Marine Biotechnology Market: Overview
The market size for Marine Biotechnology was USD 3.1 billion in 2021, and it is projected to grow at a CAGR of 7.3 percent during the forecast period. Marine biotechnology is a branch of research that uses biotechnology, cell biology, molecular biology, and bioinformatics methods to create goods from aquatic creatures. By investigating the ocean and marine resources, it works with the development of pharmaceutical medications, enzymes, and chemical goods. Additionally, it is known as blue biotechnology. It uses bioreactors with bioremediation, bioprocessing, harvesting, and aquaculture. Medicine, biofuels, the environment, health management, reproduction, and nutrition are just a few of the uses for marine biotechnology. For instance, Reproduction: Fish gonadotropin hormone is produced by employing crude pituitary gland preparation and recombinant DNA technologies. Food: Hexokinase and glucose genes were transferred to carnivorous fish to improve their metabolism of the carbohydrates they ingest. The polymerase chain reaction (PCR) is used for disease diagnosis to enhance and maintain health. In July 2021, the National Institute of Ocean Technology of India will prepare anti-aging cosmetics using bacteria from the deep sea.
Furthermore, wealthy nations like the United States, Germany, and the United Kingdom see increased demand for nutritional supplements made from marine sources. According to a February 2022 Frontiers in Marine Science article titled "Novel Bioactive Compounds From Marine Sources as a Tool for Functional Food Development," specific marine microbes that survive in unfavorable environmental conditions produce antioxidant, antibacterial, apoptotic, antitumoral, and antiviral chemicals that could be used to make functional food ingredients for maintaining health and preventing chronic disease. The need for marine biotechnology sources is anticipated to rise shortly due to developments in fisheries, drug discovery, and aquaculture sectors, as well as greater knowledge of the unrealized potential and applications of marine creatures in various industries. However, the lack of ocean exploration and the restricted capacity to cultivate marine microorganisms in lab settings will likely impede the market's expansion throughout the anticipated time frame.
Marine Biotechnology Market: COVID-19 Impact
In 2020, the marine biotechnology market's growth was negatively impacted by the COVID-19 pandemic, which also impacted demand and output. Due to the high incidence of COVID-19 in many nations in 2020, there was a shift in attention toward the increased need for the creation of treatments and vaccines, which impacted supply and demand in the marine biotechnology sector. In addition, the supply chain and the manufacturing of marine biotechnology goods were impacted by the restrictions put in place by the governments of several nations. The physical availability of labor is a requirement for farming operations, and the limits imposed by the nations substantially impacted the ability of major businesses, like Cyanotech Corporation, to produce their products. Due to delays in supply chain operations, many businesses saw their marine biotechnology company revenues decline.
Marine Biotechnology Market: Drivers
Increasing Demand from Energy Sector for Marine Biotechnology to Drive Market Growth
Global energy supply is becoming increasingly limited, and marine biotechnology is anticipated to contribute several ways to meet these demands. For instance, MEOR, a bio-based technology to increase the recovery effectiveness of fossil oil reserves, is anticipated to contribute to the longevity of older oil reservoirs. Oil is recovered from petroleum reservoirs with an efficiency greater than 50%. Microalgae can accumulate large quantities of hydrophobic compounds that can be converted into biodiesel, and biodiesel production from microalgal triacylglycerides is a popular topic. To generate enough energy, the overall algal biomass must be balanced. One of the main aims of marine biotechnology is microalgae cultivation for bio-energy production, which is a significant concern. These elements are therefore anticipated to fuel the marine biotechnology market's growth over the forecast period. Marine biotechnology market growth is strongly influenced by the sector's capacity to address important societal issues such as sustainable food security, sustainable energy security, environmental health, human health, and wellness, as well as the greening of industrial products and processes. Expanding knowledge and understanding of marine resources due to recent advances in science and technology, notably post-genomic technologies, has fueled market expansion. Bioprospecting initiatives have significantly increased the inventory of marine natural compounds and genes with economic importance in recent years.
Marine Biotechnology Ingredients Are Being Used Increasingly in Cosmetics to Drive Market Growth
Marine resources offer a promising source of active chemicals for the cosmetics industry. Marine biotechnology-derived ingredients offer a distinctive and innovative response to age-old beauty issues. Marine microorganisms are useful because of their special characteristics, and the enzymes they produce are better for you than regular enzymes. These ingredients are extensively utilized to make a wide range of cosmetic products, including moisturizers, vitamin C complexes, anti-aging formulations, and many more. These bioactive marine compounds must be grown using biotechnological techniques. Maintaining the hydration rate is also necessary for maintaining skin integrity. Lipids or other substances that stop water loss are frequently applied topically. The rising usage of marine products in the food, cosmetics, and agricultural industries is fueling the market for marine biotechnology. Research advancements in medicine, fisheries, and aquaculture are all major industry drivers.
