New York City, NY, 14 November, 2019/ 24 Market Reports: Marine biotechnology is a growing field which also includes biomedicine as its sub-sector. The biomedicine comprises of pharmaceuticals discovery, bioremediation, genomics, marine biomedical model organism, bioinformatics and molecular genetics. The enormous biodiversity and genetic life in the sea is the major motivation for this discipline.
Marine environmental protection, marine bioactive substances, marine environmental protection, marine culture, genetics, fermentation engineering, enzyme engineering and marine biomaterials are the categories of the marine biotechnology. Even after being in the nascent stage, marine biotechnology has untapped potential and promising growth prospect in the future.
Industrial products, healthcare, infrastructure, consumer products and public services are the end-user applications of the marine products. This technology lends maximum utilization of marine resources and also conserves and safeguards these resources.
The United States dominates the marine biotechnology market with the largest share in the market owing to the home to various marine research centres specializing in marine biotechnology. The healthcare segment constitutes the largest segment in the market. Europe is the fastest-growing region contributing to the growth of the market. During the forecast period, it is expected for the Asia Pacific countries like China, India, Japan, Thailand, Australia, Vietnam and South Korea to witness substantial growth in the market.
Agriculture industries, food and cosmetics are the major end-use sectors of the marine products. Advancements in drug discovery, fisheries and aquaculture are also the factors propelling the growth of the market. Lack of investment in the R&D for biotechnology is restraining the growth of the market. Lack of exploration in oceans is constraining the growth as many untold marine resources are extinct even before their proper useful characteristics are discovered.