Increasing demand for marine derived product is expected to drive the growth of global marine biotechnology in the forecast period, 2024-2028.
According to TechSci Research report, “Marine Biotechnology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The Global Marine Biotechnology Market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing development in healthcare industry demand for uses of marine organisms to develop new biomaterials. Additionally, increasing marine organisms such as algae and fungi in different industry like food, cosmetics especially in the developed countries in the North America and Europe is expected to create lucrative opportunities for the market growth in coming years. Besides, increasing demand for marine derived nutritional supplements is further expected to support the market growth. Also, rising demand from the agricultural and pharmaceutical sectors would generate new opportunities for the global marine biotechnology industry to expand in the forecast period. Similarly, rising usage of marine products in the food, cosmetics, and agricultural industries is fueling the market for marine biotechnology and research advancements in medicine, fisheries, and aquaculture are all major industry drivers for the growth of the market during the forecast period.
However, government strict regulation with the costly delivery procedure slows down the growth of the Global Marine Biotechnology Market in the forecast period. Similarly, technical barriers related to costly discovery procedures and limited capacity to develop the microorganisms in the laboratory may hamper the marine biotechnology market growth during the forecast period. Also, large-scale financial barriers due to the relatively low profile of marine biotechnology can further restrict the growth of the global marine biotechnology market. Similarly, the limited capacity for organism development in the lab, significant financial challenges brought on by the relatively low profile of marine biotechnology, which leads to underfunding, as well as legal and regulatory challenges, particularly about access to marine resources may hamper the growth of the market during the forecasted years.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on “Global Marine Biotechnology Market“.
The global marine biotechnology market can be segmented by type, technology, application, end user industry and by region. Based on type, the global marine biotechnology market can be divided into Bioactive Substance, and Biomaterials. The biomaterials segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed for increasing demand for novel products that can use in drug delivery system.
Based on end user industry, the market can be segmented into Biotechnology & Pharmaceuticals, Chemicals, Cosmetic, and Others. The biotechnology and pharmaceutical industry segment are expected to dominate during the forecast period on account of increasing the infectious and chronic disease where microbially generated medicines are used for treatment and increasing research and development activities in the field of marine organisms to develop a new medicine for different ailments.
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.
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