Marine Biotechnology Market: Restraints
High cost and Government Regulation to Hamper Market Growth
It is anticipated that the costly discovery process and the government's strict regulations will constrain the market through the projected period. The development of the market is further hampered by technical challenges brought on by the expensive discovery process, the limited capacity for organism development in the lab, significant financial challenges brought on by the relatively low profile of marine biotechnology, which leads to underfunding, as well as legal and regulatory challenges, particularly about access to marine resources.
Marine Biotechnology Market: Segment Overview
Medical and Pharmaceutical to Dominate market as it is Used in Making Medicines for Chronic Diseases
Over the analysis year, the medical and pharmaceutical segment will hold most of the market share. Drugs made from microorganisms are utilized more frequently to treat chronic and infectious disorders. Penicillin, actinomycin, cephalosporins, streptomycin, and cyclosporin are some of the most popular medications generated from microorganisms. The growth of this market is anticipated to be boosted by the expansion of research into utilizing marine organisms to create various medicines for various diseases. The development of therapeutic antiviral agents is anticipated to benefit from these molecules. Additionally, nearly 11,000 natural effects with nutritional and pharmacological qualities have been identified in marine algae, according to the article "Algae biotechnology for nutritional and medicinal applications," published in Biotechnology in Healthcare in March 2022. Numerous substances present in micro- and macro-algae possess important pharmacological effects, including antibacterial, antifungal, antiviral, antiherpetic, antioxidative, and hypoglycemic ones. The ability to culture marine organisms has improved with technology improvement. For instance, researchers in Japan successfully cultivated the first stable coral cell lines in April 2021. These developments and a rise in pharmaceutical industry-related research are predicted to create new opportunities for manufacturing various biomaterials derived from marine creatures. This might increase the need for marine biotechnology in the pharmaceutical and medical sectors.
Due to its Therapeutic And Nutraceutical Qualities, Marine Algae Category Dominated Market
The market share that belonged to the marine algae category was the greatest. Marine algae are unexplored resources in deep waters that are important in both primary and secondary sources for food, bioactive substances, and biodiesel. Due to its extensive range of versatility, it offers many possibilities in various scenarios. Biotechnology will be required to add attributes that will enhance algal productivity and generate bioactive compounds. Marine algae have both therapeutic and nutraceutical qualities. Two farmed marine microalgae, Spirulina and Dunaliella, contain beta-carotene, omega-3 fatty acids, and antioxidants. -carotene is a precursor of omega-3 fatty acids and vitamin A, which have numerous health advantages. Heart disease and excessive blood pressure are among the conditions it is used to treat. Additionally, seaweed is used to manufacture. Biodiesel can also be produced from marine algae. In the first generation, it has the potential to take the place of both petroleum-based fuels and plant-based biofuels. Marine algae offer an immense capacity in several areas, including bioenergy and food requirements, to address the current scarcity issue. Marine Biotechnology Market: Regional Landscape
Europe to Dominate Market due to Government Supporting Marine Products
In the marine biotechnology market, Europe had the most market share, and it is anticipated that it will continue to rule the entire industry for the forecast. Germany controls the majority of the market in Europe. During the projected period, the market expansion in Germany will be aided by the government's support for the use of natural marine products and the availability of financing for developing these items. For instance, Bluu Biosciences, a biotech company with headquarters in Germany, got around EUR 7 million in March 2021 to develop premium, sustainable fish products from cell cultures. One of the main reasons for the increasing demand for marine biotechnology in Europe is the presence of advanced healthcare infrastructure, technological breakthroughs in marine biotechnology, and the expanding need for marine organisms in the pharmaceutical and cosmetic industries. For instance, Sea4Us intended to use marine bioproducts to create a non-opioid analgesic as a treatment for chronic pain in March 2021. The business has participated in many projects funded by the European Commission.
Additionally, the Food and Agriculture Organization estimates that in 2020, nearly 50% of the seafood produced globally will originate from farmed operations in the European region. Such an expansion in production activity will probably support regional market growth. Therefore, it is anticipated that the elements mentioned earlier and the significant marine farming operations in Europe will accelerate market expansion.
Global Marine Biotechnology Market: Competitive Landscape
In March 2022, GlaxoSmithKline and LifeMine Therapeutics agreed to a USD 70 million contract to use LifeMine's fungi-based drug discovery engine to develop three candidates. Moreover, in September 2021, For adult patients with recurrent or metastatic cervical cancer and disease progression during or after treatment, the FDA approved the drug tisotumab vedotin-tftv (brand name Tivdak), which is made from marine creatures.
Few of the players in the Marine Biotechnology Market include Aker Biomarine, Biolume Inc, BASF SE, Biotech Marine, Cp Kelco, Fmc Health and Nutrition, Lonza Group Ltd, Cyanotech Corporation, Marinova, Nutrex Hawaii, Pharmamar Sa, Royal DSM N.V, New England Biolands Inc, Sea Run Holdings Inc, Nofima, GlycoMar, Prolume Ltd, and Tequesta Marine Biosciences.
Global Marine Biotechnology Market is Segmented as Below:
Key Elements Included In The Study: Global Marine Biotechnology Market
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