PEEK Interbody Devices Market Players Bolstered by Fast-track Regulatory Approvals: Study

Oct 29,2020 | Healthcare

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 Peek Interbody Devices Market

A recent market study published by Future Market Insights (FMI) on the PEEK interbody devi...

Polyether Ether Ketone Peek Interbody Devices Market

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.

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.

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.

In 2013, Stryker Corporation successfully acquired MAKO Surgical Corp. with the objective of furthering its growth in the robotic arm assisted surgery in orthopedics.

More Insights on the PEEK Interbody Devices Market

Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The study provides compelling insights on PEEK Interbody Devices market on basis of product (posterolateral fusion devices and interbody fusion devices), and End User (hospitals, specialty clinics and ambulatory surgical centers) across seven major regions.

About the Healthcare Division at Future Market Insights

Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.