Marine Biotechnology Market Growth in Future Scope 2023-2030

The global Marine Biotechnology Market is estimated to be valued at US$ 52.9 Mn 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.

Market Overview:

Marine biotechnology involves exploring biological resources from marine environments for industrial, therapeutic, and agricultural applications. Vast biodiversity in ocean habitats provides potential for discovering molecules, genetic material, and organisms with medicinal and industrial use. Marine biotechnology focuses on exploring genetic and biochemical properties of marine life forms such as algae, fungi, bacteria, and invertebrates. Products derived from marine biotechnology include enzymes for industrial applications, bioactive compounds for pharmaceuticals, nutraceuticals, cosmetics, and biomaterials. Marine biotechnology helps unlock economic potential of oceans through sustainable utilization of marine genetic resources.

Market key trends:

The global marine biotechnology market is driven by increasing research and development activities focused on identification of novel compounds from marine sources. Moreover, rising prevalence of chronic diseases and growing demand for effective therapeutics is expected to boost demand for marine-derived pharmaceuticals. Discovery of anticancer and antimicrobial compounds from marine bioresources represents a key trend. Furthermore, advancements in field of genomics, proteomics and “-omics” technologies have improved efficiency of screening and testing of marine biomolecules. This is positively impacting market growth. However, lack of standardized regulations for access and benefit-sharing of marine genetic resources remains a key challenge to be addressed. Industry players are focusing on collaborative efforts and public-private partnerships to sustainably harness economic value from oceans through marine biotechnology.

Porter’s Analysis

Threat of new entrants: The Marine Biotechnology market requires heavy capital investments and research infrastructure which acts as a deterrent for new players to enter the market.
Bargaining power of buyers: The presence of several key players limits the bargaining power of the buyers in the global Marine Biotechnology market.
Bargaining power of suppliers: Limited raw material suppliers for marine biotechnology leads to consolidation of supply chain and moderate bargaining power of suppliers.
Threat of new substitutes: Low threat of substitutes due to specialized nature of marine biotechnology products and services.
Competitive rivalry: High competitive rivalry among key players operating in the global Marine Biotechnology market.

Key Takeaways

The global Marine Biotechnology market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for novel bioactive compounds from marine organisms for pharmaceutical applications.
North America is expected to dominate the global Marine Biotechnology market throughout the forecast period due to presence of major players, higher adoption and commercial application of marine biotechnology for pharmaceuticals industry. Asia Pacific is anticipated to grow at the fastest rate during the forecast period owing to increasing RD investment and commercial activities related to marine biotechnology in emerging economies like China and India.

Key players operating in the Marine Biotechnology market are Abbott laboratories, Johnson Johnson, Ansell Limited, Becton and Dickinson Company (BD), Boston Scientific Corporation, Medtronic Incorporated. Key players are focusing on new product launches and collaborations with research institutes to enhance their market share in the emerging marine biotechnology market. The global Marine Biotechnology market size for 2023 is US$ 52.9 Mn.