Marine Biotechnology Market Size, Trends, Industry Analysis, Overview, Share And Forecast 2023 To 2030

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The global Marine Biotechnology Market is estimated to be valued at US$ 52.9 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 leverages biological resources from oceans, seas, and coastal areas to develop products or processes for medical, cosmetic, industrial and environmental applications. It offers opportunities for new drug discovery to fight infections and diseases through biomolecules derived from marine organisms. 

Market key trends:

Marine ecosystems represent an enormous pool of genetic and biochemical diversity that has yet to be fully explored and utilized. Researchers are investigating various marine organisms such as sponges, microbes, algae and other macro-organisms inhabiting different oceanic regions for novel bioactive compounds. For example, natural compounds isolated from marine sponges collected from the Gulf of California showed anti-viral and anti-cancer activities. Marine bioprospecting efforts aim to discover such pharmacologically active molecules for development into new drugs. Growing research in this area is expected to boost growth of the marine biotechnology market over the forecast period.

Read More Insights @ https://www.coherentmarketinsights.com/market-insight/marine-biotechnology-market-6222

Segment Analysis

The global marine biotechnology market is segmented into pharmaceutical and cosmeceutical products, bio-polymers, enzymes, nutraceuticals, food supplements and others. Among these, the pharmaceutical and cosmeceutical products segment dominates the marine biotechnology market and is expected to witness high growth during the forecast period. This is attributed to increasing usage of marine-based drugs and components in developing new drugs and cosmetics. Additionally, rising investments in R&D of marine-based drugs for several disease indications such as cancer, arthritis etc. also support the growth of this segment. 

Key Takeaways

The global marine biotechnology market is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing usage of marine biologics in drug development and discovery. 

The Asia Pacific region is expected to be the fastest growing market for marine biotechnology during the forecast period. This is attributed to growing investments by government and private organizations in marine biotechnology research in countries such as China, Japan and India. Additionally, increasing awareness regarding immense potential of marine bioresources in biomedical applications also drives the market growth in this region.

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. Strategic investments and collaborations are some of the key strategies adopted by major players to strengthen their market presence.

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