Pharmaceutical Grade Phycocyanin Market Expected to Witness

The description
The global Pharmaceutical Grade Phycocyanin market size is expected to grow from USD 33.0 Million in 2020 to USD 50.5 Million by 2027, at a CAGR of 6.3% from 2021 to 2027. Phycocyanin belongs to the phycobiliprotein family. It is a blue pigment protein that emits fluorescent, water-soluble photosynthetic accessory pigments in cyanobacteria and some red algae. Phycocyanin can be extracted from Arthrospira platensis.

Factors such as growth in the pharmaceutical industry, growing demand for phycocyanin for cancer diagnostics, and increasing demand for immune enhancement function are expected to respond to the development of the global pharmaceutical grade phycocyanin market. Additionally, there has been an increase in demand for pharmaceutical grade phycocyanin being developed and used as a potential medicine. The shift from chemicals to naturally extracted products to develop drugs to treat various diseases has led to market growth owing to the side effects of these chemicals. In addition, marine natural products have seen significant development and use in recent years. They have new lead compounds for critical illnesses, which have resulted in sea-mined phycocyanin in pharmaceuticals.

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Global Pharmaceutical Grade Phycocyanin Market Dynamics
Causing factors: increased incidence of various cancer conditions
Rising incidence of different cancer conditions in the world, pharmaceutical companies and scientists are focusing on natural phycocyanin to develop cancer drugs and treatments. Phycocyanin exerts anticancer activity by blocking the tumor cell cycle, inducing apoptosis and autophagy, thereby increasing the market for pharmaceutical grade phycocyanin.

Rising number of cancer patients will drive the demand for interventional radiology, thereby driving the growth of the market. For example, according to Global Health Data Exchange, the total number of leukemia cases worldwide was around 323,913.03 in 2017 and increased to 334,592.26 in 2019. Thus, the increase in the prevalence of cancer in the region will drive the growth of the pharmaceutical grade phycocyanin market.

Constraints: High cost of phycocyanin color, purification and extraction, and risk of algae contamination
Although pharmaceutical grade phycocyanin offers high productivity and efficient operations, the technologies used during manufacturing increase their initial prices. Additionally, the cultivation of S. platensis to produce phycocyanin can only be done by large-scale industries due to the high operating costs of synthetic media such as Zarrouk. For example, the average production cost of phycocyanin was US$249.70 kg-1; such figures encourage large-scale production. However, to reduce the cost of raw materials, conventional substrates such as Zarrouk could be modified by using organic waste containing essential elements that can support S. platensis. Additionally, organic waste from anaerobically digested dairy manure waste (ADDMW) could be a low-cost alternative medium for S. platensis. On the other hand, there is a risk related to algae contamination, which damages the entire phycocyanin purification and extraction process, thus hampering the growth of the pharmaceutical grade phycocyanin market.

Opportunities: increased investment in the pharmaceutical industry
Growing technological advancements coupled with rising awareness about the benefits of pharmaceutical grade phycocyanin are significantly driving the growth of the market. Additionally, increasing R&D investment by many pharmaceutical companies is expected to boost the market growth. For example, U.S. pharmaceutical company spending on research and development was $79.6 billion in 2018 and grew to $83 billion in R&D spending by member pharmaceutical companies in 2019. will create lucrative growth of the pharmaceutical grade phycocyanin market.

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Report scope
The study categorizes the Pharmaceutical Grade Phycocyanin market on the basis of type and application regionally and globally.

By Type (Revenue, USD Billion, 2017-2027)
C Phycocyanin
R Phycocyanin
By Application (Revenue, USD Billion, 2017-2027)
Health care products
By Region (Revenue, USD Billion, 2017-2027)
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
C Phycocyanin Segment of Pharmaceutical Grade Phycocyanin Market Expected to Account Largest Share by Type
On the basis of type, the pharmaceutical grade phycocyanin market has been segmented into phycocyanin C and phycocyanin R.

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The pharmaceutical grade phycocyanin segment accounted for the largest share of the global pharmaceutical grade phycocyanin market in 2020. Phycocyanin C is widely used in the treatment of cancer and has wide application for the anti-cancer drug pipeline. According to the study by Ganter et al, when C-PC is combined with 10% of the standard dose of topotecan, prostate cancer cells (LNCaP) were killed at a higher rate than when topotecan was used alone to the total quantity. C-PC consists of apoptosis through generation of ROS and activation of caspase-9 and caspase-8.7.

Asia-Pacific accounts for the highest CAGR over the forecast period in the pharmaceutical grade phycocyanin market.
Based on regions, the global pharmaceutical grade phycocyanin market has been segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Four main countries namely China, India, Japan and rest of Asia-Pacific are analyzed in Asia-Pacific. Asia-Pacific ranks second in the global pharmaceutical grade phycocyanin market. China accounted for a large share of this market in 2020, and India is expected to grow rapidly over the forecast period.

China holds a major share of the pharmaceutical grade phycocyanin market in terms of consumption and manufacturing. However, developing countries such as India, Hong Kong, Vietnam, Singapore, Thailand and others have been recognized as significant markets due to the rapidly geriatric population and growing number of cancer patients in the region. For example: According to Global Health Data Exchange, the total number of leukemia cases in Vietnam was 14,135.9 in 2017 and increased to 14,920.2 in 2019. In 2017, about 2,482.9 patients with leukemia liver cancer were seen in the country which increased to 2,541.9 in 2019. Similarly, the total number of leukemia cases in Thailand was 26,932.5 in 2017 and increased to 30,123.7 in 2019. Thus, an increase in the prevalence of cancer in the region will aid the growth of the pharmaceutical grade phycocyanin market.

Main market players
The pharmaceutical grade phycocyanin market operating in the market includes Wuli Lvqi, King Dnarmsa Spirulina, Japan Algae, EcoFuel Laboratories, DIC Corporation, Parry Nutraceuticals, Nan Pao International Biotech, Ozone Naturals, Zhejiang Binmei Biotechnology and others. These players have adopted various winning strategies to gain higher shares or maintain leading positions in the market.

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