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Collagen Market: Bovine collagen, one of the largest industrial sources of collagen
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According to TMR, the global collagen market will be worth US$9.37 bn the end of 2023. On the basis of source of collagen, bovine and porcine are currently leading as these sources are used for a number of applications. However, during the forecast period, it is expected that there will be a decline in the consumption of collagen from both these sources on account of the increasing concerns regarding transmission of diseases as well as allergic reactions. Therefore, it is anticipated that the market for marine collagen will increase during the assessment period. The marine collagen source segment is anticipated to expand at a 11.6% CAGR between 2015 and 2023 by volume.
Asia-Pacific to Emerge as Most Attractive Regional Market for Collagen
On the basis of geography, it is anticipated that Asia Pacific will emerge as the most promising market during the forecast period. The rising involvement of governments towards boosting the awareness regarding the health benefits of collagen is increasing in Asia Pacific which in turn is favouring the growth of the collagen market. Technological advancements and an increase in the capacity of manufacturing are some of the other factors leading to a growth of the collagen in market in Asia Pacific. The Asia Pacific collagen market is anticipated to expand at a 10.7% CAGR between 2015 and 2023.
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Increasing Preference for Minimally-invasive Surgeries to Aid Growth of Collagen Market
According to a leading TMR analyst, "rising preference for minimally invasive surgery is the primary factor boosting the growth of the global collagen market." The rising demand for collagen products full moon healing applications on account of the biodegradability as well as ease of availability will also boost the growth of the global collagen market.
Developing Nations to Receive Extra Attention by Market Players in Terms of Product Commercialization
The use of collagen in wound healing products has led to biotechnology and pharmaceutical companies to invest extensively in research and development so that they can enhance the efficiency of existing collagen products. Market players are also attempting to tap on opportunities in developing nations where it will be beneficial to commercialize advanced and new drug delivery systems and other collagen based products. An important factor stoking the growth of the collagen market, is the increasing geriatric population. Around 56% of the total geriatric population in the world was based in Asia as per a 2015 report. This number is only expected to increase to 60% by 2030. This is expected to make Asia Pacific a lucrative market for collagen.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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