Medical Polyetheretherketone Market
Medical Polyetheretherketone Market
DELAWARE CITY, Del. - August 3, 2022 - (Newswire.com)
The global medical polyetheretherketone market is expected to reach a market valuation of US$ 572.54 Million in 2022, accelerating with a moderate CAGR of 7.3% through 2022-2032. The medical polyetheretherketone market size is anticipated to be valued at about US$ 1158.26 Million by 2032 end.
Increased adoption of medical polyetheretherketone as a substitute for metals has boosted the medical polyetheretherketone market. Aluminum, carbon steel, bronze, stainless steel, brass, titanium, and magnesium are among the metals that medical polyetheretherketone has begun to replace in significant numbers.
As a result of rigorous environmental rules, automakers are compelled to increase fuel economy, decrease maintenance needs, and lower noise levels. As a result of these laws, the trend for lighter automobiles is being driven by automobile light-weighting. Polyetheretherketone is a substantial improvement over metals for decreasing pollutants and increasing fuel efficiency.
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The demand for medical polyetheretherketone will not grow as fast as it could because it is more expensive than other medical-grade polymers. But these plastics can't replace medical polyetheretherketone because it is a high-performance polymer with better qualities like high flexural strength, resistance to impact, resistance to chemicals and heat, and compatibility with living organisms. Strict rules about medical devices also make it hard to use medical polyetheretherketone in medical devices and implants.
Over the projection period, the Asia-Pacific region's revenue is anticipated to increase by 8.7%. With a medical polyetheretherketone market value of USD 36.17 million in APAC for medical polyetheretherketone in 2021, cardiovascular applications emerged as the leading category in the region.
"In terms of revenue, the Asia Pacific region is expected to grow at a rate of 8.7% over the forecast period," says Sabyasachi Ghosh, Principle consultant at FMI.
Key Takeaways from Market Study
- In 2021, the spine implantation segment led the medical polyetheretherketone market and contributed more than 30.0% of global revenue.
- North America held the biggest medical polyetheretherketone market share in 2021, at over 40%, and is anticipated to experience a substantial increase throughout the forecast period.
- In Canada, sales of medical polyetheretherketone are anticipated to expand at a CAGR of around 7% during the coming year. Both the commercial and public sectors are making substantial investments in Canada's healthcare industry, which is fueling research and development.
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Competitive Landscape
Important participants include Panjin Zhongrun High-Performance Polymers Co. Ltd., Victrex Plc., Jrlon Inc., and Quadrant EPP Surlon India Ltd.
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Original Source: Medical Polyetheretherketone Market is Expected to Grow at 7.3% CAGR Over 2022-2032 - Future Market Insights, Inc.
