Marine Biotechnology Market Overview 2030:
Marine biotechnology is a growing field that comprises marine bio-medicines, including pharmaceuticals discovery, materials technology, bio remediation, marine biomedical model organism, genomics, bioinformatics, and molecular genetics. The prime motivation for this discipline is clearly derived from the enormous biodiversity and genetic life in sea. The marine environment is a rich source of both chemical and biological diversity. This diversity consists of compounds with the potential for industrial development such as in cosmetics, nutritional supplements, pharmaceuticals, molecular probes, enzymes, fine chemicals, and agrichemicals.
It comprises a broad range of categories such as marine environmental protection, genetics, marine bioactive substances, marine biomaterials, marine culture, fermentation engineering, and enzyme engineering. Although marine biotechnology market is in a nascent stage, it has untapped potential and promising growth prospect for future. The fundamental end user applications of marine products are industrial products, healthcare/biotechnology, consumer products, public services, and infrastructure. This technology lends maximum utilization of marine resources and also conserves and safeguards these resources. Marine biotechnological advancements have already resulted in some successes in diverse fields, including human health, pharmacology, fisheries, environmental recovery or restoration, food & cosmetics industries, agriculture, and chemistry.
COVID-19 Impact Analysis
- COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since its outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs have presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the marine biotechnology market.
- The recession caused by the pandemic has now cast serious questions on the ability of governments and companies to earmark financial commitments in times of crisis. The only hope for the market in successfully mitigating the short and long-term damage of the crisis, is securing fiscal stimulus from governments. Most R&D budgets which are so vital for innovation are largely dependent upon financial support from governments. Healthy financial performance of companies also determines the extent of willingness to reinvest earnings into R&D and new product development. Biopharmaceutical companies are witnessing their market cap rise significantly.
- While the global economy slows down, pharma biotechnology firms both big and small is expected to fearlessly continue to innovate and bring hope.
Top Impacting Factors
- Growth in usage of marine products in food, cosmetics, and agriculture industries drives the market for marine biotechnology. In addition, advances in drug discovery, fisheries, and aquaculture are the factors that drive the market. Lack of R&D investment in biotechnology is constraining the growth of the market. Lack of exploration in oceans is constraining the growth as many untold marine resources (animals and plants) are extinct even before their proper useful characteristics are discovered.
- Energy supply on a global scale is increasingly needed and marine biotechnology can make an important contribution to meeting these energy needs in very different ways. Microbial Enhanced Oil Recovery (MEOR), for example, a bio-based approach to enhancing the recovery efficiency of fossil oil reserves, could help to increase the life of mature oil reservoirs. Cultivating microalgae for bio-energy generation is a big challenge and one of marine biotechnology’s key objectives. Thus, owing to these factors, the market of marine biotechnology is anticipated to rise during the forecast period.
- Expensive discovery process and regulations from government act as a restraint to the market. Other than that, many barriers exist in the market such as the technical barriers, related to the expensive discovery process, limited capacity to develop organisms in the laboratory and on large-scale financial barriers, due to the relatively low profile of marine biotechnology resulting in underfunding, and legal and regulatory barriers, particularly regarding access to marine resources. A limiting factor for the sector could well be the increased need for large infrastructure investments. Hence, owing to such barriers, the marine biotechnology market is anticipated to face hurdles during the forecast period.
Market Trends
Europe dominated the marine biotechnology market due to technological advancements in marine biotechnology, growth in demand from the cosmetic industry, and increase in demand for the development of biofuels.
Marine biotechnology represents one of the youngest approaches to biotechnology. Rich biodiversity exists in the marine world and the organisms themselves include essential biochemical compounds with a broad variety of uses in medicine, climate, and other industries.
New applications of marine-derived enzymes in the cosmetics industry, the use of marine algae & microalgae for biofuel production, and the production of marine-derived polysaccharides, which are among the most abundant renewable biomaterials found on land and in the oceans, are the key drivers that are anticipated to boost the market growth.
Key Benefits of the Report
- This report presents the detailed study of the marine biotechnology market along with its current trends and future investment scope.
- This study has complete information regarding key drivers, restraints, new technological development in the marine biotechnology market.
- The market is analyzed to highlight the growth of the marine biotechnology market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed marine biotechnology market analysis based on competition between key players and how it will shape in upcoming years.
Questions Answered in the Marine Biotechnology Market Report
- What consists of marine biotechnology market?
- What are the current trends in the marine biotechnology market?
- What are the driving factors, restraints and, opportunities of the market?
- Who are the major end user sectors in marine biotechnology market?
- What is the major regional market in marine biotechnology market?
- What are the future projections that will help in making strategic steps?
- What are the key benefits of this marine biotechnology report?
Key Market Segments
- By Product Type
- Marine Animal Technology
- Marine Plant Technology
- Marine Biotechnology
- By Application
- Cosmetics
- Pharmaceuticals
- Fine Chemical
- Nutritional Supplements
- By End Use Industries
- Pharmaceutical
- Biotechnological
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- New England Biolabs Inc
- NovaMatrix
- Marinova Pty Ltd
- Cyanotech Corp.
- Lonza Group Ltd.
- Nutrex Hawaii Inc.
- GlycoMar Ltd.
- CP Kelco
- BASF SE
- Aker BioMarine AS