"Sharks have persisted for at least 400 million years and are one of the oldest vertebrate groups on the planet. However, these predators are experiencing population declines significant enough to cause global concern," said lead author Boris Worm, professor of biology at Dalhousie University.
"This is a big concern because the loss of sharks can affect the wider ecosystem," said Mike Heithaus, executive director of Florida International University (FIU) School of Environment, Arts and Society and co-author of the paper.
Such changes can harm other species, and may negatively affect commercial fisheries, Heithaus said.
Based on data collected, shark deaths were estimated at 100 million in 2000 and 97 million in 2010. The total possible range of mortality is between 63 and 273 million annually.
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The biggest culprit in the significant population decline is a combination of a global boom in shark fishing - usually for their valuable fins - and the relatively slow growth and reproductive rates of sharks.
But even with the uncertainty there is little question that sharks are being caught faster than they can reproduce.
"Sharks are similar to whales, and humans, in that they mature late in life and have few offspring," said Worm.
"As such, they cannot sustain much additional mortality. Our analysis shows that about one in 15 sharks gets killed by fisheries every year. With an increasing demand for their fins, sharks are more vulnerable today than ever before," he said.
Imposing a tax on the export and import of shark fins could also help curb demand and generate income for domestic shark fisheries management, according to the study.