increase in demand for biofuel is driving the Marine Biotechnology Market

Latest News:- Marine Biotechnology Market: Healthcare products is expected to lead the Application segment during 2024-2028

Technavio analyzes that the Marine Biotechnology Market is expected to grow at a CAGR of 9.83% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4716.4 million.There are various factors that contribute to the growth of the market. The marine biotechnology market is experiencing significant growth due in part to the increasing demand for biofuels. Marine organisms, such as algae, offer a promising source of sustainable and renewable energy. The production of biofuels from these organisms is a key application of marine biotechnology, contributing to the reduction of greenhouse gas emissions and the transition to more eco-friendly energy sources. This trend is expected to continue, driving the growth of the marine biotechnology market in the coming years.

Marine biotechnology represents a significant business opportunity in the pharmaceutical industry, with a focus on discovering novel drug compounds from the rich biodiversity of marine organisms. These biochemicals, derived from marine invertebrates such as fungi, algae, corals, sponges, and viruses, offer unique advantages over terrestrial counterparts. For instance, marine-derived drugs like an antibiotic from fungi, cancer and herpes treatment compounds from a sponge, and a painkiller neurotoxin from a snail, exhibit superior efficacy and minimal side effects. Moreover, marine organisms such as Bugula neritina, a slow-growing marine invertebrate, are potential sources for drugs against leukemia. Sustainable and eco-friendly approaches, including synthetic biology and genetic engineering, are employed to maximize the potential of marine resources for drug discovery. Marine-derived supplements are also gaining popularity as anti-aging ingredients. 

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Marine Biotechnology Market Segmentation

• Application
  • Healthcare products
  • Energy and environment management products
  • Food and cosmetics products
• Type
  • Bio active substance
  • Bio materials
  • Others
• Geography
  • North America
  • Europe
  • Asia
  • Rest of World (ROW)

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• Air Liquide SA
• Aker BioMarine ASA
• AlgaEnergy SA
• Archer Daniels Midland Co.
• BASF SE
• CoDo International Ltd.
• Cyanotech Corp.
• FMC Corp.
• Geomarine Biotechnologies
• Glyco Mar Ltd.
• J M Huber Corp.
• KD Pharma Group
• Lonza Group Ltd.
• Marinomed Biotech AG
• Marinova Pty Ltd.
• Marshall Marine Products
• New England Biolabs Inc.
• PharmaMar SA
• Prolume Ltd.

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Research Analysis Overview

Marine biotechnology encompasses various applications, including tissue engineering and regenerative medicine, therapeutics, nutraceuticals, and pharmaceuticals. Marine-derived enzymes, biofuels, and functional food ingredients are among the key areas of focus. Chronic diseases, genomics, and genetic engineering are driving research in this field. Corals, sponges, marine viruses, and microbes are valuable genetic resources for developing new treatments for conditions such as anti-aging, antioxidant, antibacterial, apoptotic, and antitumoral agents. Marine ecosystems provide a wealth of potential medicines, with corals, tunicates, and marine-derived pharmaceuticals being particularly noteworthy. The cosmetics, personal care, feed additives, and pharma & biotech industries are major markets for marine biotechnology products.

Market Research Overview

In the burgeoning realm of Marine Biotechnology, key market sectors include tissue engineering and regenerative medicine, therapeutics, nutraceuticals, and marine-derived enzymes for biofuels. These sectors leverage marine-sourced genetic material, genetic engineering, enzymes, proteins, and bioactive compounds from marine animals and marine crustaceans. The global Marine Biotechnology Market is a significant segment of the larger Life Sciences Tools and Services Market, encompassing manufacturers of equipment, supplies, and services for research and development in pharmaceuticals, biotechnology, and laboratory diagnostics. Market expansion is propelled by the increasing global population aging, with the proportion of those over 60 years projected to rise significantly, necessitating solutions for chronic diseases and advanced healthcare technologies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
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