(MENAFN- EIN Presswire) Allied market Research
PORTLAND, OR, UNITED STATES, April 24, 2023 /einpresswire.com / -- The marine biotechnology market refers to the use of marine resources, such as microorganisms, plants, and animals, for the development of products and services in various industries, including pharmaceuticals, cosmetics, food and beverage, and agriculture.
The market is expected to grow significantly in the coming years due to the increasing demand for natural products and the growing awareness of the potential benefits of marine resources. Some of the key factors driving the growth of the market include the rising prevalence of chronic diseases, the need for sustainable food sources, and the increasing demand for eco-friendly products.
According to a new report published by Allied Market Research, titled,” Marine Biotechnology Market by Product Type (Marine Animal Technology, Marine Plant Technology, and Marine Biotechnology), Application (Cosmetics, Pharmaceuticals, Fine Chemical, and Nutritional Supplements), and End User (Pharmaceutical Industry and Biotechnological Industry): Global Opportunity Analysis and Industrial Forecast, 2021-2030′′.
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The report on the global Marine Biotechnology Market offers a qualitative and quantitative analysis of the market and its growth parameters. It also emphasizes the key drivers, restraints, challenges, and upcoming growth opportunities that will impact the market and create challenging scenarios. It also focuses on the segmentation table and mentions the name of the central fragment and its credited elements. Moreover, the report also highlights key market challenges, developments, and competition the industry faces alongside gap analysis and new opportunities in the Marine Biotechnology Market.
Marine Biotechnology Market Key Players:
Comprehensive competitive analysis and profiles of major market players such as Aker BioMarine AS (Norway), BASF SE (Germany), CP Kelco (USA), Cyanotech Corp. (USA), GlycoMar Ltd. (UK), Lonza Group Ltd. (Switzerland), Marinova Pty Ltd (Australia), New England Biolabs Inc (USA), NovaMatrix (Norway), Nutrex Hawaii Inc., (USA),oceanBASIS GmbH (Germany), PharmaMar S.A (Spain), Prolume Ltd (USA), BioLume, Inc. (USA) are provided in this report.
What is the Impact of Covid-19 Pandemic on Marine Biotechnology Market Globally?
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.
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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 from 2020 to 2028 to highlight the growth of the marine biotechnology market.
The research report also includes the present market and its growth potential in the forecast period. An exhaustive and professional study of the global Marine Biotechnology Market report has been completed by industry professionals and presented in the most particular manner to present only the details that matter the most. The report mainly focuses on the most dynamic information about the global market.
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