REPORT HIGHLIGHTS

The global market for marine biotechnology products and processes is estimated at $2.4 billion in 2002, a 9.4% increase from 2001. The non-U.S. market for marine biotechnology applications in 2002 is estimated at more than $1.6 billion, or roughly twice the size of the U.S. market. The non-U.S. market is projected to rise over the next five years at an average annual growth rate (AAGR) of 6.4%. This is faster than the U.S. market with an AAGR of 4.7% and will exceed $2.2 billion in 2007. The U.S. marine biotechnology market is projected to surpass $1 billion by 2007.

Global Market Trends for Marine Biotechnology, 1999-2007 ($ Millions)          Source: BCC, Inc.

INTRODUCTION

Marine biotechnology is a relatively new field that involves the discovery and application of products and processes derived from marine organisms. Its promising future reflects the tremendous biodiversity of the world’s oceans and seas that cover more than three-quarters of the earth’s surface.

Most major groups of living organisms primarily or exclusively are marine, and the demands of their environment have led these organisms to evolve unique structures, metabolic pathways, reproductive systems and sensory and defense mechanisms. Many of these same properties have important potential applications in the terrestrial world. For example, research into the ways that marine organisms adhere to wet surfaces, or prevent other organisms from adhering to them, is yielding useful new technologies. These include both adhesion inhibitors (e.g., antifouling coatings for ship hulls) and new types of adhesives such as medical “glues” for joining tissue or promoting cell attachment in tissue engineering applications.

Andrew McWilliams

Data and analysis provided courtesy of  BUSINESS COMMUNICATIONS COMPANY, INC., 25 Van Zant Street, Norwalk, CT 06855,  Telephone: (203) 853-4266; ext. 309,  Email: publisher@bccresearch.com