Collagen Market Opportunity will Rise to US$ 9.37 Bn by 2023
The rising use of collagen in medical devices and drug delivery systems, increased preference for minimally invasive technologies, and the effectiveness in wound healing are expected to be some of the key factors driving the global demand for collagen in the coming years. Easy availability of a number of collagen sources and the low antigenicity of the material grant collagen an important position in a number of industries such as pharmaceuticals, food and beverages, and cosmeceuticals.
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The high and rising demand for a variety of collagen products in the field of wound healing will play a major role in the overall development of the collagen market in the next few years, states TMR in its report. The high demand for a biodegradable material in the wound healing sector will be due to the rising prevalence of a number of chronic diseases such as numerous cancers and diabetes. The rising population of obese and geriatric people across the globe will also be a major end-use demographic for the collagen market. Collagen supplements for obese and elderly, whose bodies have a tendency of producing decreased levels of collagen, will be the primary driver of collagen market in the near future.
Transparency Market Research points that the global collagen market will expand at a 9.4% CAGR over the period between 2015 and 2023. The market, which had a valuation of US$4.13 bn in 2014, is projected to rise to US$9.37 bn by 2023.
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Marine Collagen to Gain Maximum Prominence
Presently, bovine and porcine sources are amongst the leading sources of collagen used across a number of application areas. Bovine collagen, one of the largest industrial sources of collagen, accounted for a 30 kilo tons of collagen in the global market in 2014. Porcine collagen, on the other hand, accounted for a 27.4 kilo tons of the globe’s overall collagen market in the same year.
However, the global usage of collagen from both these sources is expected to witness slight decline over the period between 2015 and 2023. Factors affecting the overall consumption of collagen produced from these sources will be the concerns regarding disease transmission, in the case of bovine collagen, and cultural impact and allergic reactions, in the case of porcine collagen.
As a result, marine collagen, the collagen source considered to be the safest among all possible collagen sources, is expected to witness the highest rise in consumption on a global front. The market for marine collagen is expected to rise at the highest CAGR of 11.6% from 2015 to 2023 in terms of volume.
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Asia Pacific Market to Facilitate Encouraging Demand for Collagen
North America and Europe are presently the leading regional markets for collagen and collagen products owing to the high level of awareness about the several benefits of these products among the population. The presence of high-end manufacturing capabilities and a constant rise in application areas have also majorly contributed to the flourishing market for collagen in these regions in the past. North America and Europe held a combined share of over 60% in the global collagen market in 2014.
However, Asia Pacific will emerge as the most promising region for the global collagen market over the period between 2015 and 2023. The region is home to the largest number of people aged more than 60 years, numbers which are expected to rise at a rapid pace in the next few years. In addition to this, the region has witnessed an increased level of involvement of government bodies towards raising the awareness regarding the health benefits of collagen in the past few years. Technological advancements in the Asia Pacific collagen market, leading to an increased manufacturing capacity, has also made Asia Pacific a lucrative regional market for collagen. Over 2015 to 2023, the collagen market in Asia Pacific will rise at the highest CAGR of 10.7%.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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