Biomaterials Market Size, Share & Trends Report

Biomaterials Market Size, Share & Trends Analysis Report By Product (Natural, Metallic, Polymer), By Application (Cardiovascular, Orthopedics, Plastic Surgery), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-637-0
  • Number of Pages: 170
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the biomaterials market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for biomaterials market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of biomaterials market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Biomaterials Market Categorization:

The biomaterials market was categorized into four segments, namely product (Metallic, Natural,Ceramics, Polymers), application (Cardiovascular, Ophthalmology, Dental, Orthopedic, Wound Healing,Tissue Engineering, Plastic Surgery, Neurology), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The biomaterials market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The biomaterials market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; South Korea; Australia; Thailand; Brazil; Mexico, Argentina; South Africa; Saudi Arabia, UAE; Kuwait

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Biomaterials market companies & financials:

The biomaterials market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Medtronic operates in four segments: Cardiovascular, Medical Surgical, Neuroscience, and Diabetes. The company develops and sells medical devices globally, including defibrillators, pacemakers, insulin pumps, heart valves, stents, spinal fixation devices, neurovascular products, and surgical tools. Medtronic targets hospitals, physicians, distributors, and healthcare institutions, and serves global markets, including governmental healthcare programs.
  • Evonik Industries AG operates globally in key segments such as specialty additives, smart materials, nutrition and care, performance materials, and technology & infrastructure. With a presence in over 100 countries and a robust global distribution network, Evonik focuses on specialty businesses, customer-oriented innovation, and a performance-oriented corporate culture. Emphasizing customer proximity and leading market positions, the company aims for growth and sustained corporate value through its strategic pillars.          
  • Carpenter Technology Corporation specializes in premium specialty alloys, such as titanium, nickel, and cobalt, serving critical applications in aerospace, defense, medical, transportation, energy, industrial, and consumer markets. The company operates through two segments: Specialty Alloy Operations (SAO) and Performance Engineered Products (PEP). As a recognized leader in high-performance specialty alloys, Carpenter Technology focuses on titanium alloys, powder metals, stainless steels, alloy steels, and tool steels.
  • Berkeley Advanced Biomaterials provides allograft, synthetic, and bioactive products for bone and soft tissue applications. As a Tissue Bank accredited by the AATB, the company collaborates with surgeons to enhance patient lives and healthcare provider experiences. It specializes in skeletal repair resorbable biomaterials, and offerings include synthetic ceramics, collagen, and human allografts. Operating globally, Berkeley Advanced Biomaterials contributes to advancements in healthcare through its diverse product portfolio.  
  • Invibio Ltd., a subsidiary of Victrex plc, globally supplies biomaterial solutions to medical device manufacturers. With a focus on implantable biomaterial solutions, the company enables the rapid market entry of implantable devices. Victrex plc, an innovative leader in high-performance polymer solutions, operates across strategic markets such as automotive, aerospace, energy & industrial, electronics, and medical. With over 40 years of experience, Victrex specializes in PEEK and PAEK polymers, developing solutions that shape future performance in diverse application areas such as medical devices, energy production, and electronics.
  • Zimmer Biomet Holdings, Inc., a global medical technology leader, specializes in designing, manufacturing, and commercializing orthopedic solutions to alleviate pain and enhance patient lives. With operations in over 25 countries and a distribution network spanning 100 nations, the company offers a comprehensive portfolio, including orthopedic reconstructive products, biologics, sports medicine, extremities, trauma solutions, spine, thoracic, craniomaxillofacial products, dental implants, and surgical products. Zimmer Biomet collaborates with healthcare professionals worldwide, leveraging integrated digital and robotic technologies to advance innovation and improve the mobility and health of millions suffering from bone, joint, or soft tissue disorders.  
  • BASF Corporation, the North American affiliate of BASF SE, provides solutions across diverse industries, including healthcare, plastics, agriculture, chemicals, automotive, and oil. It operates in materials, chemicals, industrial solutions, nutrition & care, surface technologies, and agricultural solutions. With a global presence and approximately 16,000 employees in North America, the company focuses on creating chemistry for a sustainable future and contributing to customer success worldwide.
  • Stryker, a medical technology company, delivers products and services in neurotechnology, medical & surgical, and orthopedics. With a global presence spanning over 75 countries, the company serves a vast patient population annually, exceeding 130 million. Committed to advancing healthcare, Stryker collaborates with customers to provide solutions in medical and surgical, neurotechnology, orthopedics, and spine, contributing to improved patient outcomes and healthcare enhancement globally.
  • Johnson & Johnson is a global healthcare company focusing on human health and well-being solutions. The company’s Executive Committee oversees three business segments: consumer health, pharmaceutical, and medtech. Each segment is managed by senior teams in the U.S. and international operating companies, responsible for strategic planning and day-to-day operations. Johnson & Johnson is a leader in the research, development, manufacture, and sale of diverse healthcare products, contributing to advancements in the field globally.
  • Dentsply Sirona is a manufacturer of professional dental products. Operating in over 150 countries, the company offers comprehensive solutions in dental technology, equipment, and consumables under renowned brands. Innovations such as the first dental electric drill and CAD/CAM system highlight its commitment to advancing patient care. Dentsply Sirona's business segments include technologies & equipment and consumables, contributing to approximately 59.1% and 40.9% of worldwide net revenues, respectively.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Biomaterials Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Biomaterials Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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