Global Marine Derived Drugs Market: Overview
A significantly large part of the world’s most popular medications are derived directly or indirectly from natural sources. Pioneering research in drugs derived from marine sources commenced with Roche Research Institute of Marine Pharmacology in the mid 1970s. Tethya crypta was one of the first marine organisms to be commercialized for the production of medications administered against HIV and Herpes. A small number of marine species, primarily comprising algae and other invertebrates, are already being researched to gauge their commercial value in pharmaceuticals.
The rising incidence of chronic ailments has emerged as a major concern globally, compelling governments to invest in advanced therapeutic researches. Studies have found marine organisms highly capable of providing effective solutions for chronic ailments such as cancer, herpes, and Alzheimer’s, among others. The rate of success and growth witnessed in the field is expected to be a major driver of the global marine derived drugs market. The increasing number of marine organisms used to extract drugs will create significant growth opportunities for the market. Currently sponges, mollusks, deep sea bacteria, tunicates, and fungi are the most commonly used marine organisms used for deriving drugs. Despite such strong show of R&D activities, experts believe no more than 10% of the potential marine candidates are researched till date.
The report studies the scope for expansion of the global marine derived drugs market between 2016 and 2024. It gauges the drivers and restraints influencing the market’s trajectory and identifies the prospects for growth. It also compiles exhaustive information aimed at providing a better perspective of the global marine derived drugs market to its stakeholders. Besides information relevant to the market’s trajectory, the report has a section dedicated to analyze its vendor landscape in detail. Information thus disclosed could help market participants, both established and new players, create winning strategies for future.
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Global Marine Derived Drugs Market: Trends and Opportunities
The marine derived drugs market is likely to witness lucrative opportunities in North America, as one of the world’s largest marine based pharmaceutical industry is domiciled in the region. The origin of marine derived drugs traces back to shark oil, calcium supplements, and cod-liver oil. Marine biotechnology has evolved over the years, fuelled the high prevalence of unmet medical needs and the innovation of pharmaceutical products. While the contribution of these factors towards the market’s growth has been significant, potential pipeline drugs such as anti-cancer drugs hold strong prospects for the market’s expansion in the near future.
The increasing initiatives for preserving marine biodiversity and investments in research programs across the world are indicative of the rising opportunities for the global marine derived drugs market. As pharmaceutical companies gears up to research various compounds that could fight against a broad spectrum of critical illnesses, the importance of marine derived drugs is expected to rise higher. The industry is currently aiming to investigate at least 70% of marine organisms and hope to find cure for fatal and high-risk diseases in the forthcoming years. Thus in time, marine organisms will largely emerge as viable compounds used in the production of drugs, nutritional supplements, and biomaterials.
Global Marine Derived Drugs Market: Regional Outlook
Regionally. The global marine derived drugs market can be segmented into Asia Pacific, Europe, North America, and Rest of the World. The market witnesses high demand in developed regions such as North America and Europe due to their sophisticated healthcare infrastructure. While the growth witnessed in developed regions is attributed to the high awareness regarding chronic ailments, in underdeveloped countries lack of awareness and social taboos commonly associated with advanced medications limits the scope for the market.
Nonetheless, high spending in the healthcare industry in countries such as India, Singapore, Thailand, and China is creating lucrative opportunities for the global marine derived drugs market. The rising medical tourism in these countries has made them popular destinations for advanced medical cares, leading to the influx of an increasing number of patients from lesser developed regions.
Global Marine Derived Drugs Market: Vendor Landscape
The report includes profiles of some of the most prominent companies operating in the global marine derived drugs market. Some of these companies are Pharma Marine USA, Genzyme, Bayer Innovation, Abbott Laboratories, Takeda Oncology’s Millennium, LLC, Marine Polymer Technologies, Inc., and Xenome Limited and some others. Using SWOT analysis, the report gauges the strengths and weaknesses of the companies profiled. The analysis also provides insights into the opportunities and threats that these companies are likely to witness over the course of the forecast period.