With The New Applications, Marine Biotechnology Market Is Set To Grow exponentially to reach USD 6.21 Million by the close of 2023
Marine biotechnology, also known as “blue biotechnology”, is a knowledge generation and conversion process: it unlocks access to biological compounds and provides novel uses for them. Marine materials are explored and harnessed so that new applications in areas of marine can be found. There are already successful marine applications such as novel industrial enzymes, drug delivery systems, origin pharmaceuticals, food ingredients, biosensors and new chemical compounds. Marine biotechnology is an opportunity recognised by policy makers and the enterprise sector as offering significant potential to fill market gaps for new products.
Rising applications of marine biotechnology in various fields such as industrial products, health care/biotechnology, consumer products, public services and infrastructure are positively impacting the growth of the marine biotechnology market
over the estimated period. The Global Marine Biotechnology market is expected to grow at a CAGR of 6%for the forecast period of 2016-2023. The market value is expected to increase from $4.04 million in 2016 and reach $6.21 million by 2023.
What are the prime factors that influence the growth of the global marine biotechnology market?
factors that drive the marine biotechnology market are new applications of marine derived enzymes in the cosmetics industry and use of marine algae and micro algae in biofuel production. Increasing usage of marine product in food, cosmetics, and agriculture industries is further boosting the market for marine biotechnology. In addition, advances in drug discovery, fisheries, and aquaculture are also one of the factors driving the market.
Which end-users segments are expected to witness substantial uptake of marine biotechnology?
Based on end-users, the global marine biotechnology market can be segmented into industrial products, healthcare/biotechnology, consumers’ products, energy & infrastructure and others. The global marine biotechnology market has been acquired by the healthcare segment due to the huge demands of bioactive products produced by gorgonians, sponges, microbes, soft and hard corals seaweeds, and other marine organisms.
How the key regional markets for marine biotechnology market will perform in the years to come?
North America is anticipated to hold the largest share for marine biotechnology market during the estimated period. This market is boosted by the extensive research being done for marine biofuels in the North America region along with the increasing biomaterial-based medical applications in knee implants, bone morph genic proteins, artificial ligaments, bone plates, and dental implants. However, the biggest growing market is expected to be occupied by Asia-Pacific owing to its large exports of marine food products. The United States acts as a home to the developed marine research centres specializing in marine biotechnology and thus dominates the marine biotechnology market by holding the largest share. Another leading region which contributes to the growth of marine biotechnology market is Europe owing to the underexplored marine resources.
What are the key leading players in the global marine biotechnology market?
The leading players in the global marine biotechnology market are Lonza, Aker bio marine, Biotech Marine (Subsidiary Of Air Liquid Group), Abbott, Cp Kelco, Cyanotech Corporation, Fmc Health and Nutrition, New England Biolabs, Fmc Geomarine Biotech, Lonza Group Ltd., Marinova, New England Biolabs Inc., Nutrex Hawaii Incorporated, Pharmamar s.a., Phyco Biotech SaS, Prolume lt, Qingdao Codo International Ltd, Seppic SA, Sea Run Holding.
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