The future of biomaterials is no longer limited to as abstract lab bench idea. It has grown to deliver life changing results to the human being. Biomaterials are in generally aimed for implanting in or on human body, thus used in treatment or replacement of human tissues or organs. A successful implant depends upon the type of biomaterial while an ideal biomaterial functionalizes with bioactive proteins and chemicals, is non-immunogenic, biocompatible, and biodegradable. Synthetic as well as natural biomaterials are being used since decades. Use of natural biomaterials have been traced back in history as far as 3000 BC where Egyptians are considered to be the first users. Egyptians used ivory and wood in tooth damage replacement, and coconut shells in skull damage. There are three generations of biomaterials in bone regenerations, of which first generation biomaterials include metals and ceramic products. Second generation biomaterial comprises naturally-derived and synthetic biodegradable polymers, calcium phosphates, calcium carbonate, calcium sulfate, and bioactive glasses. Regenerative biomaterials are third generation biomaterials that use bioactive and bioresorbable porous material as temporary 3-D structure that activate genes involved in stimulating regeneration of living tissue.
Regenerative medicine has emerged as a rapidly expanding field which has potential to serve organ shortage issues, organ replacement and regeneration. Regenerative medicine could also save money of public health bodies by reducing long term care of patients. Thus, regenerative biomaterial products are the current trend in the market. Rising awareness about stem cell therapy, technological advancements in the field, and a favorable government regulatory and reimbursement scenario are important factors fueling the market. Stem cell research has strengthened mainly by the support rendered by governments globally. The surge in federal funding has been observed after the bans were lifted from embryonic stem cells research in the U.S. in 2009. National Institute of Health (NIH) spent USD 1.47 billion and USD 1.391 billion in 2012 and 2014 respectively on research. Infusion of government funds is driving the market currently. However, the impact of this factor is expected to decline toward the end of the forecast period. This is due to the fact that the market would become self-sustaining and a resultant tapering of funds from government institutions will be observed.
The global orthopedic biomaterials product market is classified on the basis of product, material type, end-user, and geography. In terms of product, the global orthopedic biomaterials product market is segmented into knee implant, hip implants, scaffolds, resorbable products, bone substitutes and others. Hip implant product segment is anticipated to carry major share of the market owing to rising geriatric population, increasing incidence of injuries related to accidents, sports, and adventure, and increased adoption of advanced hip products and procedures. The U.S. population is growing older as the baby boomer generation ages. The older population numbered 41.5 million in 2012, around 13.4% of the U.S. population. According to estimates from the Department of Health & Human Services, by 2030, geriatric population will reach about 72.1 million, which is more than twice the number from 2000.
Based on material, the global orthopedic biomaterials product market is segmented into metallic, ceramic, polymer, natural biomaterial, and regenerative biomaterials. Regenerative biomaterials segment is anticipated to reflect highest CAGR during the forecast period owing to favorable government criteria, technological advancements, and rising awareness about stem cell treatment. End-user segment of the global orthopedic biomaterials product market is divided into hospitals, specialized orthopedic clinics, and ambulatory surgery centers.
On the basis of region, the global orthopedic biomaterials product market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The rising penetration of bone-muscle distortion therapies in cases of accidents and growing demand in the young and active population for customized implant procedures are the factors driving adoption of knee implant reconstructive surgeries in the U.S. Many orthopedic reconstruction and trauma device manufacturers have experienced significant growth in the past several years in the U.S. This robust growth is due to a number of factors including demographics and the aging population, improved technologies, and increasing acceptance of implant devices by the younger generation.
Some of the prominent players operating in the orthopedic biomaterials product market are Zimmer Biomet Holdings Inc., Johnson & Johnson, Globus Medical Inc., Zeus Industrial Products, Inc., Wright Medical Technology, Orthofix Holdings, Medtronic, and Arthrex Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.