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The Marine Biotechnology Market is estimated to be valued at US$ 52.9 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Marine biotechnology is the use of biological resources from marine environments for industrial, medical, and agricultural applications. Marine organisms are mined from various habitats ranging from intertidal zones to deep sea hydrothermal vents for their biologically active compounds with therapeutic properties. Some common applications of marine biotechnology include pharmaceuticals development from marine natural products, cosmeceuticals from marine enzymes, nutraceuticals from algae and fish oils, and bioremediation using marine microbes.
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Market Dynamics:
Growing R&D investment in marine drugs development is expected to be a key driver for the marine biotechnology market growth over the forecast period. Pharmaceutical and biotech companies are investing heavily in exploration and isolation of novel marine compounds for various therapeutic applications. Increasing demand for nutraceuticals and functional foods derived from marine microalgae and seaweeds is another factor spurring market expansion. Algal lipids and proteins are gaining traction as important ingredients in dietary supplements, infant formulas and clinical nutrition due to their health benefits. Rapid advancement in genome sequencing and molecular techniques for cultivating novel marine species under controlled conditions also supports product innovation in this industry. However, lengthy product development cycles and high costs involved remain a major challenge restricting wider commercialization of marine biotechnology applications.
Segment Analysis
The marine biotechnology market is dominated by pharmaceutical segment. The segment accounts for over 35% of the total market share owing to the increasing utilization of marine organisms for isolating molecules that can be developed into new drugs for various diseases like cancer, arthritis, asthma etc. Marine organisms are rich source of bioactive molecules and secondary metabolites that have pharmaceutical applications.
PEST Analysis
Political: Governments across regions are supporting research in marine biotechnology through funding and policies to enhance innovations from blue economy. Economic: Rising healthcare expenditure globally is driving growth in marine biotechnology market as new drug developments lower treatment costs in long run. Social: Increasing awareness about benefits of marine drugs is positively impacting the market. Technological: Advancements in fields of genomics, proteomics and bioinformatics are enabling faster identification of novel molecules from marine resources.
Key Takeaways
The global Marine Biotechnology market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, 2023 to 2030, due to increasing investments in bioprospecting of marine organisms by industries. The market size is estimated to reach US$ 76.3 Mn by 2030. North America is expected to dominate the market during the forecast period owing to strong government support and presence of leading market players in the region. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period due to rising healthcare expenditure, growing biotechnology industry and increasing R&D investments in emerging economies like China and India. Key players operating in the marine biotechnology market are Abbott laboratories, Johnson & Johnson, Ansell Limited, Becton and Dickinson Company (BD), Boston Scientific Corporation, Medtronic Incorporated, Derma Sciences Incorporated, Kinetic Concepts, Medline Industries Inc., Cardinal Health Incorporated, Minnesota Mining and Manufacturing Company (3M Company), Young Innovations, Transcodent GmbH & Co. KG, Itamar Medical, Baxter International and SynergEyes, Inc. The key players are engaged in new product launches and strategic collaborations to strengthen their market position.
