Market Challenges And Opportunities

Rising prevalence of orthopedic disorders: Rising prevalence of orthopedic disorders like osteoarthritis, rheumatoid arthritis, and osteoporosis is a major factor driving growth of the Peek implants market. Osteoarthritis alone affects over 300 million people worldwide. The aging population and obesity epidemics contributes to increasing prevalence of orthopedic disorders. According to an article published in July 2022, by WHO, musculoskeletal diseases affect roughly 1.71 billion persons globally. Low back pain is the single largest cause of disability in 160 countries, making musculoskeletal diseases the leading contributor to disability worldwide
Technological advancements in Peek implants: Numerous technological advancements in Peek implant designs and manufacturing techniques boosts their adoption. Advancements like porous Peek implants allow bone in-growth, improved osseointegration and stability. Emerging 3D printing techniques enable manufacturing of customized Peek implants as per patient’s anatomy. For instance, in March 2022, Evonik, a one of the global leader in specialty chemicals, announced an expansion of its portfolio of 3D-printable biomaterials for medical technology.VESTAKEEP iC4800 3DF is a novel osteoconductive PEEK filament developed by the company that promotes fusion between bone and implants.
Growing aging population: The global population above 65 years of age is projected to double by 2050. The elderly are more susceptible to orthopedic, dental and spinal disorders, due to weaker bones and joints. This expands the patient pool requiring implants and boosts demand for peek implants. Rise in life expectancy and age-related deformities can further propel the geriatric population to opt for peek implants. This is expected to have a strong impact on the growth of the peek implants market.
Rising adoption of minimally invasive procedures: Minimally invasive procedures like arthroscopy, laparoscopy and endoscopy are gaining significant popularity worldwide due to benefits like quicker recovery, less pain, scarring and complications. This has fueled demand for minimally invasive Peek implants like interbody cages and pedicle screw systems for spinal fusion surgeries. Peek’s biocompatibility and radiolucent properties makes it ideal for use in these advanced procedures. The upsurge in minimally invasive surgeries will consequently boost adoption of peek implants.

Global PEEK Implants Market- Restraints

High cost of PEEK implants: PEEK is relatively more expensive as compared to other orthopedic biomaterials like polyethylene, acrylics and metals. The complex manufacturing and processing steps contribute to the high cost of PEEK implants, making these less affordable for a large section of patient population. This can restrict adoption among lower income groups and in developing regions with limited healthcare expenditure. The premium pricing of PEEK implants remains a major barrier inhibiting widespread adoption.

Unfavorable reimbursement scenario: The premium pricing of PEEK implants also results in unfavorable or no reimbursement in several regions. Procedures involving PEEK implants may not be covered under insurance plans or have high out-of-pocket costs due to lack of reimbursement. Regulatory agencies often do not provide adequate reimbursement for newer materials like PEEK. This makes PEEK implant surgeries expensive for patients and hinders the market growth.

Availability of alternative biomaterials: PEEK implants face competition from other orthopedic biomaterials like polyethylene, PMMA, ultra-high molecular weight polyethylene and composites. Metals like titanium and stainless steel are also commonly used in joint reconstruction implants. Ceramic biomaterials and bioresorbable polymers also offer alternatives for particular indications. Availability of substitute materials poses a major challenge to the growth and adoption of PEEK implants. However, PEEK remains the best biomimetic material that closely matches human bone.

Global PEEK Implants Market Recent Developments

New Product Launches:

On September 11, 2023, Treace Medical Concepts, Inc., a medical technology company, announced the limited market release of various new complimentary technologies for the treatment of bunions and bunion-related procedures. These products will be accessible in the U.S. in a restricted market release through Treace's bunion-focused sales team, with a full market release scheduled for the fourth quarter of 2023. The new Hammertoe PEEK Fixation System from the company is intended to treat hammertoe, claw toe, and mallet toe abnormalities.
In October 2020, Evonik, a world leader in specialty chemicals, announced the development of a novel osteoconductive polyether ether ketone (PEEK) for the medical technology sector that promotes bone-implant fusion. With the debut of the novel biomaterial, the specialized chemicals firm introduces a new product range of next-generation, PEEK-based implant materials under the brand name VESTAKEEP Fusion.

Partnerships & Agreement:

On June 09, 2023, Invibio Biomaterial Solutions, a division of Victrex plc and a pioneer in the development of PEEK biomaterial solutions, announced a new partnership with Paragon Medical, a medical device contract design manufacturer, to develop composite PEEK-OPTIMA Ultra-Reinforced medical trauma devices
In October 2020, In2Bones Global, Inc., a leading global implant manufacturer, announced that its subsidiary, In2Bones USA, had signed an exclusive agreement with Invibio Limited, Lancashire, U.K., a pioneer in the development of PEEK biomaterial solutions, to begin a research, development, and manufacturing partnership that will apply Invibio's novel PEEK-OPTIMA Ultra Reinforced (POUR) carbon fiber technology to In2Bones' lower extremity implants

Global PEEK Implants Market- Opportunities

Increasing demand for bio-inert implants: Rising awareness about issues of corrosion, wear debris and metal sensitivity from metallic implants propel patients and surgeons to opt for bio-inert implants made from PEEK. Being inert and resistant to chemical interactions, PEEK implants prevent inflammation, osteolysis and other immune reactions caused by metal implants. For instance, in November 2021, HAPPE Spine, an emerging pioneer in the development of next-generation orthopedic and spinal implants powered by the HAPPE material platform, announced the completion of a US$ 3.35 million Series A capital raise. HAPPE's HydroxyApatite Porous PEek (HAPPE) is an orthopedic material platform that converts polyetheretherketone (PEEK) from a hydrophobic, bioinert, and non-integrating material to a hydrophilic, bioactive, and osteointegrating material.
Untapped potential in emerging markets: Emerging markets like China, India, Brazil and Mexico present significant opportunities for Peek implant manufacturers, owing to the large and underpenetrated patient population. Factors like improving healthcare infrastructure, rising disposable incomes and increasing medical tourism boosts demand for orthopedic, dental and spinal implants in these regions.
Strong potential for use in dental implants: PEEK’s excellent physiological and mechanical properties makes it well-suited for use in dental implant abutments and frameworks. Benefits such as biocompatibility, radiolucency, durability and oral tissue compatibility provide PEEK an edge over titanium and zirconia in dental applications. Most dental implant manufacturers currently use titanium abutments. Replacing titanium with PEEK in dental implant assemblies can be an important opportunity for expanding the applications of PEEK implants. According to an article published in August 2022, by World Journal of Advanced Research and Review, PEEK is an important material that is used in several dental field like oral implantology, prosthodontic, orthodontic dentistry for dental implants, abutments, healing caps, orthodontic braces, and most importantly denture prosthetic framework