Marine-derived Pharmaceuticals Market is geared to grow at a CAGR of 7.2% from 2023 to 2032 | insightSLICE
The global Marine-derived Pharmaceuticals market size was estimated to be US$ 1.7 billion in 2021 and is expected grow at a CAGR of 7.2% between 2023 to 2032.
Rapidly evolving and new pandemic-level diseases are caused due to changing ecosystems and increased human population. This results in an increased burden on resources and treatment methods. Several R&D ventures are keeping speed of new compound discoveries for their activity against bacteria, viruses, and cancer cells.
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The key players of the Global Marine-derived Pharmaceuticals Market are:
Development and sale of marine derived pharmaceuticals is majorly carried out by corporations like Amway Corp., BASF SE, BioMarin Pharmaceutical inc., GlaxoSmithKline Plc, Guardian Industries Corp., Koninklijke DSM NV, Pfizer Inc., Pharma Marine AS, Seagen Inc., etc.
Driving factors for the growth of Global Marine-derived Pharmaceuticals Market
The marine environment has shown great potential for the availability and discovery of new bioactive compounds. Marine derived drugs have become a rising source of safe drugs which have novel usage against several diseases.
Because of the diverse phyla of organisms with special biological pathways and millions of novel bioactive compounds, the marine ecosystem has vast potential to provide new drugs for yet not curable diseases.
Several animal and plant species have been used to generate compounds that have anti-viral, anti-bacterial, anti-cancerous, and neuroprotective properties.
Special research interest in the development of marine derived pharmaceuticals has the potential to positively impact the global marine derived pharmaceutical market.
Although marine derived drugs have been used in treatments throughout human history, their growth will show significance in the coming years. Factors that enable the growth and adoption of marine-derived pharmaceutical products are the molecular diversity of available compounds, the rising efficacy of these products, and awareness of the potential of these drugs.
National-level funding projects and the rising interest of companies in marine derivatives drugs are also helping the growth of the global marine derived pharmaceutical market. The patentability of novel drugs will support the economics of such studies and drug development.
Algae, fish, crabs, and marine bacteria are used as the main sources for the preparation of bioactive compounds and are mainly used against infectious diseases or in cancer treatments.
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Global Marine-derived Pharmaceuticals Market Key Segments:
By Product type
- Drugs
- Health Supplement
By End users
- Hospital & Clinic
- Pharmacy
- Other
By Activity
- Cancer treatment
- Antibiotic
- Nutritional
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
The leading market segments of Global Marine-derived Pharmaceuticals Market
Major segments that have a high potential for marine derived pharmaceutical market are oncology treatment and anti-infection medications. The rise is occurring due to the growing population and increased prevalence of multiple drug-resistant pathogens.
The increased demand for novel treatments or co-therapies in these sectors has fuelled a search for new compounds against all major types of diseases. Such factors have significantly enabled the growth of the marine derived drugs market.
The marine peptide market is also a very high potential market with an impact that will be observed, if not immediately but at least in coming years. These marine peptides have various physiological benefits and utilization such as in biosimilars, antibiotics, or nutrient substitutes.
Nutrient supplement sales have seen better results due to notable benefits like fewer R&D requirements and fewer regulations compared to drugs and treatments.
Regional performance of Marine-derived Pharmaceuticals Market
North America is the leader in the global marine derived pharmaceutical market and will continue to grow significantly across the forecast period.
Markets for experimental and approved marine pharmaceutical products in the USA and Canada are amongst the largest. Europe and Asia region will also show better growth rates in the marine derived pharmaceuticals market during the study period.
COVID-19 impact on Marine-derived Pharmaceuticals market
Covid-19 also harmed pharmaceutical products across the globe including the Global Marine-derived Pharmaceuticals Market. Lockdown-related problems impacted marine derived drug development more than regular drug research and development projects.
Returning to normalcy towards these factors has enabled marine drug development and sales to rise once again. Several large companies have involved themselves in the discovery, development, and production of marine derived products.
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Opportunities ahead
A vast number of players are trying to use the chemical resources available from the marine ecosystem in large quantities. The R&D process has started for drug development against various diseases and problems.
This has resulted in a breakthrough for many new drugs and several of them are getting approved for clinical use. New investments and revenue-sharing models, or strategic collaborative projects are expected to deliver new classes of marine derived pharmaceuticals in the global market.
Licensing agreements will enable growth in revenue for new players and help increase the outreach of marine derived drugs to new markets across the globe.
Challenges of Global Marine-derived Pharmaceuticals Market
Marine drug markets have a limited supply of organisms and they are also difficult to culture in large quantities. Cost appreciation and price increases can occur in case the demand is extremely high. This can result in stagnation and reduced market excitement.
Price-sensitive markets or drugs with high demand have faced hindrances due to such constraints. Developing in-vitro or cellular processes for the production of such marine derived drugs will be a necessary first step to address this concern.
Technological hurdles in extraction and preservation also have a deep impact on drug availability and this is hampering the growth of marine-derived drugs.
General problems and challenges in the development of economical and eco-friendly supply chains faced by the pharmaceutical industry are creating a hurdle in the growth of the global marine derived pharmaceutical market. These problems can be tackled only by the development of cell-based production techniques or artificial synthesis of such drugs.
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