Future Market Insights (FMI), in a recent report estimates global PEEK interbody devices market to grow steadily through 2021, despite COVID-19 pandemic creating a shift in administered care. The study pegs growth to hover above 7% mark throughout the forecast period.
Polyether ether ketone interbody devices are a significant breakthrough in the medical industry, with various healthcare settings adopting them to streamline their spinal implantation procedures. Additionally, they are highly eco-friendly as they are manufactured from organic thermoplastic polymers.
Provision of a bone-like modulus, high radiolucency to ensure accuracy and greater biocompatibility have all contributed to increasing PEEK interbody devices adoption for spinal procedures, and is likely to remain so in the future.
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Polyether Ether Ketone Interbody Devices Market Size (2022)
US$ 2.04 Bn
Revenue Forecast (2030)
US$ 3.72 Bn
Global Market Growth Rate (2022-2030)
7.8% CAGR
Dominant End User
Hospitals (48.9%)
Key Takeaways
US to retain market dominance; East Asia to be 2nd largest market through 2030
Surging popularity of minimally invasive surgeries to escalate interbody fusion devices growth
Hospitals to be key PEEK interbody devices end-users from 2020-2030
Rapid advancements in spinal implants to facilitate greater adoption
Fast-track regulatory approvals expanding sales across prominent regions
Global PEEK interbody devices to expand at 7.7% CAGR through 2030
“High incidence of degenerative disc diseases and spinal stenosis among the geriatrics is facilitating rapid innovations in surgical procedures, providing a wide base for PEEK interbody device market expansion,” opines the FMI analyst.
COVID-19 Impact Insights
The novel coronavirus pandemic has had varying impacts across the global polyether ether ketone interbody devices market. In the first stage, strict lockdowns and social distancing measures led to a drastic decline in industrial output, creating immense shortages of the devices across various healthcare settings.
Furthermore, greater emphasis was laid on caring for COVID-19 positive patients, leading to postponement of elective surgical procedures such as spinal correction or implantation, causing a substantial decline.
As the incidence of infections receded, the market has been experiencing a gradual incline. Flattening infection curves have enabled countries to ease lockdown restrictions, leading to a resumption of output which has largely balanced the demand-supply equation.
Moreover, spinal implant procedures are resuming, with hospitals and clinics registering a fall in the number of SARS-CoV-2 patients. Considering this recovery scenario, the global PEEK interbody devices is anticipated to rebound starting from 2021.
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Competition Landscape
Prominent players within the global PEEK interbody devices landscape are Zimmer Biomet, Medtronic Plc, Stryker Corporation and Shandong Weigo Group. These and other players are focusing on expanding existing manufacturing capabilities, product innovations, forays into untapped markets and strengthening core competencies.
In June 2020, Zimmer Biomet announced the incorporation of new enhanced features of its mymobility® care management system which was introduced in collaboration with Apple in October 2018. These features will assist healthcare professionals to enhance decision-making processes concerning major surgeries by incorporating higher precision.
In October 2020, Medtronic plc reported that over 84% of chronic back pain patients treated with its DTMTM Spinal Cord Stimulation Therapy reported at least 50% pain relief since the system’s inception a year earlier. This has encouraged the company to keep investing in better pain management technologies.
Key Segments
Product Type
Posterolateral Fusion Devices
Interbody Fusion Devices
Anterior Lumbar Interbody Fusion Devices (ALIF)
Extreme Lateral Interbody Fusion Devices (XLIF)
Posterior Lumbar Interbody Fusion Devices (PLIF)
Transforaminal Lumbar Interbody Fusion Devices (TLIF)
Other Devices
End-Users
Hospitals
Ambulatory Surgical Centers
Specialty Clinics
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Region
North America (U.S & Canada)
Latin America (Brazil, Mexico, Argentina & Rest of Latin America)
Europe (Germany, Italy, France, U.K., Spain, BENELUX, Russia & Rest of Europe)
South Asia (India, Thailand, Indonesia, Malaysia & Rest of South Asia)
East Asia (China, Japan & South Korea)
Oceania (Australia & New Zealand)
Middle East & Africa (GCC, South Africa & Rest of MEA)
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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