Increasing Usage of Collagen in Medical Devices to Drive Global Collagen Market
ALBANY, N.Y., December 13, 2017 (Newswire.com) - The rising usage of collagen in drug delivery systems and medical devices has been putting a significant influence on the collagen market across the world. The augmented preference for minimally invasive technologies among consumers and the efficiency of collagen in wound healing are the key factors that are driving the global market substantially. According to Transparency Market Research (TMR), the global market for collagen presented an opportunity worth US$4.13 bn in 2014. Expanding at a CAGR of 9.40% during the period of 2015–2013, the market is projected to attain a value of US$9.3 bn by 2023 end.
Rising Prevalence of Chronic Diseases to Boost Market’s Growth
The increasing incidence of various types of chronic diseases, such as diabetes, cardiovascular disorders, and cancer, is influencing the demand for collagen significantly across the world, especially because it aids significantly in faster healing of wounds. Apart from this, the continual increment in the obese, as well as geriatric population bases, which are the leading consumer segments of collagen, worldwide, is also propelling the global market for collagen substantially at present and is projected to continue doing so over the next few years.
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Marine Collagen to Report Strong Growth
The main sources of collagen available across the world are marine, porcine, bovine, and chicken. Currently, porcine and bovine sources lead the global market. In 2014, 30 kilo tons of bovine collagen was produced against a 27.4 kilo tons of porcine collagen. However, the usage of both, bovine and porcine collagen, is likely to decline across the world in the coming years, owing to the rising concerns over the transmission of diseases, in case of bovine collagen, and cultural apprehensions, in case of porcine collagen.
This, as a result, will reflect positively on the adoption of marine collagen in the near future, which is considered to be rather safe in comparison with other collagen sources. As per TMR’s estimations, the marine collagen segment is projected to report a robust CAGR of 11.60% between 2015 and 2023.
Asia Pacific to Emerge as Most Promising Regional Market
Regionally, Europe and North America have surfaced as the leading regional markets for collagen across the world, thanks to the increasing level of awareness regarding various health benefits of collagen products among consumers in these regions. The presence of established players and the continual expansion in application base are also supporting these regional markets, considerably. Researchers expect these regional markets to continue on the top in the years to come as well.
Asia Pacific, however, is anticipated to emerge as the most promising regional market for collagen over the next few years, as this region is home to a high number of geriatric people, which is expected to rise further at a swift pace in the near future. Along with this, the rising level of government involvement in raising the awareness pertaining to health benefits of collagen is also projected to support the Asia Pacific collagen market over the forthcoming years.
Global Collagen Market Demonstrates Highly Fragmented Competitive Landscape
Kyeron B.V., botiss biomaterials GmbH, Baotou Dongbao Bio-Tech Co. Ltd., Medtronic plc, EternoGen LLC, Collagen Solutions plc, Nippi Inc., Collagen Matrix Inc., CollPlant Ltd., and Taxus Cardium Pharmaceuticals Group are some of the leading players in the global collagen market. The competitive landscape of this market is highly fragmented, leading to intense competition among players.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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