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The global marine pharmaceuticals market size is estimated to grow by USD 1.95 billion at a CAGR of 8.63% between 2023 and 2028.
Marine ecosystems are abounding with an extensive array of unique and often undiscovered marine organisms. These organisms produce a wide variety of bioactive compounds that have the potential for pharmaceutical applications. The diverse marine biodiversity serves as a source of novel compounds, which are valuable for drug discovery and development. Moreover, the exploration and study of marine biodiversity through bioprospecting have become an essential component of marine pharmaceutical research. This systematic search helps identify and isolate bioactive compounds. Certain regions of the world, such as coral reefs and deep-sea ecosystems, are biodiversity hotspots that are of particular interest to the marine pharmaceutical industry. Thus, the presence of rich marine biodiversity will drive the growth of the marine pharmaceuticals market during the forecast period.
Technavio has segmented the market into Product, Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The market share growth by the oncology segment will be significant during the forecast period. Cancer is among the most frequent causes of death across the globe. Although tremendous progress is underway in cancer therapy R&D, an urgent need for novel oncology drugs still exists. Currently, the development of checkpoint inhibitors is gaining momentum; these are therapeutic antibodies that facilitate or enhance an immune response against tumour cells.
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The oncology segment was the largest and was valued at USD 1.44 billion in 2018. The growing number of cancer cases across the world has resulted in an increase in the need for research to diagnose and treat cancer. As per data from clinicaltrials.gov, as of January 2022, there were more than 6700 active clinical studies on cancer in the US. Thus, the demand for marine pharmaceuticals to treat various types of cancer is expected to increase during the forecast period. The growth will also be fueled by the increasing availability and expansion of the indications by the US FDA. For instance, ADCETRIS was approved by the US FDA as well as the European Commission (EC) for relapsed systemic anaplastic large cell lymphoma (sALCL), relapsed Hodgkin lymphoma, and other CD30 expressing malignancies. All these factors will drive the growth of the oncology segment of the global marine pharmaceuticals market during the forecast period.
Marine-derived compounds have demonstrated the potential to act as antibiotics and antimicrobial agents, making them valuable for treating bacterial and fungal infections. They may offer solutions to combat antibiotic-resistant pathogens. Marine-derived compounds exhibit anti-inflammatory properties, which can be beneficial in the development of drugs for conditions involving inflammation, such as arthritis and autoimmune diseases. Marine pharmaceuticals have shown promise in the development of anticancer drugs. Marine organisms have produced natural products with antibacterial, antifungal, and antiparasitic activities, which can be used to develop anti-infective agents. Thus, the use of marine pharmaceuticals as antibiotics and antimicrobial agents, anticancer agents, immunomodulators, anticoagulants, and blood thinners will promote the growth of the drug segment and propel the growth of the global marine pharmaceuticals market during the forecast period.
Omega-3 fatty acids derived from marine sources such as fish oil are commonly used as health supplements. These supplements are known for their potential to support cardiovascular health, reduce inflammation, and improve cognitive function. Astaxanthin, a carotenoid found in marine microorganisms and certain seafood, is available as a supplement. It is believed to have antioxidant properties that can support eye health, skin health, and joint function. Marine compounds with anti-inflammatory properties may be used in supplements to reduce inflammation and support immune function. Supplements containing marine collagen, astaxanthin, and other marine-derived compounds are used to support skin health, including hydration and skin ageing. Thus, these benefits of marine will promote the growth of the segment and drive the growth of the marine pharmaceuticals market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America holds the dominating position in the global marine pharmaceuticals market largely due to the significant prevalence of diseases in the region. In recent years, the increasing prevalence of diseases such as cancer, cardiovascular diseases, and Alzheimer's among individuals in North America is fueling the demand for treatment of these diseases to offer better patient care. The coastal regions of North America, including the Atlantic and Pacific coasts, are home to a diverse range of marine organisms that can serve as sources for novel pharmaceutical compounds. Government agencies in North America, such as the National Oceanic and Atmospheric Administration (NOAA) and the National Institutes of Health (NIH), often provide funding and support for marine biotechnology and pharmaceutical research.
