New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Biotechnology Global Market Report 2023" - https://www.reportlinker.com/p06486594/?utm_source=GNW
, SEPPIC, Marinova Pty. Ltd., Prolume Ltd., Aker Biomarine, BASF SE, Nutrex Hawaii Inc., Royal DSM N.V, and Tequesta Bioventures.
The global marine biotechnology market is expected to grow from $5.35 billion in 2022 to $5.79 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The marine biotechnology market is expected to reach $7.69 billion in 2027 at a CAGR of 7.4%.
The marine biotechnology market includes revenues earned by entities by providing services such as bioprospecting and bioactive compound discovery, genetic analysis and genomic studies, bioprocessing, fermentation, pharmaceutical discovery, and materials technology.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Marine biotechnology is a branch of science that involves the utilization of marine creatures, their genetic material, and related bioactive substances for various uses. Marine biotechnology encompasses the study and manipulation of marine organisms, including plants, animals, and microorganisms, to develop products, processes, and technologies to be used in cosmetics, nutritional supplements, pharmaceuticals, and other industries.
Europe was the largest region in the marine biotechnology market in 2022.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the marine biotechnology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The main types of marine biotechnological products are bioactive substances and biomaterials.Bioactive substances refer to a wide range of biological, pharmacological, and nutraceutical activities and are considered to have beneficial effects on nutrition and health.
It includes various sources, such as corals and sponges, algae, marine viruses, marine fungi, and others.Several types of technologies include isolation and cultivation of microorganisms and culture-independent techniques.
These are used for several applications, including aquaculture and food products, the environment and human health, and drug discovery, and are used by several end-users, such as medical and pharmaceutical, the food industry, the cosmetic industry, the chemical industry, and others.
The increase in demand for marine biotechnology in the energy sector is expected to propel the growth of the marine biotechnology market going forward.The energy sector is a group of businesses that participate in extracting, refining, or providing consumable fuels like coal, oil, and gas.
Marine biotechnology contributes to the development of more efficient and ecologically friendly energy systems, such as those that use marine microbes to convert trash into electricity and microalgae to produce biofuels.Marine biotechnology is important in the energy sector because it uses marine organisms’ unique features and capabilities for various applications, such as Biofuel generation, marine renewable energy, biodegradable products, and bioremediation.
Thus, an increasing energy sector will boost the growth of the marine biotechnology market.For instance, in January 2022, according to a report released by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides analysis and data on the global energy sector, global energy demand increased by 6% in 2021.
The growth of more than 1,500 terawatt-hours in 2021 was the biggest ever, measured in absolute terms. The report predicts an average annual increase in electricity demand of 2.7% for 2022–2024. Therefore, the rise in demand for marine biotechnology in the energy sector drives the marine biotechnology market.
Product innovations are a key trend gaining popularity in the marine biotechnology market.Major companies operating in the marine biotechnology market are focused on innovating new products to strengthen their position in the market.
For instance, in January 2021, Jellagen, a UK-based marine biotechnology company, launched jellyfish collagen hydrogel JellaGel, the first collagen type 0 hydrogel.A 3-dimensional hydrogel makes a significant difference by allowing cells to develop and interact with their environment.
It has been demonstrated that 3D-grown cells exhibit better cell viability, morphology, proliferation, and differentiation than 2D-grown cells.The development of JellaGel as a potential matrix for new drug screening models or in the creation of human tumor xenograft models as part of cancer drug discovery programs is made possible by these crucial qualities.
This new biomaterial, Collagen Type 0, is a chemical invention that offers the market an effective substitute for the traditional scaffold supplies utilized in 3D cell culture. The distinct qualities of JellaGel will now be used by researchers.
In December 2021, Donaldson Company, a US-based filtration company, acquired Solaris Biotechnology for approximately $44.34 million. With the acquisition of Solaris Biotechnology, Donaldson Company is well-positioned to offer customers of food and beverage products more comprehensive solutions and increase the company’s access to the biopharmaceutical and other essential life sciences markets. Solaris Biotechnology is an Italy-based biotechnology company producing marine impellers commonly used for cell culture processes and generating an axial flow.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The marine biotechnology market research report is one of a series of new reports that provides marine biotechnology market statistics, including marine biotechnology industry global market size, regional shares, competitors with a marine biotechnology market share, detailed marine biotechnology market segments, market trends and opportunities, and any further data you may need to thrive in the marine biotechnology industry. This marine biotechnology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06486594/?utm_source=GNW
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