Global Blue Biotechnology Market: Development History, Current Analysis and Estimated Forecast to 2027
Global Blue Biotechnology market, by Product (Enzymes, Pharma Products, Bulk Chemicals, Biopolymers), by Application (Bio-Engineering, Genomics, Vaccine Development, Drug Discovery, Others), by End-Users (Hospitals, Labs) – Forecast Till 2027
Blue Biotechnology Market Highlights
Blue Biotechnology Market provides numerous advantages like use of marine organisms in the field of biotechnology by modifying their genome, and diagnosis of diseases through microbial testing which contributes to the growth of this market. Drug discovery represents one of the most promising and highly visible outcomes of blue biotechnology. Biochemical compounds that are produced by marine invertebrates, algae and bacteria, are very different than those from related terrestrial organisms and thus offer great potential as new classes of medicines. Some of the examples of marine-derived drugs include an antibiotic from a fungi, two closely related compounds extracted from a sponge that can be used to treat cancer and the herpes virus, and a neurotoxin from a snail that has a kind of painkiller properties which makes it 10,000 times more potent than morphine without having any side effects to the patient. Moreover, there are several more marine-derived compounds currently in clinical trials and it is likely that many more of such will advance to the clinic as more scientists are looking to the ocean for these biotechnological uses.
According to a recent study published by the Market Research Future analysts, the global blue biotechnology Market is growing at a double digit growth rate; mainly due to increasing demand of marine biotechnology products, increasing application of marine biotechnology in healthcare and extensive research and development activities. Research into pharmacological properties of marine products has led to the discovery of compounds considered worthy of clinical applications. There are great potential in bio prospecting from the sea and marine natural products research has just started to flourish.
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Global Blue Biotechnology Market - Competitive Analysis
The market for blue biotechnology is continuously growing market with number of companies operating in this market. There are large number of companies involved in the development of the products including the extracts, drug compounds, molecules among others. Blue Biotechnology Market is becoming huge with increasing demand for the marine based products. There have been few success stories in the blue biotechnology market space.
In October 2008, Martin Chalfie, Osamu Shimomura, and Roger Y. Tsien were awarded the Nobel Prize in chemistry for their discovery and development of the green fluorescent protein. The GFP and the luciferase enzyme from Vibrio fischeri have widespread uses in molecular biology as a reporter protein. Later the applications of GFP in neuroscience unfolded.
In 2005, The Irish Elan cooperation brought a synthetic version of the drug Ziconotide on the European markets in 2005 under the brand name Prialt. The drug is intended for use by patients suffering from intense and prolonged pain caused by e.g. cancer, aids, and neuropathic pain etc.
Moreover, there are few developments from companies involved in the business of marine biotech.
In May 2017, Marinova’s fucoidan extracts from the seaweed species Undaria pinnatifida and Fucus vesiculosus have attained GRAS (Generally Recognized As Safe) status with the US Food and Drug Administration (FDA). These Maritech ingredients are the first and only high purity fucoidan extracts to achieve FDA notified GRAS status.
The company oceanBASIS cultivates the sugarkelp Saccharina latissima in an integrative sustainable aquaculture facility in the Kiel Fjord. The company is specialised in extracting natural substances from marine organisms and developes natural products for health and beauty such as cosmetics.
Global Blue Biotechnology Market - Regional Analysis
America is the largest market due to an increase in demand of blue biotechnology products, awareness regarding applications of blue biotechnology in vaccine development and presence of large number of biotechnology companies engaged in research and development activities in blue biotechnology. Europe is the second largest market owing to an increase in the demand of marine biotechnology products. Asia Pacific shows a steady growth of this market as blue biotechnology is not much applied in various fields. Middle East & Africa does not present much of opportunities for the growth of the blue biotechnology market at the moment and contributes least in the global blue biotechnology market.
The global market consist of players such as Aker BioMarine (Norway), Marinova (Australia), New England Biolabs (U.S), PML Applications Ltd. (U.K), Sea Run Holdings, Inc.(U.S), PICES (Canada), Donald Danforth Plant Science Center (U.S), GeoMarine Biotechnologies (India), GlycoMar (Scotland), Cellgen Biologicals Pvt Ltd. (India), Nurture Aqua Technology Pvt. Ltd. (India), Samudra Biopharma Pvt.Ltd (India), and Sanosil Biotech (India). These are some of the prominent players at the forefront of competition in the global blue biotechnology market.
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