Global Tissue Engineered Collagen Biomaterials Market: Snapshot
Mergers, acquisitions, and distribution agreements are some of the methods leveraged by success-hungry players in the global tissue engineered collagen biomaterials market in order to grow their shares. One of the prominent manufacturers Medtronic, for instance, acquired Covidien, a global healthcare products company, in January 2016 to gain greater stronghold in the global medical device industry.
The global tissue engineered collagen biomaterials market has been majorly fuelled by the extensive research and development activities in regenerative medicine and rising use of collagen as bone substitutes. Another growth driver in the market is the use of collagen in wound healing which offers numerous benefits in terms of stimulating tissue growth and ensuring relief for a variety of injuries on bones and tissues.
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On the flipside, however, non-rigidity, potential for antigenicity through telopeptides and collagen materials have the potential to cause cell behavior alteration. This is serving to act as a deterrent to the global tissue engineered collagen biomaterials market. In addition, the transmission of lethal diseases such as mad-cow disease and bird flu, and growing number of government regulations for quality assurance of animal derived products are also negatively impacting the market.
A report by Transparency Market Research forecasts the global tissue engineered collagen biomaterial market to rise at a solid CAGR of 10.4% from 2017 to 2025 to become worth US$5.4 bn in 2025 from US$ 2.2 bn in 2016.
Wound Care Application Segment to Rise at Maximum Pace Owing to Rising Burn Injuries in U.S.
The global tissue engineered collagen biomaterial market can be segmented depending upon application into orthopedics and wound care, among others. The orthopedics segment, at present, leads with maximum market share due to the numerous applications in bone, tendon, and ligament injuries of collagen. As per a report by the National Osteoporosis Foundation in 2014, about 54 million people over 50 years of age in the U.S. are affected by low bone mass and osteoporosis and this has helped catalyze growth in the market.
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The wound care segment trails the orthopedics segment in terms of market share and going forward, is expected to register a strong growth pace. According to the American Burn Association (ABA), about a million burn injuries occurs annually in the U.S. and nearly 4,500 patient succumb to it.
Burgeoning Geriatric Population Propels Growth in Asia Pacific Market
Geographically, North America is a market leader that is expected to retain its dominant position in the years ahead as well. A solid manufacturing infrastructure, increasing collagen applications across various industries, and growing thrust on research to develop unique solutions for tissue engineering leading to emergence of many collagen-based products, will likely boost growth in the market. The North America market is slated to become worth US$17 bn by 2025 by clocking a CAGR of 10.0%.
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In terms of growth rate, however, Asia Pacific is anticipated to outshine all other regions by registering a solid CAGR of 11.1% from 2017 to 2025. A burgeoning geriatric population and the increasing instances of chronic diseases are said to be driving growth in the region. Growing uptake of advanced wound care products by healthcare professionals and favorable government reimbursement policies are also serving to bolster the tissue engineered collagen biomaterials market in Asia Pacific.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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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