Marine-Based Drug Market Overview: Innovations and Industry Scope

According to Future Market Insights (FMI), the marine-based drug market is estimated to reach USD 4,177.9 million in 2024 and USD 9,275.9 million by 2034. The market is set to surge at a CAGR of 8.3% through 2034.

The marine-based drug market is driven by the increasing need for novel therapies due to the surging incidence of chronic illnesses such as cancer and infectious diseases. Technological developments are speeding up the process of finding new drugs by enabling researchers to quickly & accurately identify and characterize bioactive chemicals from marine compounds.

The market for marine-based drugs is expanding in emerging economies, especially in areas with rich marine biodiversity, such as Asia-Pacific and Latin America. Government initiatives, investment incentives, and regulatory frameworks conducive to growth are expected to propel these regions' research & development efforts. The worldwide marine drug market is expected to increase steadily due to factors such as the constant progress in technology, growing awareness of environmental issues, and the need for more efficient operations.

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Key Takeaways from the Marine-based Drug Market Report:

The global marine-based drug market is expected to reach a valuation of US$ 9,275.9 million by 2034
Global demand for marine-based drugs is projected to soar at an 8.3% CAGR over the forecast period
Germany is projected to hold a significant value share of 10.4% in the global market by 2034.
The United States marine-based drug market is projected to reach a valuation of US$ 1,864.46 million by 2034.
India is expected to surge at a CAGR of 6.9% during the forecast period.
During the forecast period, the United Kingdom is anticipated to grow at a CAGR of 5.2%.

"The search for bioactive substances with therapeutic potential in marine species is fueling the market for marine-based drugs, which is expanding quickly. Technological advancements and interdisciplinary cooperation provide opportunities for the discovery of innovative drugs. Research organizations, pharmaceutical companies, biotechnology businesses, and other stakeholders are working together to identify, extract, and create bioactive chemicals in the marine-based drug industry." - says a lead analyst at Future Market Insights (FMI).

Competitive Landscape

Pfizer Inc., TerSera Therapeutics LLC., Janssen Products, LP, Eisai Inc., Biotium, PharmaMar, and Zeltia ZEL.MC are key marine-based drug manufacturers listed in the report. Leading manufacturers are focusing on introducing new items to diversify their offerings. To remain relevant in the market, they also employ collaborations, mergers, acquisitions, agreements, and marketing tactics.

For instance,

In 2024, PharmaMar announced the start of a clinical trial on solid tumors with its new marine-derived chemical PM54.
In 2023, Pfizer collaborated with Ginkgo Bioworks to focus on discovering RNA-based drug candidates.
Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global marine-based drug market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study incorporates compelling insights on the marine-based drug market based on sales channel (prescription-based and over-the-counter), drug type (antibacterial, anti-inflammatory, neuroprotective, antiparasitic, antiviral agent, anticancer, analgesic, and antimicrobial), source (algae, tunicate/ascidiacea, marine sponges, actinomycetes, mollusca, bryozoa, shark cartilage, marine fungi, and soft corals), and form (solid, liquid, and semi-solid) across regions.

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Marine-based Drug Market Segmentation by Category

By Sales Channel:

Prescription-based
Over-the-counter
Drug Stores
Pharmacies
Retail Stores
Online Merchandizers

By Drug Type:

Antibacterial
Anti-inflammatory
Neuroprotective
Antiparasitic
Antiviral Agent
Anticancer
Analgesic
Antimicrobial

By Source:

Algae
Tunicate/Ascidiacea
Marine Sponges
Actinomycetes
Mollusca
Bryozoa
Shark Cartilage
Marine Fungi
Soft Corals

By Form:

Solid
Liquid
Semi Solid

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

Explore FMI's related ongoing Coverage in Food and Beverage Domain:

Marine Enzymes Market: https://www.futuremarketinsights.com/reports/marine-enzymes-market

Marine By-products Market: https://www.futuremarketinsights.com/reports/marine-by-products-market

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.