The global marine pharmaceuticals market size is estimated to grow by USD 1.95 billion at a CAGR of 8.63% between 2023 and 2028. Marine ecosystems are abundant with unique and often undiscovered marine organisms that produce bioactive compounds with the potential for pharmaceutical applications. Marine biodiversity serves as a source of novel compounds, which are valuable for drug discovery and development. The exploration of marine biodiversity through bioprospecting has become an essential part of marine pharmaceutical research, driving market growth. The presence of rich marine biodiversity, especially in regions like coral reefs and deep-sea ecosystems, will further fuel the growth of the marine pharmaceuticals market during the forecast period.
For more details about the industry, get the PDF sample report for free
Oncology
The oncology segment is expected to witness significant growth during the forecast period. Cancer, a leading cause of death worldwide, continues to drive the demand for novel oncology drugs. The development of checkpoint inhibitors is gaining momentum, facilitating an immune response against tumor cells. The oncology segment was valued at USD 1.44 billion in 2018 and continues to grow, driven by increasing cancer cases and research. Notably, the US FDA and the European Commission approved ADCETRIS (brentuximab vedotin) for various cancer treatments.
Cardiovascular
(Details of the cardiovascular segment are not provided in the abstract.)
Anti-infectives
(Details of the anti-infectives segment are not provided in the abstract.)
Others
(Details of other segments are not provided in the abstract.)
Health Supplements
Marine-derived compounds are increasingly used as antibiotics, antimicrobial agents, and for treating various health conditions like arthritis and autoimmune diseases. The potential of marine pharmaceuticals as anticancer agents and in combating antibiotic-resistant pathogens will drive the growth of this segment.
Drugs
Omega-3 fatty acids from marine sources, such as fish oil, are used for cardiovascular health and cognitive function. Marine compounds with anti-inflammatory properties are expected to continue driving the growth of this segment.
North America is expected to contribute 41% to the global marine pharmaceuticals market growth during the forecast period. The region is seeing increasing demand for marine pharmaceuticals due to the high prevalence of diseases such as cancer, cardiovascular diseases, and Alzheimer’s. The coastal regions, including the Atlantic and Pacific coasts, offer a wide array of marine organisms that can be used for pharmaceutical research. Government agencies like NOAA and NIH support marine biotechnology research. The growing cancer prevalence, along with FDA approvals such as ADCETRIS, is expected to boost demand in this region.
Get more details by ordering the complete report
Companies in the marine pharmaceuticals market are implementing various strategies like partnerships, acquisitions, and product launches to enhance their presence. The key players include:
The marine pharmaceuticals market is expanding rapidly, driven by increasing disease prevalence and the growing demand for natural products. Despite the challenges in drug development, the sector is expected to grow significantly over the forecast period.
Safe and Secure SSL Encrypted