June 13, 2024

Marine Biotechnology Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

The marine biotechnology industry involves the utilization of marine resources for developing pharmaceuticals, nutraceuticals, biofuels and other biological products. Ocean covers over 70% of the Earth’s surface and contains resources such as enzymes, proteins, omega-3 fatty acids etc. that can be used to develop products for various industries including pharmaceutical, cosmetic, food etc. Marine organisms such as sponges, corals, algae, microbes and other organisms have adapted to survive in extreme ocean conditions and produce unique biomolecules. Marine resources offer immense potential for novel chemical compounds that could be developed into drugs for treatments of cancer, diabetes, cardiovascular diseases etc. For example, omega-3 fatty acids from fish oil have shown therapeutic effects in reducing the risk of heart diseases. Marine biotechnology also helps in environmental monitoring and offers sustainable solutions by developing products from marine wastes.

The global Marine Biotechnology Market is estimated to be valued at US$ 52.9 million in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/marine-biotechnology-market-6222

Market key trends:

One of the major trends driving the growth of the marine biotechnology market is increasing focus on developing new drugs from marine organisms. Only a small fraction of marine resources have been explored extensively for unique biomolecules and chemical compounds. Researchers are exploring deep sea hydrothermal vents, coral reefs and other unexplored marine habitats to discover novel species. Advancements in gene sequencing techniques and screening methods have enabled efficient identification of potential drug leads. Many biotechnology companies are investing in R&D activities to develop new drugs from marine sources for cancer, neurological disorders and other diseases. It is estimated that new drug discovery from marine resources could create huge market opportunities exceeding US$ 1 trillion by 2050.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as initial investments required for R&D in marine biotechnology are very high which limits new companies from entering the market. However, opportunities exist for small startups to enter niche markets.
Bargaining power of buyers: The bargaining power of buyers is low as the marine biotechnology market offers differentiated products and services with specialized applications in industries like healthcare, food and agriculture.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials for marine biotechnology like microorganisms, compounds and proteins have few substitutes and suppliers have pricing power.
Threat of new substitutes: The threat of new substitutes is low as marine biotechnology provides unique biomolecules, organisms and products that are not easily substitutable. Marine bioresources offer opportunities for new drug discovery.
Competitive rivalry: Competition in the market is high between established players like Abbott laboratories focusing on new product launches and strategic collaborations.

Key Takeaways

The global Marine Biotechnology market is expected to witness high growth over the forecast period 2023 to 2030. The global Marine Biotechnology Market is estimated to be valued at US$ 52.9 million in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global market currently due to presence of major players and significant R&D investments by government and private players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period with emerging economies like China and India focusing on drug discovery from marine organisms.

Key players operating in the Marine Biotechnology market are Abbott laboratories. Abbott Laboratories leads in the market through development of novel enzyme based products for industries like food, detergents and through collaboration with institutes for marine drug discovery.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it