MARINE BIOTECHNOLOGY MARKET ANALYSIS

Market Challenges And Opportunities

• Sustainability concerns about marine exploitation
• High cost of marine biotech R&D

Global Marine Biotechnology Market- Drivers

• Increasing demand for marine-derived pharmaceuticals and nutraceuticals: The discovery of novel marine-derived bioactive compounds has led to development of new pharmaceuticals and nutraceuticals from marine sources. Marine organisms such as sponges, algae, fish, and mollusks are rich sources of structurally diverse bioactive compounds with potential pharmaceutical applications. According to National Institutes of Health, over 28,000 marine natural products have been isolated so far and hundreds of patents have been filed for marine-derived drugs.
• Development of marine-derived cosmeceuticals: The bioactive compounds obtained from marine organisms like algae, fish and microorganisms have excellent anti-aging and skin rejuvenating properties. Marine bioactives contain antioxidants, moisturizing agents, and skin-whitening agents that are increasingly being used in cosmeceuticals products.
• Increasing agreement among key market players: Marine organisms are a rich source of diverse novel enzymes that have potential industrial applications. Increasing adoption of inorganic growth strategies such as agreement is expected to drive the market growth. For instance, in October 2022, Oculis, a clinical stage biopharmaceutical company, announced agreement with European Biotech, group of biotech companies in Europe. Under the agreement, Oculis acquired European Biotech for further research and development activities.
• Need for sustainable marine ingredients in animal feed: Rising consumer demand for organic animal products has highlighted the importance of sustainable marine ingredients in animal feed. Fishmeal and fish oil derived from sustainable fisheries are excellent sources of high-quality protein, healthy fats and essential nutrients required for growth and development in livestock and aquaculture species.