Global collagen market was valued at US$4.1 bn in 2014 which is anticipated to reach US$9.4 bn by 2023 at a CAGR of 9.4% during the forecast period from 2015 to 2023.
Albany, NY -- (SBWIRE) -- 08/01/2016 -- The global collagen market is easy to penetrate and provides ample growth opportunities for companies across application segments such as wound healing in the next few years, states Transparency Market Research in a recent report. The low number of international companies operational in this segment, along with the considerable rise in chronic diseases such as diabetes and a variety of cancers will help collagen companies prosper in this specialty segment.
Although the market is highly fragmented, especially across regional pockets, the global market is dominated by few large vendors with product offerings across all or most of the major collagen applications. Collagen Matrix, Inc. has gained a lead in the market thanks to its operations across three major application areas; the other major vendors in the market such as botiss biomaterials GmbH, Medtronic plc, Baotou Dongbao Bio-Tech Co. Ltd., Collagen Solutions plc, and Nippi, Inc. have product or service offerings confined only to one of two of the major application areas.
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Rising Demand for Minimally Invasive Treatment Modalities to Drive Global Collagen Demand
The global demand for collagen and collagen products has seen a significant rise in the past few years primarily owing to the increased preference to minimally or completely noninvasive surgeries across the globe. The global demand for collagen market has also significantly increased owing to the rising use of collagen products in wound healing applications owing to their easy availability and biodegradable nature.
The rising acceptance of collagen in wound healing practices has prompted major pharmaceutical and biotechnology companies in increasing investments towards R&D and product development activities aimed at enhancing the efficiency of collagen products. Efforts aimed at the increased commercialization of novel collagen-based drug delivery systems are also enabling companies in the market in expanding their reach across the highly lucrative developing regions.
Demand for Collagen Products in Asia Pacific to be Key Facilitator of Growth
The global collagen market will witness the highest demand in Asia Pacific over the period between 2015 and 2023. The vast rise in the number and proportion of people over the age of 60 years in the region's population with be the major factor supporting this projection. The United Nations, in its World Population Ageing, 2015 report, states that two-thirds of the world's elderly people reside in developing regions and their numbers are rising at a rate faster than in developed regions such as North America and Europe. In Asia alone, 56% of the world's older population resided in 2015; the share is expected to rise to 60% by 2030. The rising geriatric population of Asia Pacific on a whole will lead to a considerable rise in demand for collagen products in the region over the next few years.
The Asia Pacific market for collagen is also expected to benefit from the rising awareness among consumers about the health benefits of collagen, presence of skilled labor, technological advancements and thus a significant rise in manufacturing capacity. Asia Pacific collagen market is expected to exhibit a 10.7% CAGR from 2015 to 2023, rising to a valuation of US$ 1,642.0 mn by 2023 from US$ 653.2 mn 2014.
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