The U.S. Centers for Medicare & Medicaid Services projects that the country’s national health spending will grow at an average rate of 5.4% p.a. for 2019–2028, reaching USD 6.2 trillion by 2028. The share of healthcare in the national GDP is expected to increase from 17.7% to 19.7% in the 2018–2028 period. This growth is driven by factors such as the rising needs of the geriatric population, an increase in the prevalence of chronic disorders, infrastructure improvements, and technological advancements. However, the growth is expected to be hindered by political unrest in Europe’s transition economies such as Russia and Ukraine. The healthcare industry in North America is likely to be driven by the rising prevalence of chronic diseases and the expansion of insurance coverage in the U.S. Mexico is also expected to emerge as a major region driving the market in North America due to rising government investments in healthcare infrastructure. The strengthening of the Western European economies is expected to result in increased provision of healthcare expenditure in the annual budgetary proposals, while the healthcare industry in the Northern European economies is projected to witness an increase in healthcare expenditure.
PEEK, a high-performance polymer, offers numerous advantages over metals in medical applications. Its unique properties make it an ideal choice for various medical devices and implants. PEEK can be used to produce innovative interbody fusion cages with microporous structures, further enhanced with hydroxyapatite or zeolite to promote bone growth. It is chemically inert, making it preferred over metals in areas where chemical reactions with metals are not fully understood. Additionally, PEEK's radiopacity allows it to be used in certain scanning devices that cannot scan through metallic parts. Its high-temperature resistance enables easy sterilization and reusability, and it can be 3D printed to produce patient-specific designs and porous geometries ideal for stable integration with bone. Furthermore, PEEK's biocompatibility and radiolucency make it increasingly used in load-bearing spinal fusion implants for better integration and bone ingrowth. These properties position PEEK as a superior biocompatible material, reducing the risk of the body's immune system rejecting it. Moreover, PEEK's use in medical devices can lead to reduced weight, improved ergonomics, and enhanced performance, ultimately contributing to better patient outcomes and satisfaction
PEEK is expensive as it has high processing and machining costs. Also, the production has not yet reached the global economies of scale and the manufacturing process is unique so it allows raw material suppliers to charge a huge premium as there are no other alternatives available. Processing of PEEK is time-consuming. For example, polytetrafluoroethylene (PTFE) can be molded using cold compression and can be put into a sintering oven in batches. On the contrary, PEEK has to be sintered during the compression stage itself and needs to be annealed, which is a time-consuming process. It can take up to 8 hours for the total heating process for a single piece of PEEK, and since heaters are costly, batch processing is difficult. In the case of PTFE, a batch consisting of 8-10 pieces can be molded at a time and then put in the sintering oven for a single cycle, whereas PEEK is generally molded a few pieces at a time. This results in fewer pieces of PEEK over the same amount of time. In the case of machining, PEEK is similar to metal and has a significant impact on the machining tool. During machining, if the annealing of PEEK is not done properly, different parts of the material will respond differently to the stress being applied by the machining tool, resulting in cracks. This can change the dimensional stability across a batch. Because of this, machining of PEEK is a difficult process and few companies are willing to take on the risks involved in machining such an expensive polymer, as the rejection rate can be high.
This section will provide insights into the contents included in this medical polyetheretherketone market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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