Marine Biotechnology Market to be dominated by Biomaterials type through 2028
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.
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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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