PEEK Interbody Devices Market Benefitting from Minimally Invasive Procedure Preference – Future Market Insights
Advanced spinal surgeries are retaining popularity due to increased cases of spinal disorders, therefore, medical professionals are focussing on
DUBAI, UAE / ACCESSWIRE / November 2, 2020 / The polyether ether ketone peek interbody devices market is expected to expand at 7.7% CAGR through the forecast period (2020-2030). Spinal implant procedures are in a greater demand as clinics are registering lesser number of COVID patients, therefore, recovery rate of these devices will enhance towards 2021.
“Increasing cases of degenerative diseases and spinal stenosis among geriatric population coupled with rapid innovations across the medical sector, are enhancing the use of PEEK Interbody devices,” states the FMI Analyst.
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PEEK Interbody Device Market – Important Highlights
- US will remain a dominant region while East Asia will witness fastest growth.
- Organic-polymer derived device and growing preference for minimal invasive surgeries are going to account for significant market share.
- Demand for transforaminal and posterior lumbar devices are expected to remain prevalent through the forecast period.
- Improved regulatory advises are likely to drive the market growth in the near future.
PEEK Interbody Device Market – Driving Factors
- Due to rising awareness regarding harmful impacts of synthetic polymers, organic polymers are highly demanded in manufacturing medical devices.
- Being highly recyclable, healthcare industries require thermoplastics to produce interbody devices on a greater scale.
- Improving biocompatibility and accuracy due to better radiolucency are pushing the adoption of PEEK interbody devices.
PEEK Interbody Device Market – Key Restraints
- PEEK interbody devices are really expensive, thereby, hindering growth.
- PEEK is hydrophobic which in turn limits bony ingrowth and limits adoption too.
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Expected Impact on Market by Coronavirus Outbreak
COVID-19 has shifted the preference towards patients who are severely affected by the pandemic rather than other medical issues. Though declining number of cases will help the market improve towards the end of 2021 yet current market scenario presents a sluggish growth trajectory. Around 3% of US population suffers from spinal disorders but the number of cases registered have declined due to COVID. Similarly, Europe has almost 60-70% of people who suffer from lower back problems, therefore, health providers are adopting unique solutions and 2021 is likely to witness a better market picture.
Competition Landscape
Key players in the market include Zimmer Biomet Holdings Inc., Medtronic Plc., Stryker Corporation, B. Braun Melsungen AG, SeaSpine Holdings Corporation, Shandong Weigao Group Medical Polymer Company Limited., Alphatec Holdings Inc., Xtant Medical Holdings Inc., and Life Spine Inc.
In 2020, Zimmer Biomet incorporated advanced features like mymobilitycare management to be handled by healthcare professionals to enhance decision processes regarding surgeries by incorporating higher precision.
In October 2020, Medtronic recorded 84% of chronic back pain cases and incorporated DTMSpinal Cord Therapy which reported at least 50% pain relief. This encouraged the company improve investments in better pain management techniques. Key Players are regularly focussing on launching innovative products to enhance pain management therapies.
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Table Of Content
1. Executive Summary
1.1. Global Market Outlook/Overview
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting The Market
3.2. Advancement Product Manufacturing
4. Key Success Factors
4.1. Product Adoption Analysis & Key Promotional Strategy
4.2. Value Chain Analysis
4.3. Key Regulations
5. COVID19 Crisis Analysis
5.1. Current COVID19 Statistics and Probable Future Impact
5.2. Current Economic Projection as compared to 2008 financial analysis
5.3. COVID19 and Impact Analysis
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More on the Report
The report presents macro as well as micro economic factors with segmentation on the basis of product type (interbody fusion device, anterior lumbar interbody fusion devices, posterolateral fusion devices etc.), end-user (hospitals, clinics, medical institutes, and ambulatory clinics) and in-depth region wise analysis (North America, Latin America, Europe, and Asia).
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About 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, the global financial capital, and has delivery centers in the 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.
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