Market Trends of Collagen Dressings Industry
Bovine Segment is Expected to Witness Significant Growth During the Forecast Period
- Bovine collagen dressings are gels, powders, and sheets derived from bovine. They play a crucial role in the wound-healing process. The bovine collagen dressings segment is projected to experience rapid growth over the forecast period as most collagen dressings products are derived from bovine. Gels, powder, and sheets are the most common bovine collagen dressings. Furthermore, these are used routinely to manage wound dressings for pressure ulcers, diabetic ulcers, venous ulcers, abrasions, traumatic wounds, burns, and dehisced surgical wounds. Hence, increasing cases of such wounds are projected to drive segmental growth.
- According to the Work Health and Safety guidelines for treating pressure ulcers, updated in 2023, more than 2.5 million people in the United States develop pressure ulcers yearly. Further, it also reported that older adults are at high risk of developing pressure ulcers. Additionally, the growing number of surgical procedures worldwide greatly influences segmental growth as bovine collagen dressings are used to heal wounds during surgeries. For instance, the annual global survey conducted by the International Society of Aesthetic Plastic Surgery (ISAPS) in 2022 stated that more than 14.9 million surgical procedures were performed worldwide in 2022. Hence, the segment is likely to grow owing to the high number of surgical procedures.
- Furthermore, new product launches and the presence of major players operating in the bovine collagen dressings segment increase the availability and demand of the product. In addition, strategic initiatives by key players to promote their market products and raise awareness about their benefits by arranging conferences and attending exhibitions boost segmental growth. For instance, in July 2023, FORYOU MEDICAL launched its new products, such as LUOFUCON Collagen Dressing, LUOFUCON Silver Wound Gel, and LUOFUCON Extra Silver Gelling Fiber Dressing in the 2023 Florida International Medical Expo exhibition. Such initiatives highlight the applications of collagen dressings, influencing segmental growth.
- Hence, factors such as the rising incidence of acute and chronic wounds among the population, the growing number of surgical procedures worldwide, and new product launches contribute to the segment's growth during the forecast period.
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North America is Expected to Hold a Significant Share During the Forecast Period
- North America accounts for a major share of the collagen dressings market, owing to the increased developments and approvals for collagen dressings by companies. For instance, in June 2022, Collagen Matrix Inc. (Regenity) received 510(k) clearance for its new fibrillar collagen wound dressing. The fibrillar collagen wound dressing is an absorbent microfibrillar matrix used to treat wounds and control mild bleeding. The favorable regulatory environment, robust healthcare sector, and medicare spending are further driving the market’s growth in the region.
- Furthermore, the market is mainly driven by a rise in the prevalence of burns, diabetes, and surgeries in the region. For instance, according to an article published by the Canadian Diabetes Association, in July 2023, more than 11.9 million people in Canada suffered from diabetes. Such instances of diabetes lead to diabetic foot ulcers and surgical site infections. Collagen dressing is widely used in cases of surgical site infection. Thus, significant high cases of diabetes are likely to increase surgical site infections and contribute to the demand for collagen dressings, thereby propelling the market’s growth.
- The presence of competition, strong product portfolios, collaborations, acquisitions, and mergers boost the market’s growth in the region. For instance, in August 2023, Sanara MedTech Inc., a medical technology company focused on improving clinical outcomes in chronic wound and skincare markets, acquired certain assets belonging to collagen products from Applied Nutritionals LLC. The acquisition expanded its product portfolio and geographical presence. Hence, the growing prevalence of surgical site infections, strong product portfolios, and increasing focus of key players toward collaborations, acquisitions, and mergers are projected to boost the market studied in the region.
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