Collagen and Hyaluronic Acid Devices Poised for Success In Biomaterials Market
New strategic research from Frost & Sullivan indicates that the U.S. collagen and hyaluronic acid (HA) markets together totaled $296.3 million in revenues in 1998. Collagen and HA are the two major bioabsorbable products in the United States, and the market for these products is expected to grow at a rate of 14.7% through the year 2005.
Frost & Sullivan's new market engineering research, U.S. Biomaterial Device Markets: Hyaluronic Acid and Collagen, explores the issues surrounding this market and provides strategic recommendations that manufacturers can use to increase their market advantage. Forecasts of pricing, unit shipments and revenues are all provided within the research, along with detailed procedure-based forecasts, market share analysis, assessments of industry concerns, and detailed analyses of market participants.
In 1998, HA devices accrued approximately 78% of the total market for collagen and HA products, while collagen represented the remaining 27%. This percent breakdown is expected to remain stable until 2000, when collagen will gain ground from growth in the collagen-based dermal implant and incontinence implant markets. In 2003, the HA market is expected to show strong growth due to increases in the HA-based adhesion prevention market.
While expanding indications for collagen and HA-based products along with an aging population are increasing the potential for these markets, Frost & Sullivan's research shows that product substitutes will provide significant challenges in the future. For example, the collagen-based dermal implant market faces competition from laser surgery, dermabrasion, and synthetic facial implants, while the collagen-based incontinence implant market must fight off synthetics such as Urosurge's Urovive. Another challenge comes in the form of the caregiver, since many physicians are reluctant to switch to these biomaterials because of their unfamiliarity with the products.
Manufacturers face difficulties in commercializing their products as well. "Collagen and HA are extremely versatile substances that have many different potential applications in medicine," says Frost & Sullivan Medical Device Analyst Sunil Saha. "However, companies with expertise in the manufacturing of these biomaterials are often unable to develop and market products in many different areas of medicine because of the extremely high costs of R&D in the medical device industry."
The segments analyzed within the hyaluronic acid markets were chosen on the basis that they are the markets with products approved or closest to approval, while the collagen market subsegments were selected because they are fairly well-established within the industry. For hyaluronic acid-based medical devices, the market is divided by the subsegments of viscosupplements, adhesion prevention, viscoelastics, and dermal implants. The collagen-based medical device market is segmented into dermal implants, incontinence implants, corneal shields, and bone graft substitutes.
For more information, contact Frost & Sullivan at 650/961-9000.