Marine Biotech Revenues Projected to Reach $3.78 Billion by 2012, According to New Report by Global Industry Analysts, Inc

A growing interest from the medical, pharmaceutical, aquaculture, and industrial sectors, the global market for marine biotechnology drive this projected rise in revenue. The advent of advanced scientific disciplines such as molecular biology, genomics, bioinformatics and the application of information technology to biotechnology has tremendously enhanced human understanding of marine life. Widening applications in several end-use areas including marine transportation, environmental remediation, cosmetics, research, and food sectors also contributed to market growth. However, the industry is still in a nascent stage and accounts for a tiny percentage of the overall biotech market. Given the vast untapped potential, the marine biotech sector holds promising growth prospects for the future. The United States is the single largest market for marine biotechnology worldwide. The market is forecasted to be over US$1 billion in 2008 as stated by Global Industry Analysts, Inc. Non-US markets are projected to record faster growth with a compounded annual rate exceeding 5% through 2012. Thickeners including agar, alginates, carrageen, and flocculants account for a majority of the marine biomaterials market. The marine biotech sector is characterized by the presence of numerous players ranging from pharmaceutical companies to research-oriented niche companies.

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