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The Global Marine Biotechnology market is expected to grow at a CAGR of 5.59% over the forecast period of 20182026. The market value is expected to increase from $4532 million in 2017 and reach $7321 million by 2026. The growing use of marine biotechnology in cosmetic industry, emerging research in the area of marine biomaterials and the developing healthcare sector are majorly responsible for driving the global marine biotechnology market.
The Global marine biotechnology market is segmented on the basis of technology, products and endusers. The technology segment of the market includes cultureindependent techniques, largescale implementation and enrichment, along with isolation and cultivation of microorganisms. Market by products include bioactive substances, biomaterials and other products. The endusers for this market include healthcare/biotechnology, industrial products, consumers' products, energy infrastructure and others.
The geographical segmentation of the global marine biotechnology market is done into AsiaPacific, Europe, North America and rest of world. The North America marine biotechnology market is expected to hold the highest share by the end of the forecast years. Extensive research for marine biofuels in the North American countries coupled with the growing biomaterialbased medical applications is boosting the market in this region. On the other hand, it is the AsiaPacific market which is anticipated to be the fastestgrowing region in the global marine biotechnology market on account of its huge exports of marine food products. China is presently the world's largest exporter of seafood. Other factors driving the marine biotechnology market in this region include the huge amount of research prevailing for marine biodiscovery and new molecule identification.
Some of the major companies involved in the marine biotechnology market are Abbott, BASF Se, Aker Biomarine, Biolume Inc, Cp Kelco, Biotech Marine Subsidiary Of Air Liquid Group, Cyanotech Corporation, FMC Geomarine Biotech, FMC Health And Nutrition, Lonza Group Ltd., New England Biolabs Inc, Marinova, Nutrex Hawaii Incorporated, Phyco Biotech Sas, Pharmamar S.A, Prolume Ltd, Seppic Sa, Sea Run Holding and Qingdao Codo International Ltd.NEXT ARTICLE
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