Collagen Market will Going to be Worth US$9.37 bn by the End of 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.
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.
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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.
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.
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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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