Rising Incidence of Cardiovascular Disease Fuel Demand for PEEK
The medical polyether ether ketone industry has garnered $582.4 million revenue, and it is projected to rise at a 7.8% CAGR from 2021 to 2030, to generate $1,146.6 million revenue in 2030.
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Over the last few years, the industry for medical-grade engineered plastics has experienced a rise in FDA approvals for in-vitro and in-vivo uses and the advantages they offer. The rising progress in the growing replacement of metallic implants with PEEK is led by rising healthcare funding by the government and private sector.
The high-performance plastic is widely used for cardiovascular devices, trauma fixation, dental implants, and various other medical applications. Concerning this, the rising elderly population in North American, Asian, and European countries and the increasing prevalence of sports injuries are projected to boost industry growth in the coming years.
The rising industrialization and growing research activities in developing countries, more specifically in the APAC region, are projected to fuel the manufacturing of PEEK-based medical products.
The major industry players are focusing on a wide range of strategic plans for business development, such as partnerships, product launches, and investments, to manufacture advanced high-grade polymer-based medical implants and devices.
For example, Evonik Industries AG has partnered with CicumFix Solutions, to manufacture sternal closure devices in February 2022. Similarly, Maxx Orthopedics Inc. and Invibio Ltd. collaborated to perform PEEK femoral knee component-based first total knee arthroplasty.