Global Marine Pharmaceuticals Market 2018-2022
About Marine Pharmaceuticals
Marine pharmaceuticals include all the drugs that are obtained from the marine source. These drugs are used for the treatment of various diseases such as cancer, heart diseases, and infections.
Technavio’s analysts forecast the Global Marine Pharmaceuticals Market to grow at a CAGR of 7.28% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine pharmaceuticals market. To calculate the market size, the report considers the revenue generated from the sales of oncology drugs primarily along with cardiovascular, anti-infectives, and others.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Pharmaceuticals Market 2018-2022
Technavio recognizes the following companies as the key players in the global marine pharmaceuticals market: GlaxoSmithKline, Jazz Pharmaceuticals, PharmaMar, and Seattle Genetics.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the preference for marine peptides as anti-infectives. Marine peptides can lead to the discovery of new anti-infectives to cater the demand for new and efficacious antimicrobial compounds.”
According to the report, one driver influencing this market is the introduction of special drug designations. This orphan drug status enables the drug providers to get incentives in terms of marketing, intellectual property, and R&D. The orphan drug status will provide various advantages to the sponsors for product development. The developer can avail a 50% tax credit on the cost of clinical trials undertaken in the US. This designation also provides marketing exclusivity for seven years after the marketing approval.
Further, the report states that one challenge affecting this market is the regular supply of marine organisms and compounds. The uninterrupted supply of organisms and compounds in sufficient amounts is a challenge for the market. One of the major hurdles for the regular supply is the variability among the marine organisms itself. For instance, sponges produce a large number of bioactive metabolites. It is interpreted that bioactive metabolites serve as a chemical defense to combat environmental stress factors, i.e., competition for space and predation.
GlaxoSmithKline, Jazz Pharmaceuticals, PharmaMar, and Seattle Genetics.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook