Global Marine Biotechnology Market Set for Impressive Growth in the Forecast Period
According to a report by TechSci Research titled “Marine Biotechnology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028″, the global marine biotechnology market is poised to witness significant growth in the forecast period of 2024-2028. This growth can be attributed to the increasing demand for the development of new biomaterials using marine organisms in the healthcare industry. Furthermore, the rising utilization of marine organisms such as algae and fungi in various industries, including food and cosmetics, particularly in developed countries in North America and Europe, is expected to create lucrative opportunities for market growth in the coming years. Additionally, the growing demand for marine-derived nutritional supplements is projected to support market growth. The increasing demand from the agricultural and pharmaceutical sectors will also generate new opportunities for expansion in the global marine biotechnology industry during the forecast period. The market is fueled by the rising usage of marine products in the food, cosmetics, and agricultural industries, as well as research advancements in medicine, fisheries, and aquaculture.
Challenges in the Forecasted Period
Despite the promising growth prospects, the global marine biotechnology market faces certain challenges. Strict government regulations and the costly delivery procedures associated with marine biotechnology can hinder market growth during the forecast period. Technical barriers related to expensive discovery procedures and limited capacity for microorganism development in laboratories may also hamper market growth. Additionally, financial barriers due to the relatively low profile of marine biotechnology can further restrict market growth. Legal and regulatory challenges, particularly concerning access to marine resources, can also pose obstacles during the forecasted years.
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Market Segmentation and Dominant Trends
The global marine biotechnology market can be segmented by type, technology, application, end-user industry, and region. In terms of type, the market is divided into Bioactive Substances and Biomaterials. The biomaterials segment currently dominates the market and is expected to maintain its dominance throughout the forecast period. This is driven by the increasing demand for novel products that can be used in drug delivery systems.
In terms of end-user industry, the market can be segmented into Biotechnology & Pharmaceuticals, Chemicals, Cosmetics, and Others. The biotechnology and pharmaceutical industry segment is expected to dominate during the forecast period. This is due to the increasing prevalence of infectious and chronic diseases where microbially generated medicines are used for treatment, as well as the growing research and development activities focused on utilizing marine organisms to develop new medicines for different ailments.
The global marine biotechnology market is poised for impressive growth in the forecast period. The increasing demand for biomaterials, the utilization of marine organisms in various industries, and the rising demand for marine-derived nutritional supplements are key factors driving market growth. However, government regulations, technical barriers, financial challenges, and legal and regulatory constraints pose challenges to market expansion. The market is segmented based on type and end-user industry, with biomaterials and the biotechnology and pharmaceutical industry expected to dominate their respective segments.
Major companies operating in global marine biotechnology market are:
- Lonza Group AG
- Sea Run Holdings Inc
- PharmaMar S.A.
- Cyanotech Corporation
- New England Biolabs Inc.
- Qingdao Codo International Ltd
- Nutrex Hawai Inc.
- Royal DSM N.V.,
- Prolume Ltd.
- CP Kelco US Inc.
Recent Development
- For instance, in January 2022, BASF announced the expansion of the production capacity of its feed enzymes plant in Ludwigshafen due to the growth plans of customers in the animal nutrition industry. Therefore, the above-mentioned factors are expected to boost the growth of the market in North America during the forecast period.
- In March 2022, GlaxoSmithKline and LifeMine Therapeutics agreed to a USD 70 million contract to use LifeMine’s fungi-based drug discovery engine to develop three candidates.
- In September 2021, For adult patients with recurrent or metastatic cervical cancer and disease progression during or after treatment, the FDA approved the drug tisotumab vedotin-tftv (brand name Tivdak), which is made from marine creatures.
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“The North America is expected to dominate in The Global Marine Biotechnology Market on account due to the increasing demand for natural goods and rapid growth in the healthcare industry. Also, increasing demand for animal and human nutrition is propelling the growth of the market. Furthermore, the increasing demand for using marine products in agriculture, the cosmetic industry, and the food industry is further contributing to the demand for the marine biotechnology market. Besides, increasing technological advancements in the marine biotechnology industry and the increasing need for the creation of biofuels in the region is further expected to create lucrative opportunities for market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Marine Biotechnology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Bioactive Substance v/s Biomaterials), By Technology (Isolation and Cultivation of Microorganisms v/s Culture-Independent Techniques), By Application (Aquaculture and Food Products, Environment & Human Health, Drug Discovery, Others), By End User Industry (Biotechnology & Pharmaceuticals, Chemicals, Cosmetic, Others), By Region and Competition”, has evaluated the future growth potential of global marine biotechnology market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global marine biotechnology market.
Report Scope:
In this report, global marine biotechnology market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Marine Biotechnology Market, By Type:
o Bioactive Substance
o Biomaterials
- Marine Biotechnology Market, By Technology:
o Isolation and Cultivation of Microorganisms
o Culture-Independent Techniques
- Marine Biotechnology Market, By Application:
o Aquaculture and Food Products
o Environment & Human Health
o Drug Discovery
o Others
- Marine Biotechnology Market, By End User Industry:
o Biotechnology & Pharmaceuticals
o Chemicals, Cosmetic
o Others
- Marine Biotechnology Market, By Region:
o North America
o Europe
o Asia Pacific
o South America
o Middle East & Africa
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