherketone Market Size (2022) | USD 572.54 Million |
| Medical Polyetheretherketone Market Projected Size (2032) | USD 1158.26 Million |
| Medical Polyetheretherketone Market Value CAGR (2022 to 2032) | 7.3% |
There is a rising need for research and development to find new clinical applications which propel the medical polyetheretherketone market growth. Due to a lack of long-term clinical data, medical polyetheretherketone products have limited uses in the field right now. However, medical polyetheretherketone uses are expected to grow over the next few years because they have a lot of potential as a replacement.
Medical polyetheretherketone is one of the most expensive polymer-based products. As a result, pricing is one of the major factors limiting the medical polyetheretherketone market growth. Over the next few years, it is expected that the high price is likely to result in decreased sales of medical polyetheretherketone.
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The medical polyetheretherketone market share is anticipated to be bolstered by an increase in the adoption of medical polyetheretherketone as a replacement for metals. Aluminium, carbon steel, bronze, stainless steel, brass, titanium, and magnesium are just a few of the metals that medical polyetheretherketone has begun to replace in large quantities.
Medical and automotive manufacturers are forced to improve fuel efficiency, reduce maintenance requirements, and reduce noise levels due to stringent environmental regulations. As a result of these regulations, automobile light-weighting is driving the preference for lighter vehicles. For both reducing emissions and increasing fuel efficiency, polyetheretherketone is a significant upgrade over metals.
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The demand for medical polyetheretherketone is likely to decline as medical polyetheretherketone is more expensive than other medical-grade polymers. However, these plastics can't replace medical polyetheretherketone as 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.
Furthermore, strict rules about medical devices also make it hard to use medical polyetheretherketone in medical devices and implants. As a result, these factors are anticipated to impede the growth of the medical polyetheretherketone market share.
More than 30 percent of medical polyetheretherketone market revenue is anticipated to be generated in 2021 by the spine implantation segment. To track changes in the spinal cord and soft tissue structures, diagnostic imaging like MRI or CT scans is critical. As a result, the sales of medical polyetheretherketone are increasing as they are being used in spine implants instead of stainless steel or titanium because these metals do not work well with these imaging techniques. These devices are used in the treatment of degenerative spine conditions like spondylolisthesis, degenerative disc disease, spinal narrowing, and scoliosis.
During the forecast period, the cardiovascular segment of the medical polyetheretherketone market is expected to grow at the fastest rate in revenue. Flexible modulus, high temperature and electrical resistance, biocompatibility and sterilization ease are just some of the advantages of medical polyetheretherketone. Melt processing allows it to be formed into vascular catheter tubes with a small inner diameter.
With the rise of medical polyetheretherketone as an alternative to polyimides, tubes and catheters are becoming more commonplace in vascular medical devices. Stent implantation, transfemoral heart valve implantation and ablation catheters are all examples of procedures with high adoption of medical polyetheretherketone.
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The medical polyetheretherketone market in the United States is projected to rise rapidly during the projected period, owing to an increase in the number of healthcare institutions and medical device advances. The expanding population in the United States is predicted to raise the demand for spine implants, stents, heart valves, and knee and hip implants, which is likely to drive the use of medical-grade plastics even further.
Furthermore, the United States has a large number of medical component and device manufacturers who are progressively incorporating PEEK into their products. Another major element boosting the medical polyether ether ketone market in the country is the presence of key manufacturers.
Due to Europe's strict regulations, the global medical polyetheretherketone market is anticipated to be dominated by Europe. In turn, this increased demand for transportation services led to regional dominance as a result of the strict environmental and fuel consumption guidelines.
In 2021, Europe held the largest share of 45 per cent in the medical polyetheretherketone market. The adoption of medical polyetheretherketone is primarily in the automotive, insulation, electronics & electrical, industrial, and general engineering sectors in Europe and the USA.
In terms of revenue, the Asia Pacific region is expected to grow at a rate of 8.7 per cent over the forecast period. With a medical polyetheretherketone market share of USD 36.17 Million in APAC in 2021, cardiovascular application emerged as the largest segment in the region. Sedentary lifestyles among young and elderly populations in countries like China and India are to blame for this. To meet the growing demand for dental implants and dentures in the region, medical polyetheretherketone denture base material is expected to increase in popularity. Dental implants and fixtures are predicted to grow at a 9.3% CAGR in the Asia Pacific region over the forecast period.
As a result of a small number of regional players, the global medical polyetheretherketone market is consolidated. Panjin Zhongrun High-Performance Polymers Co. Ltd., Victrex Plc., Jrlon Inc., and Quadrant EPP Surlon India Ltd. are major key participants in the market.
The widening industry service provider business is a result of increasing overall application in a variety of fields, including medical, aerospace, and automotive. Prototype & Plastic Mold Co. Inc., Parkway Products Inc., A. Schulman AG and Stern Industries Inc. are just some of the major service providers that use the item for injection moulding and other purposes across a variety of different industries.
Many industries, including healthcare, aerospace, electronics, packaging, and automobiles, are expected to benefit from the growing product application scope of the market. Medical polyetheretherketone -based end-use technologies are being patented by the industries themselves in order to gain a competitive edge over others.
Recent Developments in the Medical Polyetheretherketone Market
Startups in the medical polyetheretherketone market are focusing on making new products and working together as their main ways to grow in the global market. In May 2021, the FDA approved a new Creed Cannulated Screw System made by Carbon22 from Solvay's Zeniva (PEEK) for foot and ankle surgery. Since there are already well-known players in the market, competition is high. The companies that make medical polyetheretherketone work with other market players to increase their market share.
The medical polyetheretherketone market is expected to grow at 7.3% CAGR over 2022 to 2032.
The medical polyetheretherketone market is estimated to be around USD 572.54 Million in 2022.
The medical polyetheretherketone market is anticipated to reach a valuation of USD 1158.26 Million by 2032.
The spine implantation segment is estimated to dominate the market during 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 5.1. Trauma Fixation 5.2. Cardiovascular 5.3. Orthopedic 5.3.1. Spine Implantation 5.3.2. Knee & Hip Implantation 5.4. Dental Implants & Fixtures 5.5. Other Applications 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 6.1. North America 6.2. Latin America 6.3. Europe 6.4. Asia Pacific 6.5. MEA 7. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Key Countries Market Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. Superior Polymers 14.2. Evonik Industries AG 14.3. Invibio Ltd. 14.4. Solvay 14.5. Medtronic 14.6. Semadeni AG 14.7. Huang Liang Biomedical Technology 14.8. Dentallabor Bernhardt 14.9. Apium Additive Technologies GmbH 14.10. Goodfellow GmbH 15. Assumptions & Acronyms Used 16. Research Methodology
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Medical Polyetheretherketone Market
