Pharmaceutical Grade Phycocyanin Market Set to Witness Explosive Growth by 2030

Description
The global pharmaceutical grade phycocyanin market size is expected to grow from USD 33.0 million in 2020 to USD 50.5 million by 2027, at a CAGR of 6.3% from 2021 to 2027. Phycocyanin belongs to the family of phycobiliproteins. It is a blue pigment protein that emits fluorescent, water-soluble photosynthetic accessory pigments in cyanobacteria and certain red algae. Phycocyanin can be extracted from Arthrospira platensis.

Factors such as growth in the pharmaceutical industry, surging demand of phycocyanin for cancer diagnosis, and rise in demand for immune enhancement function are expected to cater to the development of the global pharmaceutical grade phycocyanin market. In addition, there has been an increase in demand for pharmaceutical-grade phycocyanin in development and utilization as a potential drug. A shift from chemical to naturally extracted products to develop drugs to treat various diseases has led to market growth due to the side effects of such chemicals. Further, marine natural products have had significant development and utilization in recent years. They have novel lead compounds for critical diseases, which has garnered marine extracted phycocyanin in pharmaceuticals.

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Global Pharmaceutical Grade Phycocyanin Market Dynamics
Drivers: Rise in incidence of various cancer conditions
Rise in the incidence of different cancer conditions globally, pharmaceutical companies and scientists focus on natural phycocyanin to develop anti-cancer drugs and treatment. Phycocyanin exerts anti-cancer activity by blocking the tumor cell cycle, inducing apoptosis and autophagy, thereby augmenting the pharmaceutical-grade phycocyanin market.

The rise in the number of cancer patients will drive the demand for interventional radiology, thereby boosting the market growth. For instance, as per Global Health Data Exchange, the total number of leukemia cases globally was around 323,913.03 in 2017 and rose to 334,592.26 in 2019. Thus, the increase in the prevalence of cancer across the region will foster pharmaceutical-grade phycocyanin market growth.

Restraints: High cost of phycocyanin color, purification and its extraction, and risk of algae contamination
Although the pharmaceutical grade phycocyanin offers high productivity and efficient operations, the technologies employed during manufacturing augment their initial prices. Also, the cultivation of S. platensis to produce phycocyanin can only be carried out by large-scale industries due to the high operating costs of synthetic mediums such as Zarrouk. For instance, the average production cost of phycocyanin was US$ 249.70 kg-1; such figures encourage large-scale production. However, to reduce the cost of raw materials, conventional substrates such as Zarrouk could be altered using organic waste containing essential elements that can support S. platensis. Additionally, the organic waste from Anaerobically Digested Dairy Manure Waste (ADDMW) could be a low-cost alternative medium for S. platensis. On the other hand, there is a risk associated with algae contamination, which damages the whole purification and extraction process of phycocyanin, thereby hampering the growth of the pharmaceutical grade phycocyanin market.

Opportunities: Rising investment in the pharmaceutical industry
The growing technological advancements coupled with rising awareness towards the advantages of pharmaceuticals grade phycocyanin is significantly driving the market's growth. Moreover, increasing R&D investment by many pharmaceutical companies is expected to drive market growth. For instance, United States pharma companies' expenditure on research and development was USD 79.6 billion in 2018 and has risen to USD 83 billion of expenditure by pharma member companies on R&D in 2019. Thus, the rising pharmaceutical investment will create a lucrative growth of the pharmaceutical grade phycocyanin market.

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Scope of the Report
The study categorizes the pharmaceutical grade phycocyanin market based on type and application at the regional and global levels.

By Type (Revenue, USD Billion, 2017-2027)
C Phycocyanin
R Phycocyanin
By Application (Revenue, USD Billion, 2017-2027)
Health Care Products
Medicine
Others
By Region (Revenue, USD Billion, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The C Phycocyanin segment of the pharmaceutical grade phycocyanin market is projected to account for the largest share by type
Based on type, the pharmaceutical grade phycocyanin market has been segmented into C Phycocyanin and R Phycocyanin.

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The pharmaceutical grade phycocyanin segment accounted for the largest share in the global pharmaceutical grade phycocyanin market in 2020. C phycocyanin is widely used in cancer treatment and has wide application for anti-cancer drug pipeline. As per the study of Ganter et al, when C-PC is combined with 10% of the standard dose of topotecan, the prostate cancer cells (LNCaP) were killed at a higher rate than when topotecan was used alone at the total amount. The C-PC consists of apoptosis through the generation of ROS and activation of caspase-9 and caspase-8.7.

Asia Pacific accounts for the highest CAGR during the forecast period in the pharmaceutical grade phycocyanin market.
Based on the regions, the global pharmaceutical grade phycocyanin market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Four main countries, namely, China, India, Japan, and the Rest of Asia-Pacific, are analyzed in Asia-Pacific. Asia-Pacific holds the second position in the global pharmaceutical grade phycocyanin market. China accounted for a significant share of this market in 2020, and India is expected to experience rapid growth during the forecast period.

China holds a significant share of the pharmaceutical grade phycocyanin market in terms of consumption and manufacturing. However, developing countries such as India, Hong Kong, Vietnam, Singapore, Thailand, and others have been recognized as important markets due to the rapid geriatric population and the rising number of cancer patients in the region. For instance: as per Global Health Data Exchange, the total number of leukemia cases in Vietnam was 14,135.9 in 2017 and rose to 14,920.2 in 2019. In 2017 around 2,482.9 liver cancer patients were witnessed in the country, which has increased to 2,541.9 in 2019. Similarly, the total number of leukemia cases in Thailand was 26,932.5 in 2017 and rose to 30,123.7 in 2019. Thus, a rise in the prevalence of cancer across the region will foster pharmaceutical grade phycocyanin market growth.

Key Market Players
The pharmaceutical grade phycocyanin market operating in the market including Wuli Lvqi, King Dnarmsa Spirulina, Japan Algae, EcoFuel Laboratories, DIC Corporation, Parry Nutraceuticals, Nan Pao International Biotech, Ozone Naturals, Zhejiang Binmei Biotechnology, and others. These players have been adopting various winning strategies to gain higher shares or retain leading positions in the market.

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