The global pharmaceutical grade phycocyanin market size was US$ 34.1 million in 2021. The global pharmaceutical grade phycocyanin market is forecast to grow to US$ 52.5 million by 2030 by growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.

Phycocyanin is a type of phycobiliproteins that casts fluorescent, water-soluble photosynthetic accessory pigments in cyanobacteria. It is also extracted from Arthrospira platensis.

Factors Influencing the Market

The inevitably growing pharmaceutical industry is driving the growth of the global pharmaceutical grade phycocyanin market. In addition, the use of phycocyanin for cancer diagnosis, together with the rising prevalence of cancer disease, will escalate the growth of the global pharmaceutical-grade phycocyanin market. In addition, the growing demand for pharmaceutical-grade phycocyanin as a potential drug will contribute to the growth of the global market.

The shift in consumer choices from chemical to naturally extracted products will benefit the pharmaceutical-grade phycocyanin market during the study period.

Phycocyanin has anti-cancer properties. It helps block the tumor cell cycle, which will escalate market growth.

High costs associated with the phycocyanin color, purification, and its extraction may limit the growth of the market.

Growing healthcare expenditure and rising research and development activities in the pharmaceuticals industry will benefit the global pharmaceutical grade phycocyanin market.

Regional Analysis

Asia-Pacific pharmaceutical grade phycocyanin market is forecast to grow at a significant growth rate due to growing initiatives by government bodies to improve healthcare infrastructure. In addition, the advancements in the pharmaceuticals industry will contribute to the growth of the global pharmaceutical grade phycocyanin market. The contribution of emerging economies, such as India, Hong Kong, Vietnam, Singapore, Thailand, and their growing population will significantly benefit the pharmaceutical grade phycocyanin market. According to the study by the Global Health Data Exchange, the total number of leukemia cases in Vietnam grew from 14,135.9 in 2017 to 14,920.2 in 2019. Thus, the growing prevalence of chronic disease will benefit the pharmaceutical-grade phycocyanin market.

COVID-19 Impact Analysis

The pharmaceutical grade phycocyanin market witnessed significant disruptions due to the imposed lockdowns in various nations. The bans on international trade created significant challenges for the pharmaceutical-grade phycocyanin industry. In addition, the demand for cancer treatments and diagnosis reduced drastically due to the terror of the pandemic. Research activities were also postponed in order to control the pandemic situation. Thus, all of these factors have negatively influenced the pharmaceutical grade phycocyanin market during the COVID-19 pandemic.

Competitors in the Market

Wuli Lvqi
King Dnarmsa Spirulina
Japan Algae
EcoFuel Laboratories
DIC Corporation
Parry Nutraceuticals
Nan Pao International Biotech
Ozone Naturals
Zhejiang Binmei Biotechnology
Other Prominent Players
Market Segmentation

The global pharmaceutical grade phycocyanin market segmentation focuses on Type, Application, and Region.

By Type

C Phycocyanin
R Phycocyanin
By Application

Health Care Products
Medicine
Others
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America