by PEEK possesses excellent biocompatibility and mechanical properties such as strength, rigidity and durability which makes it an ideal candidate for manufacturing orthopedic implants, spinal implants and trauma fixation devices. PEEK offers stiffness comparable to bone and is capable of withstanding loads experienced in weight bearing joints. Moreover, PEEK implants do not cause artifacts in MRI and CT scans, thereby providing clarity in postoperative imaging without interference. The global demand for high performance orthopedic implants has been steadily rising with the aging population and increasing incidence of osteoarthritis, accidents and bone disorders. This, coupled with the superiority of PEEK in medical applications over metal alloy implants is expected to drive the growth of PEEK implants market.
The Global PEEK Implants Market is estimated to be valued at US$ 982.08 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the PEEK implants market are Fresnillo PLC, Pan American Silver Corp., Coeur Mining, Inc., Hochschild Mining PLC, Hecla Mining Company, Silvercorp Metals Inc., First Majestic Silver Corp., Endeavour Silver Corp., Fortuna Silver Mines Inc., SSR Mining Inc., Wheaton Precious Metals Corp., MAG Silver Corp., Americas Gold and Silver Corporation, Great Panther Mining Limited, Avino Silver & Gold Mines Ltd.
The rising geriatric population and the subsequent increase in the prevalence of orthopedic disorders and bone injuries has been a major factor fueling the demand for PEEK implants. According to the United Nations, the population aged 65 years and above is expected to reach 1.5 billion by 2050 from 703 million in 2019. This rapidly growing demographic prone to bone disorders will require effective surgical interventions, thereby driving the PEEK Implants Market Demand.
Key players in the PEEK implants market have been expanding their global footprint by establishing manufacturing and distribution networks across different geographies. For instance, in May 2021, Silvercorp announced the acquisition of the San Andres mine in Honduras, strengthening its presence in Central America. Similarly, in September 2019, Wheaton Precious Metals completed the acquisition of gold streams on Constable and Pickett Mountain projects from First Majestic Silver, expanding its portfolio of precious metal streams.
Market Key Trends
One of the key trends gaining traction in the PEEK implants market is the advent of 3D printing technology for customization and personalization. 3D printing allows for creation of implants tailored as per the patient’s anatomical structure, aiding better post-operative outcomes. It helps reduce waste and provides precision during surgery. For example, in February 2021, Collplant announced the launch of 3D printed breast implant made from its proprietary rhCollagen bioink. Companies are also focusing on developing advanced biomaterial formulations for PEEK through addition of nanoparticles to further enhance mechanical and biological properties. For instance, addition of hydroxyapatite nanoparticles generates a material mimicking bone properties more closely. Several clinical research studies are ongoing to demonstrate long term efficacy and biocompatibility of PEEK implants.
Porter’s Analysis
Threat of new entrants: High capital investment for production and R&D prevents new players in entering the market.
Bargaining power of buyers: Large buyers can negotiate better pricing from existing manufacturers due to their high volume purchases.
Bargaining power of suppliers: Specialized raw materials and components increase suppliers’ bargaining power if alternatives are limited.
Threat of new substitutes: Minimal threat as PEEK implants are uniquely suited for strength and biocompatibility not easily matched by substitutes.
Competitive rivalry: Intense competition among existing players to gain market share through innovative product launches and expansion into new markets globally.
Geographical Regions
North America accounts for the largest share of the PEEK implants market currently in terms of value due to supportive reimbursement policies and growth in aesthetic and reconstructive surgeries in the region.
Asia Pacific is poised to be the fastest growing regional market during the forecast period driven by improving healthcare infrastructure, rising medical tourism, growing middle class population and their spending on healthcare in countries like China, India and South Korea.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
