Collagen Market Will Expand At A 9.4% CAGR Over The Period Between 2015 And 2023
Posted by Harry Walter [13 Sep 2017] | Category: Medical Devices | Business Press Releases
Collagen Matrix Inc., for example, has gained a significant presence in the market due to operations across some key application areas. Some other key vendors such as Nippi Inc. Botiss biomaterials GmbH, Baotou Dongbao Bio-tech Co. Ltd., and Collagen Solutions plc have product or service offerings that are specific to one or two application areas.
A report by Transparency Market Research projects the global collagen market to rise at a CAGR of 9.4% for the forecast period between 2015 and 2023. At this pace, the market which was evaluated at US$4.13 bn in 2014 will become worth US$9.37 bn the end of 2023.
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Bovine and porcine sources are presently the leading sources of collagen that are used across a number of applications. Bovine collagen accounted for 30 kilo tons of collagen in the overall market in 2014. Porcine collagen accounted for 27.4 kilo tons in the global collagen market in the same year.
However, bovine and porcine collagen sources are expected to witness slight decline over the forecast period due to cultural beliefs and disease transmission risks. Marine collagen, among all, is considered to be the safest and is thus expected to witness leading demand over the forthcoming years. The segment of marine collagen is expected to expand at a CAGR of 11.6% from 2015 to 2023 vis-à-vis volume.
North America and Europe are the key regional segments for collagen owing to a high level of awareness about the benefits of collagen and collagen products.
Growing Demand for Minimally Invasive Treatment Modalities Drives Market
The key factor stoking growth of the collagen market is the increasing preference for minimally invasive or completely noninvasive surgeries worldwide. The increasing demand for collagen products in wound healing applications on account of their easy availability and biodegradability is also a key growth driver for the global collagen market.
The rising use of collagen in wound healing products has led leading pharmaceutical and biotechnology companies to make hefty investments for R&D pursuits. These product development activities are aimed at enhancing the efficiency of existing collagen products. In order to increase the commercialization of newer collagen-based products such as drug delivery systems, companies in the market are striving to tap vast business opportunities across developing regions.
Rising Geriatric Population to Catapult Demand for Collagen Products in Asia Pacific
The rising number of individuals above the age of 60 years in Asia Pacific is expected to be key factor stoking growth of collagen market. As per a 2015 report by The United Nations, two-thirds of the world’s elderly population reside in developing regions and their numbers are increasing at an expeditious rate. Studies reveal that 56% of the world’s elderly population resided in Asia alone in 2015; this number is expected to increase to 60% by 2030. The growing geriatric population in the region is expected to account for considerable demand for collagen products in the upcoming years.
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Transparency Market Research in one of its new research reports, says the global collagen market is largely held by a few top players that offer myriad product offerings for most applications of collagen. The small number of global players for niche application segments and a considerable increase in the incidence of chronic diseases such as diabetes and cancer will aid collagen companies to thrive in their specialty segment.
The market, however, features immense fragmentation, especially in regional pockets wherein small players give tough competition to large players with competitively priced products.
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