The medical polyether ether ketone market is experiencing development and is projected to touch USD 1,146.6 million by 2030. In recent years, the industry for medical-grade engineered plastics has witnessed substantial development on the basis of FDA sanctions for in-vivo and in-vitro uses and the advantages they provide.

The advancement is propelled by the quick replacement of metallic implants with those made from PEEK, in part, because of the growing healthcare expenditure by governments and private establishments.

Significant players in the industry are concentrating on a variety of strategic plans for business growth, such as partnerships, product launches, and investments, mainly to attain technical improvements in high-quality polymers for medicinal implants & devices.

In the recent years, Evonik Industries AG made an investment in CircumFix Solutions for the development of a sternal closing device. Likewise, Maxx Orthopedics Inc. and Invibio Ltd. revealed in July 2021 their collaborative intention to conduct the initial total knee arthroplasty featuring a PEEK femoral knee component.

During the projection period, the stent and heart valve implantation items category is projected to surge with the highest CAGR, of approximately 9%. A huge count of cardiovascular implants and devices are now being made from PEEK, like cannulae, stents, and heart valve transplants.

Not just only for its feature of electric isolation, this medicinal-grade plastic is also being utilized as a capable material for negligibly invasive cardiac operations due to its distinguished mechanical performance.

The industry for medical-grade PEEK in the U.S. will experience a high development rate during the forecast period, ascribed to the increasing count of healthcare services and inventions in medical devices.

The need for stents, spine implants, knee & hip implants, and heart valves is projected to surge on account of the rising populace in the U.S., which will further boost the utilization of medical-grade plastics. Moreover, the U.S. has a huge count of medicinal components and device makers who are progressively using PEEK in their items. The existence of major manufacturers is another key reason propelling the medicinal polyether ether ketone industry in the nation.

Moreover, the huge elderly populace in the continent is contributing to the industry growth. As per the latest U.S. census, approximately 16.5% of the nation’s populace, or around 54 million individuals, is over the age of 64, and this count is projected to surge to 75 million by 2030. The count of people aged more than 85, who require the most-extensive care, is rising even quicker.

Across the border to the north, the income generated from the sale of medical-grade PEEK in Canada is projected to surge with a CAGR of approximately 7% during the projection period. The healthcare sector in Canada is attaining substantial expenditure from both the public and private industries.

Source: P&S Intelligence