VANCOUVER -- Shark and ray populations have reduced dramatically in the past 50 years, a B.C. study has found, with researchers warning it could soon be too late for these species if no action is taken.

The study, conducted by researchers at Simon Fraser University, showed oceanic sharks and rays have declined by 71 per cent during that time.

"It's an incredible rate of decline, steeper than most elephant and rhino declines, and those animals are iconic in driving conservation efforts on land," said Nick Dulvy, a paper co-author and Canada research chair in marine biodiversity and conservation, in a news release.

"Knowing that this is a global figure, the findings are stark … If we don't do anything, it will be too late."

In reviewing the global abundance of sharks and rays back to 1970, researchers say they found there is "no doubting" overfishing is responsible for the decline and that fishing pressure on oceanic sharks and rays has increased 18-fold in the past five decades.

"We can see the alarming consequences of overfishing in the ocean through the dramatic declines of some of its most iconic inhabitants," said Nathan Pacoureau, the paper's lead author.

"It’s something policy makers can no longer ignore. Countries should work toward new international shark and ray protections, but can start immediately by fulfilling the obligations already agreed internationally."

The findings of the study were published Thursday in the journal Nature