In addition, the high prevalence of cancer in North America will increase the demand for oncology products from marine sources. The market growth will also be supported by product approvals. For instance, ADCETRIS (brentuximab vedotin) received approval from the US FDA for the treatment of primary cutaneous anaplastic large cell lymphoma (pcALCL) in individuals who received systemic therapy previously. All these factors will increase the demand for marine pharmaceuticals in North America during the forecast period.
In 2020, the COVID-19 pandemic negatively impacted the regional marine pharmaceuticals market. However, in H2 2021, the introduction of COVID-19 vaccines led to a decrease in the number of COVID-19 cases in the region, which led to the easing of the lockdown restrictions. This has resulted in the resumption of supply chain operations, which has resulted in the availability of marine pharmaceutical drugs for the treatment of different forms of carcinoma, pain, and CVD. Moreover, there is a growing awareness of the need for sustainable and environmentally responsible practices. The marine pharmaceuticals industry in North America is likely to emphasize responsible sourcing and conservation efforts. These factors will drive the growth of the regional marine pharmaceuticals market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
BASF SE - The company offers marine pharmaceuticals which provide quality marine-based ingredients and customized products under the brand Equateq Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Rising consumer demand for natural products is notably driving the driving market growth. Consumer preferences are shifting toward natural and environmentally friendly products in various industries, including pharmaceuticals. Marine-derived pharmaceuticals, which are sourced from the ocean and are often considered natural products, align with these preferences. Natural products are often perceived as safer and gentler on the body compared with synthetic drugs. The use of marine-derived compounds in pharmaceuticals can offer a perception of safety and efficacy, appealing to health-conscious consumers.
In addition, marine-derived compounds often have applications beyond pharmaceuticals, such as cosmetics, dietary supplements, and functional foods. This diversification of marine products allows consumers to access the benefits of marine-derived compounds. Thus, the rising consumer demand for natural products will impel the growth of the global marine pharmaceuticals market during the forecast period.
Research for anti-inflammatory compounds from marine sources is an emerging trend shaping the market growth. Inflammation is a well-regulated process in the human body. Any disturbance in the process of the inflammatory response can lead to chronic inflammation and prove fatal in some cases. Inflammation can lead to disorders such as rheumatoid arthritis, multiple sclerosis, and inflammatory bowel diseases. Marine invertebrates are sources of prime importance for new pharmaceutical products. The diterpenoids, the secondary metabolites present in them, exhibit significant anti-inflammatory properties.
However, several programs for drug discovery and development are focused on the identification of bioactive compounds from marine sources. The compounds having strong anti-inflammatory activity are expected to be discovered, which will enhance the global marine pharmaceuticals market during the forecast period.
Difficulties in drug development are a significant challenge hindering market growth. The lack of success in the development of early-stage candidates leads to very few late-stage pre-clinical candidates, which has been one of the major hurdles in drug discovery research from natural products. The problem is often termed as crossing the valley of death. A large number of marine pharmaceutical leads are published in scientific literature as exciting leads for a pharmaceutical product. The requirements for the advancement of an agent to the next level include the determination of the site of the mechanism of action, formulation as well and in-vivo evaluations in animal models to determine its efficacy and toxicity.
Furthermore, It is essential to establish a relationship between structure and activity, characterization of pharmaceutical properties, and pharmacokinetic parameters, along with improvements in medicinal chemistry. Thus, the difficulties in drug development will inhibit the growth of the global marine pharmaceuticals market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Marine Pharmaceuticals Market Customer Landscape
The marine pharmaceuticals market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Marine Pharmaceuticals Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.63% |
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Market Growth 2024-2028 |
USD 1.95 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.45 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, BASF SE, BeyondSpring Inc., BioMarin Pharmaceutical Inc., Bristol Myers Squibb Co., Croda International Plc, DEKRA SE, EID Parry India Ltd., Eisai Co. Ltd., GFR Pharma, GlaxoSmithKline Plc, Jazz Pharmaceuticals Plc, Koninklijke DSM NV, MARINE LIFESCIENCES, Merck KGaA, Pfizer Inc., PharmaMar SA, Roquette Freres SA, TerSera Therapeutics LLC, and ZELNOVA ZELTIA S.A. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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