As stated by a market research firm P&S Intelligence, the total revenue of the medical polyether ether ketone market will increase at a CAGR of 7.8% in the years to come, it will reach USD 1,146.6 million by 2030.
The continuing industrial development and growing research activities in developing economies, for example those in the APAC, have driven the making of PEEK-based medical products.
Medical Polyether Ether Ketone
Stent and heart valve implantation products will rise with the highest rate, of about 9%, in the years to come. A large count of cardiovascular implants and devices are now formulated from PEEK, for example cannulae, stents, and heart valve implants.
Not only for its property of electrical isolation, this plastic is also used as an important material for MIS cardiac surgeries because of its differentiated mechanical performance.
The occurrence of more than a few heart-related issues, for example heart attacks, and stroke, coronary artery disease, continues to surge. It is projected that about 0.7 million people in the U.S. die because of heart disease, while over 0.8 million have heart attacks on a yearly basis.
Dental implants are also making an increasing usage of PEEK because of its aptitude to substitute titanium, which is why this will advance with a rate of 8.5% in the years to come.
So, the usage of thermoplastics for trauma fixation orthopedic, semi-crystalline engineering, cardiovascular, and orthodontic applications will power the market significantly. The increasing spending in the healthcare industry, which is leading to tech advancements, will power the industry significantly.
The medical polyether ether ketone market in the U.S. will grow at a high rate in the years to come, credited to the increasing count of healthcare facilities and innovations in medical devices.
The requirement for stents, spine implants, heart valves, and knee & hip implants will increase because of the increasing population in the U.S., which will further power the usage of medical-grade plastics.
Moreover, the U.S has a large count of medical component and device manufacturers increasingly making use of PEEK in their products. The presence of manufacturers is another factor driving the industry in the nation.
Moreover, the large elderly population is contributing to the progress of the industry. As per the latest U.S. census, about 16.5% of the nation’s population, or around 54 million, is above the age of 65, and this will rise to 74 million by 2030. The population aged over 85, who require the most-extensive care, is rising even faster.