Market Trends of Marine Biotechnology Industry
The Medical and Pharmaceutical Segment is Expected to Register the Significant Growth Over the Forecast Period
The medical and pharmaceutical segment is anticipated to hold a significant market share over the analysis period. Currently, microbially derived drugs are increasingly being used in the treatment of infectious diseases and chronic diseases. The most commonly used microbially derived drugs are penicillin, actinomycin, cephalosporins, streptomycin, and cyclosporin.
The increase in research activities related to using marine organisms to produce different therapeutics for various diseases is expected to boost the segment's growth. For instance, in January 2021, scientists at the University of California identified structurally diverse natural compounds in the marine environment. These compounds are expected to help in the development of antiviral therapeutics. Moreover, according to the study published in Biotechnology in Healthcare Journal in March 2022, nearly 11,000 natural effects with nutrition and pharmacological properties have been reported in marine algae. Many compounds found in micro and macroalgae have critical pharmacological properties, such as antibacterial, antifungal, antiviral, antiherpetic, antioxidative, and hypoglycemic properties.
With the advancement in technology, the ability to culture marine organisms has improved. For instance, in April 2021, scientists in Japan successfully cultured the first stable coral cell lines. Such advancement and increased research activities related to using marine organisms in the pharmaceutical industry are expected to open new avenues for producing different biomaterials from marine organisms. This, in turn, can promote the demand for marine biotechnology in the medical and pharmaceutical industries.
Europe is Expected to Hold a Significant Share in the Marine Biotechnology Market Over the Forecast Period
Europe is expected to hold a significant market share throughout the forecast period. The government's support to promote the use of natural marine products and the availability of funding for developing these products will help boost the market growth in Germany during the forecast period. For instance, in March 2021, Bluu Biosciences, a German-based biotech firm, received almost EUR 7 million (USD 7.8 million) to produce high-quality, sustainable fish products from cell cultures.
The presence of sophisticated healthcare infrastructure, technological advancements in marine biotechnology, and the growing demand for marine organisms in the pharmaceutical and cosmetic industries are major factors for the high demand for marine biotechnology in Europe. For instance, in March 2021, Sea4Us planned on developing a remedy for chronic pain, a non-opioid analgesic, with the help of marine bioproducts. The company has worked on many European Commission-supported projects.
Hence, the factors mentioned above and the large marine-farming operations in Europe are expected to boost the market's growth in Europe.
