PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532801
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532801
Bovine-Based Collagen for Biomedical Applications Market size was valued at USD 1,004.90 Million in 2023, expanding at a CAGR of 9.98% from 2024 to 2032.
Bovine-derived collagen, sourced from the connective tissues of cows, is a protein highly utilized in the biomedical field. Its resemblance to human collagen makes it a preferred material for medical interventions. Bovine collagen is a key component in sophisticated wound dressings that aid in healing by fostering a moist environment and facilitating tissue regrowth. Its crucial role in tissue repair and regeneration renders it indispensable in a wide array of medical procedures, such as wound care, orthopedic treatments, tissue reconstruction, dental surgeries, and aesthetic enhancements.
Bovine-Based Collagen for Biomedical Applications Market- Market Dynamics
An increase in prevalence of osteoporosis and arthritis is expected to drive the growth of the market
Bovine collagen plays a crucial role in bone grafts and substitutes, facilitating bone regeneration and the healing of fractures resulting from osteoporosis. The increasing prevalence of osteoporosis and arthritis is fueling the demand for effective orthopedic treatments and solutions. As per data from the National Center for Health Statistics, 13.1% of women aged 50-64 had osteoporosis in 2017-2018, a figure that rose to 27.1% for women aged 65 and above. Globally, around 200 million women are affected by osteoporosis. Bovine collagen is employed in therapies focused on repairing and regenerating damaged cartilage, which is essential for arthritis patients. According to the Centers for Disease Control and Prevention, the age-adjusted prevalence of diagnosed arthritis in adults aged 18 and older was 18.9% in 2022, with women (21.5%) being more susceptible to arthritis than men (16.1%). Moreover, the expansion of healthcare infrastructure in emerging markets could present growth opportunities for the market. Nevertheless, fluctuations in the cost of raw materials may impede market growth.
Bovine-Based Collagen for Biomedical Applications Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.98% over the forecast period (2024-2032)
Based on Application segmentation, Bone graft substitute was predicted to show maximum market share in the year 2023
Based on Distribution Channel segmentation, Hospital Pharmacies was the leading Application in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Bovine-Based Collagen for Biomedical Applications Market is segmented based on Application, Distribution Channel, and Region.
The market is segmented into six categories according to Application: Bone graft substitute, Cartilage repair, Collagen-based scaffold, Hemostat, Skin substitute, and Wound Dressing. The dominant category in the market is Bone graft substitute, which refers to materials utilized for the replacement or enhancement of bone, contributing to the healing and regeneration of bone defects.
The market is segmented into two categories according to Distribution channels: Hospital Pharmacies and Retail Pharmacies. Hospital Pharmacies hold the majority share of the market. They play a vital role in distributing collagen-based biomedical products, making sure they are accessible for a wide range of medical procedures.
Bovine-Based Collagen for Biomedical Applications Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America dominates the market, due to growing investment in healthcare infrastructure. Significant investments in upgrading and expanding healthcare facilities and technologies enhance the region's capacity to adopt advanced biomedical applications, including bovine-based collagen products. Health spending in the U.S. increased by 4.1% in 2022 to USD 4.5 trillion or USD 13,493 per capita. This growth rate is comparable to pre-pandemic rates (4.1% in 2019), according to the American Medical Association. Although government spending to manage the pandemic led to substantial increases in NHE, these expenditures significantly declined in 2021 while utilization of medical goods and services rebounded. By 2022, top-level patterns in health spending more closely reached that of the pre-pandemic period. The United States spent USD, 464.4 billion on health care in 2022. Europe holds the second largest region for market growth, due to growth in Research and development activities in terms of regenerative medicines and wound healing.
The competitive landscape of the market for bovine-based collagen in biomedical applications is characterized by numerous key players who are dedicated to innovation and gaining market share. These companies are making significant investments in research and development to produce cutting-edge collagen-based products that offer improved properties, including enhanced biocompatibility, superior mechanical strength, and accelerated healing times. By collaborating with research institutions, healthcare providers, and other businesses, they aim to drive innovation, enrich their product portfolios, and broaden their market presence. The ongoing progress in medical technology and regenerative medicine is creating new opportunities for the utilization of bovine-based collagen.
On March 20, 2024, MiMedx Group, Inc. disclosed that it has finalized an agreement with TELA Bio, Inc. to secure exclusive rights to its manufacturing and supply agreement with Regenity Biosciences. This strategic move will allow the Company to expand its range of Advanced Wound Care and Surgical solutions by incorporating xenograft products into its portfolio.
GLOBAL BOVINE-BASED COLLAGEN FOR BIOMEDICAL APPLICATIONS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BBI Solutions
Symatese
Gurnet Point Capital
Viscofan BioEngineering (a part of Naturin Viscofan GmbH)
Collagen Solutions LLP
Botiss biomaterials GmbH
Medtronic
Taxus Cardium
KYERON
DSM
Baxter international, Inc.
Collagen Matrix, Inc.
Others