Global Blue Biotechnology Market To Project Significant Expansion At A CAGR of 10.2% During 2017-2023
Blue biotechnology deals with the application of biotechnology to marine or aquatic sources at a molecular level to extract active new ingredients for development of new drugs and other purposes. Market Research Future (MRFR) has published a report asserting that the global blue biotechnology market is anticipated to expand at a strong CAGR of 10.2% during the forecast period of 2017-2023.
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Market Driver and Restraints:
Oceans and Seas consist of large biodiversity and the development in the field of biotechnology has made it possible to utilize the marine and aquatic sources for obtaining various products that are useful for mankind. The availability of large market for blue biotech products in the various sectors is majorly driving the global blue biotechnology market.
The increasing demand for blue biotech products in the pharmaceutical industry for production of various medicines and drugs is fueling the expansion of the global blue biotechnology market. The flexibility, adaptivity and constant development of blue biotechnology are widening its application range in various industries.
The global blue biotechnology market has been segmented on the basis of product, application and end-users. Based on products, the blue biotechnology market is segmented into enzymes, pharma products, bulk chemicals, biopolymers and other products. Based on application, the blue biotechnology market is segmented into bio-engineering, genomics, vaccine development, drug discovery and others. Based on end-users, the blue biotechnology market is segmented into hospitals, pharmaceutical companies, biotechnology companies, research institutes, laboratories, and others.
The global blue biotechnology market has been segmented into five major regions such as North America, South America, Asia Pacific, Europe and the Middle East and Africa. The North America region is dominating the global blue biotechnology market owing to the rapid development in the field of biotechnology and large number of players focusing on development of blue biotechnology in this region. The Europe region is the second largest market in the global blue biotechnology market due to the increasing consumer demand for biotech products in this region. The Asia Pacific region accounts for the steady growth in global blue biotechnology market as the blue biotechnology is still at a nascent stage in this region. Lack of awareness and less technological penetration in the underdeveloped area is resulting in the slow growth of blue biotechnology market in the Middle East and Africa region.
The rapidly increasing research and development expenditure by the players for innovative product launch in medical, cosmetics, food and other industries is triggering competition in the global blue biotechnology market. The nascent stage of blue biotechnology has created huge opportunities for the product manufacturers and research institutes to explore higher verticals in the global blue biotechnology market.
In June 2018, Hilton Lifestyle, LLC, a skincare manufacturer in the U.S., has announced the launch of its first full skincare line under the Paris Hilton brand called ProD.N.A. These skin care products are manufactured with the use of enzymes sourced from marine microalgae.
The major players of the global blue biotechnology market that are profiled in the report by MRFR are Aker BioMarine (Norway), Marinova (Australia), New England Biolabs (the U.S), PML Applications Ltd. (the U.K), Sea Run Holdings, Inc.(the U.S), PICES (Canada), Donald Danforth Plant Science Center (the U.S), Shell Marine Products (the 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).
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