(MENAFN- GlobeNewsWire - Nasdaq) The marine biotechnology market was valued at USD 6.6 Billion in 2023 and is expected to attain CAGR of 8.06% and reach USD 13.3 Billion by 2032.
Fort Collins, Colorado, May 04, 2024 (GLOBE NEWSWIRE) --
The advantages of marine biotechnology encourage industry development.
Marine biotechnology encompasses a wide array of applications, ranging from drug discovery to aquaculture and regenerative medicine. Exploring the ocean's vast biodiversity has unlocked a treasure trove of bioactive compounds and biomaterials with immense potential for various industries.
Marine organisms have proven to be a rich source of bioactive compounds with therapeutic properties in drug discovery. The defense mechanisms of aquatic organisms, such as sponges, corals, and algae, have evolved to produce compounds that can combat predators and pathogens in their underwater environments. Researchers have been able to harness these compounds for the development of novel pharmaceutical drugs targeting a range of diseases, including cancer, infectious diseases, and inflammatory disorders. The unique chemical structures of these marine-derived compounds often offer advantages over traditional drug molecules, making them promising candidates for further research and development.
Moreover, marine biotechnology contributes to advancements in wound healing and regenerative medicine. Biomaterials derived from marine sources, such as chitosan extracted from crustacean shells, exhibit properties that promote tissue repair and regeneration. Chitosan's biocompatibility and biodegradability make it an ideal material for wound dressings and scaffolds for tissue engineering applications. Clinical products utilizing chitosan-based wound dressings are already available, demonstrating the practical applications of marine-derived biomaterials in healthcare settings.
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Segmentation Overview:
The marine biotechnology market has been segmented into source, application, end-user, and region.
Algae holds a significant market share in the forecast period.
Source, corals and sponges, algae, marine viruses, marine fungi, and others segment the marine biotechnology market. Algae holds a major share in the source segment of the marine technology market and is expected to grow at 34.99% during the forecast period. Marine algae are multicellular, macroscopic plant-like organisms in deep oceans carrying different pigments.
Medicine accounted for a significant market share in 2023.
The marine biotechnology market is segmented by application into aquaculture and fishery, medicine, environment, biofuels, and others. Medicine holds a major share in the application segment and is expected to grow at 34.52% during the forecast period. Medicine extracts from marine organisms are used as medicine.
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Marine Biotechnology Market Report Highlights:
The marine biotechnology market growth is anticipated at a CAGR of 8.06% by 2032.
Marine biotechnology deals with ocean exploration to develop new pharmaceutical drugs, chemical products, enzymes, and other products and processes.
Europe holds a major share of the marine biotechnology market, with Germany holding a significant share in this region. According to The Statistics by the Food and Agricultural Organization, about 50% of seafood produced at a global scale comes from European Aquaculture Operations.
Some prominent players in the marine biotechnology market report include Cyanotech, Glycomar Ltd., Marinova Pvt Ltd., New England Biolabs Inc., CP Kelco, AlgaEnergy, Aqua Biotechnology, Aker Biomarine, BASF, and Royal DSM,
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