The medical PEEK market value is expected to rise to $1,146.6 million in 2030, advancing at a high growth rate during 2021–2030. The promising features of PEEK that are allowing it to rapidly replace metal orthopedic implants for fracture fixation augment the growth of the market. Apart from orthopedics, the medical application of PEEK is rising in prosthetics, surgical instrumentation, drug delivery devices, reusable medical devices, and many more products.
Moreover, North America is the leading region in the medical PEEK market, due to a high demand for spine implants and cardiovascular products, itself due to the rising prevalence of spinal and cardiac disorders, respectively.
Furthermore, Germany is one of the biggest hubs for medical technology globally. Manufacturers in the country significantly invest in R&D for the creation of advanced products. Additionally, the growing geriatric population is the key driver for the German medical polyetheretherketone market.
The expansion in the consumption of PEEK-based healthcare products has been fueled by the rising research activities and rapid industrialization in developing countries, such as India and China. The COVID-19 epidemic reduced the demand for these products from healthcare facilities, but the market regained its pace after the lockdowns and other restrictions were lifted and non-essential hospital departments reopened.
The market for medical-grade PEEK is experiencing rapid growth in the APAC region, ascribed to the expanding economies of India and China. Essentially, the improving service and safety standards in hospitals are expected to drive the use of PEEK-based medical products in the APAC region over the forecast period.
Additionally, the rising penetration of overseas companies in China is enhancing the growth potential of the medical industry in the country. Polymer manufacturers such as Victrex plc and Evonik Industries are expanding their operations in China, seeing the favorable government policies, cheap labor and raw materials, and most importantly, a huge customer base.
For instance, in January 2020, Victrex Hong Kong, a subsidiary of Victrex plc, and Yingkou Xingfu Chemical Company announced a JV to construct and operate a new PEEK factory in Liaoning, China.
Trauma fixation products, including plates, rods, and screws; spinal implants; and cardiovascular products, such as cannulae, stents, and implantable heart valves; have the leading share in PEEK medical product sales.
The medical PEEK market is dominated by Superior Polymers, Evonik Industries AG, Solvay SA, Medtronic plc, Victrex plc, Oxford Polymers, Jilin Joinature Polymer Co. Ltd., and Pan Jin Zhongrun High Performance Polymer Co. Ltd.