October 13, 2011
Wellesley, Mass. – In a recent release, GLOBAL MARKETS FOR MARINE-DERIVED PHARMACEUTICALS (PHM101A) from BCC Research (www.bccresearch.com), the global market for marine-derived pharmaceuticals was valued at nearly $4.8 billion in 2011, $5.3 billion in 2012, and is projected to be worth nearly $8.6 billion by 2016, a compound annual growth rate (CAGR) of 12.5% between 2011 and 2016.
The marine-derived pharmaceutical market can be broken down by marine source into five segments – sponges, fish including shark, tunicate, mollusc, and fungus.
The segment made up of sponges was worth nearly $3.1 billion in 2011, and in 2016 should be worth $3.9 billion, a CAGR of 5%.
The segment made up of fish including shark, worth $1.5 billion in 2011, will be worth nearly $3.2 billion in 2016, a CAGR of 16.2%.
The tunicate segment was worth $129 million in 2011 and in 2016 will be worth $896 million, a CAGR of 47.3%.
The mollusc segment, worth $69 million in 2011, will be worth $490 million in 2016, a CAGR of 47.8%.
The ocean is vast and extremely under-explored; it covers about 70% of the Earth’s surface, making it a relatively untapped resource, with about 87% of Earth’s life. Over the last 40 years, more than 20,000 compounds have been discovered from marine organisms.
Given the complexity of the chemical compounds present in marine life, marine-derived drugs are difficult to develop. It is therefore not surprising that only 10 drugs have been approved by the U.S. Food and Drug Administration (FDA) and the regulatory bodies in Europe. Despite the low number of marine-derived drugs on the market, annual revenues reached $4.3 billion worldwide in 2010 with high projected growth rates over the next five years.
Many factors are driving the pharmaceutical industry to consider or explore marine-derived drug development as a part of their research-and-development portfolios. These include patent expiry and the search for new molecules, availability of public funding geared toward marine initiatives, the importance of emerging markets, and medical needs, including cancer, neurodegeneration, infectious diseases, and the medical needs of an aging population.
This study will be of interest to nonprofits and the government sector as well as the biotechnology and pharmaceutical industries and related life science, analytics, drug discovery, and diagnostic test manufacturing companies as well as all those interested in or actively working in drug and imaging agent research and investors in all of the above.
Global Markets for Marine-Derived Pharmaceuticals( PHM101A )
Publish Date: Oct 2011
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