Medical Polyetheretherketone Market Increase in investment towards R&D Driving Sector Growth
The global Medical Polyetheretherketone Market is expected to be worth US$ 572.54 million by 2022, growing at a moderate 7.3% CAGR between 2022 and 2032. The medical polyetheretherketone market is expected to be worth approximately US$ 1158.26 million by the end of 2032.
The increased use of medical polyetheretherketone as a metal substitute has boosted the medical polyetheretherketone market. Among the metals that medical polyetheretherketone has begun to replace in significant numbers are aluminium, carbon steel, bronze, stainless steel, brass, titanium, and magnesium.
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As a result of stringent environmental regulations, automakers are compelled to improve fuel economy, reduce maintenance requirements, and reduce noise levels. As a result of these laws, automobile light-weighting is driving the trend toward lighter automobiles. Polyetheretherketone outperforms metals in terms of lowering pollutants and increasing fuel efficiency.
Because it is more expensive than other medical-grade polymers, demand for medical polyetheretherketone will not grow as quickly as it could. However, these plastics cannot replace medical polyetheretherketone because it is a high-performance polymer with superior properties such as high flexural strength, impact resistance, chemical and heat resistance, and compatibility with living organisms. Strict medical device regulations make it difficult to use medical polyetheretherketone in medical devices and implants.
Revenue in the Asia-Pacific region is expected to increase by 8.7 percent over the forecast period. Cardiovascular applications emerged as the leading category in the region, with a medical polyetheretherketone market value of USD 36.17 million in APAC in 2021. This is due to the sedentary lifestyles of young and old people in countries like China and India.
It is expected that the use of medical polyetheretherketone denture base material will increase to meet the region’s rising demand for dental implants and dentures. As a result, dental implants and fixtures are expected to grow at a 9.3 percent CAGR in the Asia-Pacific region over the forecast period.
In a variety of applications, medical polyetheretherketone is emerging as an environmentally friendly alternative. Its use results in lower carbon emissions when compared to other polymers such as ABS, polyester laminate, polyvinyl chloride, polystyrene, and polysulphone. PEEK extends the service life of the goods it is used in by providing exceptional corrosion resistance. It can also operate at higher temperatures for longer periods of time than other polymers. In terms of production design flexibility, it is one of the most adaptable products, resulting in minimal labour dependence. The numerous advantages are driving the demand for medical polyetheretherketone.
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Key Takeaways from Market Study
- The spine implantation segment led the medical polyetheretherketone market in 2021, accounting for more than 30.0% of total revenue.
- North America held the largest medical polyetheretherketone market share in 2021, at more than 40%, and is expected to grow significantly over the forecast period.
- Medical polyetheretherketone sales in Canada are expected to grow at a CAGR of around 7% in the coming year. Both the private and public sectors are making significant investments in Canada’s healthcare industry, which is fueling R&D.
- 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 variety of areas such as medical, aerospace, and automotive has resulted in the expansion of the industrial service provider market, which has changed the outlook for the medical polyetheretherketone market. Prototype & Plastic Mold Co. Inc., Parkway Products Inc., A. Schulman AG, and Stern Sectors Inc. are among the key service providers who use the product for injection moulding and other applications across a wide range of industries.
The expanding medical polyetheretherketone market is expected to benefit a variety of industries, including healthcare, aerospace, electronics, packaging, and automobiles. To gain a competitive advantage over competitors, medical industries are patenting polyetheretherketone-based end-use innovations.
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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