Rockville , Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, the worldwide Marine-Derived Pharmaceuticals market is valued at US$ 4,131.3 million in 2023 and it is anticipated to reach US$ 9,083.1 million by 2033. Over the next decade, global Marine-Derived Pharmaceuticals demand is likely to increase at a CAGR of 8.2%.
When marine sources are considered potential sources for various products, there are few in particular that hold potential. Marine sponges are one of the most resourceful marine animals. More than any other marine animal tested for its potential use in medicine, chemicals derived from marine sponges have been shown to produce the highest number of valuable compounds that can be utilized in the medicine and pharmaceutical industry. Apart from marine sponges, algae, cnidarians, bryozoans, and ascidians are also valuable sources of bioactive compounds that have therapeutic properties. Moreover, numerous diatom species and phytoplankton strains have antibacterial and antifungal characteristics.
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Technological advancements in the field of medicine have helped the industry explore and find alternative sources for the manufacture of medical products. There is a growing interest in the potential of ocean bodies as a valuable source of bioactive compounds which are increasingly used in the field of medicine. Marine by-products and marine sources have been used to formulate various cosmetic products like marine collagen, they are also used in animal feed as protein alternatives, and their characteristic as an efficient source of chemical compounds in the pharmaceutical sector is also gaining a lot of interest of scientists.
Key Takeaways from the Marine-Derived Pharmaceuticals Report:
- The global Marine-Derived Pharmaceuticals market is expected to reach a valuation of US$ 9,083.1 million by 2033.
- Global demand for Marine-Derived Pharmaceuticals is likely to soar at 8.2% CAGR over the forecast period.
- U.S. is projected to hold a dominant value share of 20.3% in the global market by 2033.
- The United States Marine-Derived Pharmaceuticals market is projected to reach a valuation of US$ 1,925.6 million by 2033.
- United Kingdom market is estimated to witness a value CAGR of 5.6% during the projection period.
“Marine sponges and Bryozoans are a few of the many marine organisms that are rich in useful compounds for the medical and pharmaceutical industry” – says a lead analyst at Fact.MR
Who is Winning?
Pfizer Inc., TerSera Therapeutics LLC., Janssen Products, LP, Eisai Inc., Biotium, PharmaMar, Zeltia ZEL.MC, High Liner Foods Inc., GFR Pharma, Amway Corp., General Mills Inc, Standard Functional Foods Group, Abbott Laboratories, Roquette Kloetze, Rizhao Jiejing Ocean Biotechnolare key Marine-Derived Pharmaceuticals manufacturers listed in the report. These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market.
These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- 2020: Remdesivir, a drug that is widely used to treat covid-19 was formulated with the help of marine sponge Tectitethya crypta. Remdesivir was initially used to treat ebola before covid-19. It is an effective drug used to reduce the recovery time in a patient to four days, however, did not help in the reduction of fatalities of covid-19.
Marine-derived Pharmaceuticals Market Segmentation:
- By Drug Type:
- Antibacterial
- Anti-inflammatory
- Neuroprotective
- Antiviral agent
- Anticancer
- Analgesic
- Antimicrobial
- By Source:
- Algae
- Tunicate/Ascidiacea
- Marine Sponges
- Actinomyces
- Mollusc
- Bryoza
- Shark Cartilage
- Marine Fungi
- Soft Corals
- By Sales Channel:
- Prescription Based
- Over the Counter
- Drug Stores
- Pharmacies
- Retail Stores
- Online Merchandizers
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Fact.MR, in its new offering, provides an unbiased analysis of the global Marine-Derived Pharmaceuticals market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the Marine-Derived Pharmaceuticals market based on ingredient type (Fish Meal, Fish Oil, Crustaceans, Mollusc), Species (Cattle, Poultry, Pig, Equine, Aquaculture), Life Cycle (Starter feed, Grower feed, Finisher feed, Brooder feed), across various regions.
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