The marine biotechnology market was valued at USD 6.6 billion in 2023 and is expected to reach USD 13.3 billion by 2032, at a CAGR of 8.06%.
FORT COLLINS, Colo., May 4, 2024 (Globe Newswire) —
The benefits of marine biotechnology will foster industrial development.
marine biotechnology Applications range from drug discovery to aquaculture to regenerative medicine. Exploring the ocean's vast biodiversity has uncovered a treasure trove of bioactive compounds and biomaterials with immense potential for a variety of industries.
Marine organisms have proven to be a rich source of bioactive compounds with therapeutic effects in drug discovery. Defense mechanisms in aquatic organisms such as sponges, corals, and algae have evolved to produce compounds that can fight predators and pathogens in the aquatic environment. Researchers have been able to use these compounds to develop new drugs for a variety of diseases, including cancer, infectious diseases, and inflammatory diseases. The unique chemical structures of these marine-derived compounds often outperform conventional drug molecules, making them promising candidates for further research and development.
Furthermore, marine biotechnology can also contribute to advances in wound healing and regenerative medicine. Biomaterials derived from marine resources, such as chitosan extracted from crustacean shells, exhibit properties that promote tissue repair and regeneration. Chitosan's biocompatibility and biodegradability make it an ideal material for wound dressings and scaffolds for tissue engineering applications. Clinical products utilizing chitosan-based wound dressings are already available, demonstrating the practical application of marine-derived biomaterials in medical settings.
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Segmentation overview:
The marine biotechnology market is segmented into sources, applications, end users, and regions.
Algae will hold a significant market share during the forecast period.
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Sources, corals and sponges, algae, marine viruses, marine fungi, etc. segment the marine biotechnology market. Algae holds a major share in the sources segment of the marine technology market and is anticipated to grow at 34.99% during the forecast period. Marine algae are multicellular macroscopic plant-like organisms that live in the deep sea and have a variety of pigments.
Pharmaceuticals will occupy a large market share in 2023.
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The marine biotechnology market is segmented by application into aquaculture and fisheries, medical, environment, biofuels, and others. Medical holds a significant share in the application segment and is anticipated to grow at 34.52% during the forecast period. Medicinal ingredients extracted from marine organisms are used as medicines.
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Highlights of the Marine Biotechnology Market Report:
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Marine biotechnology deals with ocean exploration to develop new medicines, chemicals, enzymes, and other products and processes.
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Europe holds a large share in the marine biotechnology market, and Germany also holds a large share in the region. According to Food and Agriculture Organization statistics, around 50% of the seafood produced globally comes from European aquaculture operations.
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Prominent players in the marine biotechnology market report include Cyanotech, Glycomar Ltd., Marinova Pvt Ltd., New England Biolabs Inc., CP Kelco, AlgaEnergy, Aqua Biotechnology, Aker Biomarine, BASF, and Royal DSM.
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