THE RISING R&D EXPENDITURE AUGMENTS THE GLOBAL MARINE BIOTECHNOLOGY MARKET TO GROW AT 5.59% OF CAGR BY 2026
“According to a new market research report published by Inkwood Research, The Global marine biotechnology market is expected to develop from $ 4532 million in 2017 to $ 7321 million by 2026, at a CAGR of 5.59% throughout the forecast years of 2018-2026.”
“Browse 30 market data Tables and 47 Figures spread through 187 Pages and in-depth TOC on “marine biotechnology market forecast 2018-2026.”
Marine biotechnology is majorly used in cosmetic industry, marine biomaterial, a newly emerging area of research and developing healthcare sector are the key factors responsible for the growth of the marine biotechnology market across the globe.
Marine Biomaterial: An emerging arena of research
The marine biomaterial is an emerging area of research with the critical applications. Recently researchers have paid significant attention to marine-derived biomaterials for a variety of healthcare applications such as cardiovascular tissue engineering, skin tissue engineering and liver tissue engineering, owing to biocompatibility bioceramics and vast diversity of enzymes, peptides lipids. Marine invertebrates make a surplus of bioactive compounds that motivates marine biotechnology, mostly in biometrics development and drug discovery programs. It aims to review the potential of drugs which is derived from marine invertebrates in neuroscience.
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Cultural independent techniques holds the highest share in the technology segment
Culture-independent techniques such as using functional based screening, small microsomal RNA (rRNA), microgel droplets and others are being extensively utilized in the identification of strains of microorganisms within an hour without the need to culture or grow the organism in the laboratory. According to NCBI, over 90% of marine microbes cannot be cultured by conventional culture-based technique. Thus, a novel culture-independent technique is used as an alternative to overcomes this limitation by providing access to the untapped genetic material. Furthermore, the technology offers efficient screening and high throughput cultivation. Culture-independent technology helps to uncover incredible diversity of microbes to characterize metabolism empowered with the provision of information at a genomic level that is supported by bioinformatics and sequencing technologies such as PCR.
Canada is evolving rapidly in the North American region
Companies based in Canada provide duty-free access to the market of over 470 million consumers. As Per the Department of Finance, Canada offers lowest overall marginal effective tax rate among G7 countries. Between 5-6% of total revenue generated from the biobased product was derived from marine-based biomass. Strong growth in government-supported research activities for marine biotechnology and increase in adoption of aquaculture business is acting as a major driver for marine biotechnology in Canada. The government of Canada has established a National Council of research that is facilitating extensive research in collaboration with many private firms in marine energy and aquatic resource development.
The major players in the global marine biotechnology market are Aker bio marine, BASF, Abbott, Lonza and New England Biolabs.
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