NEW YORK, March 04, 2019 (GLOBE NEWSWIRE) -- The global marine biotechnology market is expected to grow significantly from USD 3,500.4 million in 2017 to USD 6,500.6 million in 2024, at a CAGR of 9.61% from 2018 to 2024. The growth in the market is attributed to the rising usage of marine biotechnology in various industries, advances in drug discovery and growing expenditure in R&D activities. Moreover, increasing demand for eco-friendly products is further propelling the market growth. However, fluctuations in prices of crude oil, and difficulty in sampling the huge diversity of resources may hamper market growth to some extent.
Key findings from the report:
- On the basis of source, the bacteria segment held the major share of the market in 2017
- Based on end-user, the pharmaceutical and biotech segment held the major share of the market in 2017. The growth is attributed to growing number of chronic diseases across the globe. Moreover, pharmaceutical and biotech sector is looking for novel drug developments based on active molecules from marine organisms.
- Geographically, Europe held the major share of the global market in 2017. Asia-Pacific is expected to witness the highest CAGR during the forecast period.
- Some of the key companies operating in the market include Sea Run Holdings, Inc., Aker Biomarine, PharmaMar, SEPPIC, New England Biolabs Inc., CoDo International Limited, Marinomed Biotech AG, Aker BioMarine, Cyanotech Corporation, CP Kelco US Inc, and AlgaEnergy S.A. among others
Increasing use of marine biotechnology in end use industries
Marine biotechnology is an emerging sector of the blue economy due to its application in various end-use industries. Marine biotechnology explores marine organism as a prolific source for attractive biomolecules with broad biotechnological applications. Moreover, marine biotechnology is a rich source of both chemical and biological diversity. This diversity has been the source of unique chemical compounds with the potential for various industry developments such as nutritional supplements, fine chemicals, pharmaceuticals, enzymes, agrichemicals, molecular probes, and cosmetics. Furthermore, the emerging opportunity of marine biotechnology in pharmaceutical and biotech sector, owing to growing number of research and development activities is expected to drive the market growth over the forecast period. The healthcare sector targeted marine-derived molecules as novel pharmaceutical entities and continues to focus on the potential of marine source materials in novel drug development. Additionally, marine biotechnology is playing an important role in the protection and management of the marine environment. Marine biotechnology has potential application in the marine environment including environmental monitoring, bioremediation, biofouling control, and marine habitat restoration.
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Marine Biotechnology Market – Regional insight
Geographically, Europe held the largest share of the market in 2017. The growth in the region is attributed to the technological advancements in marine biotechnology, growing demand from cosmetic industry, and increasing demand of marine biotechnology for the development of biofuels. The growth of marine biotechnology market in North America is primarily attributed to the growing research and development activities, and increasing demand for natural products. Moreover, rapid growth in healthcare industry, and demand of marine products in agriculture, cosmetics, and, food industries are further propelling the market growth in the region. Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the growing investment in the marine-based healthcare and cosmetic markets, and extensive aquaculture activity, including culturing macro-algae for hydrocolloids. Moreover, positive trends towards organic cosmetics and rising demand for viable eco-friendly products are further boosting the market growth in the region.
This report segments global Marine Biotechnology market based on source, product, technology, application, end-user and region.
Source
- Algae
- Annelids
- Bacteria
- Bryozoa
- Cnidaria
- Crustacea
- Fungi
- Echinoderms
- Fishes
- Molluscs
- Nemertinea
- Protozoa
Product
- Bio Active Substances
- Bio Material
- Others
Technology
- Isolation and Cultivation of Microorganisms
- Culture-Independent Techniques
Application
- Aquaculture and Food Products
- Environmental and Human Health
- Drug Discovery
- Pollution Remediation
- Wastewater & Waste Disposal
- Biofuels
- Others
End-user
- Food Industry
- Pharmaceutical and Biotech
- Cosmetics
- Chemical
- Energy
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East and Africa (MEA)
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