Albany, New York, Jan. 17, 2019 (GLOBE NEWSWIRE) -- According to TMR, the global collagen market pegged the value of US$4.13 bn in 2014 and is expected to attain a value of US$9.37 bn by the end of the year 2023. The market is anticipated to swell with a CAGR of 9.4% over the forecast period from 2015 and 2023.

Based on the source, the bovine segment dominated the global collagen market in the year 2014 followed by porcine segment.  However, the marine segment is expected to witness growth with CAGR of 11.6% over the forecast period from 2015 to 2023. On the basis of region, Asia Pacific dominated the global collagen market in the year and is expected to expand with CAGR of 10.7% over the forecast period from 2015 to 2023.

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Growing Demand for Advanced Healing Procedures to Propel Growth

The growing preference for minimally invasive surgeries is boosting adoption of the collagen and likely to provide support to the growth of the global collagen market. Collagen is effective in the healing; thus, it is widely used after the operation. Rising demand for collagen products mainly for healing applications due to its biodegradability and easy availability are boosting the growth of the global collagen market. Furthermore, the growing prevalence of chronic diseases is boosting a number of surgeries and especially the minimally invasive surgeries. This factor is further propelling the growth of the global collagen market. 

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Additionally, these applications are attracting the focus of the biotechnology and pharmaceutical companies for further exploration. Thus, these companies are increasingly investing in research and development (R&D) in order to improve its efficiency in the healing process. These attempts of the company are leading to the new product launches and high adoption of the collagens. The aforementioned products are boosting the growth of the global collagens market.

Growing Geriatric Population to Support Growth of Market

Additionally, the growing geriatric population is leading to create the need for advanced healthcare facilities. This factor is again boosting the growth of the global collagen market. However, growing concerns about transmission of diseases and high risk of an allergic reaction are hampering adoption of the collagen and restraining growth of the global collagen market.

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Nonetheless, growing demand for biodegradable material coupled with high demand for the advanced wound healing sector is offering growth opportunities for key players in the global collagen market.

Transparency Market Research (TMR) witnesses the global collagen market has an extremely fragmented vendor landscape. Some of the companies dominating the global collagen market are Collagen Solutions plc, botiss biomaterials GmbH, Taxus Cardium Pharmaceuticals Group, Medtronic plc, Baotou Dongbao Bio-Tech Co. Ltd., and Kyeron B.V. As the market features very small number of players operating in the market; thus, small or the local vendors are able to compete with the key players by offering products at the low prices.

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This information is encompassed in the report by TMR, titled “Collagen Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”

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