Plant-based vaccines Market to Register a Stout Growth by End 2028
The "Plant-based Vaccines Market Forecast to 2028 – COVID-19 Impact and Analysis – by Vaccine Type, Source, Application, and Geography," the market is projected to reach US$ 2,672.05 million in 2028 from US$ 1,143.72 million in 2021. The market is estimated to grow at a CAGR of 12.9% from 2021 to 2028. The report highlights the key factors driving the market and prominent players with their developments in the market. The report highlights trends prevailing in the market and the factors driving and restraining the market growth.
Plants are an important source to produce cost-effective vaccine derivatives. Plant-based vaccines can be made in a cost-effective way and produced on a large scale. Patients can readily accept these vaccines. Moreover, these vaccines are stable for long-term antigen storage. They also help to reduce the economic burden of infectious disease globally. Various plants, such as potato, rice, maize, tomato, carrot, tobacco, soybean, and peanut, have been used to develop plant-derived vaccines. The choice of the plant depends on the route of administration of the vaccine. Various clinical trials are being conducted to develop plant-based vaccines in therapeutic indications such as influenza, flu, and Ebola virus. Increasing research & development (R&D) activities and growing prevalence of infectious diseases are expected to boost the market growth over the years. However, the potential risk of contamination and environmental risks of manufacturing the vaccines are likely to hamper the market's growth in the coming years.
Manufacturers in the plant-based vaccines market are adopting developmental strategies such as product launch and mergers & acquisitions to sustain the competitive environment in the market. For instance, in April 2021, HotHouse BioEngineering and Leaf Expression Systems signed Plant-Based Expression License Agreement. Similarly, In July 2020, Medicago reached an agreement to supply the Government of Canada with its vaccine against COVID-19, subject to Health Canada approval. Medicago also received $173M in funding support from the Government of Canada for its vaccine research and development.
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The plant-based vaccines manufacturers across the world are focused on the production of plant-based vaccine for treatment of Covid-19. Their involvement in research and development and product innovations helps ensure the cost-effective, low time consuming and easy availability of vaccines in the regional and global markets. Moreover, the governments are providing the required support through funds allocation and permissions.
The plant-based vaccines market majorly consists of the players such as
MEDICAGO, INC.
British American Tobacco p.l.c.
ICON GENETICS GMBH
CREATIVE BIOLABS, INC.
iBio, Inc.
LENIOBIO
Lumen Bioscience, Inc.
LEAF EXPRESSION SYSTEMS LTD.
ZYUS LIFE SCIENCES INC.
FRAUNHOFER CMB amongst others. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The
companies have utilized organic strategies such as launches and product approvals. Whereas, the inorganic strategies such as mergers & acquisitions and collaborations, were widely seen in the plant-based vaccines market.
Several organic approaches, such as product launches, and expansion in the plant-based vaccines market, have resulted in the positive growth of the market. Likewise, inorganic strategies such as mergers & acquisitions, and collaboration have help the company to strengthen its revenue, which allows the company to hold a strong position in the market.
YEAR NEWS
Apr-2021 HotHouse BioEngineering and Leaf Expression Systems sign Plant-Based Expression License Agreement. By using Leaf’s Hypertans technology HHBE aims to produce non-protein secondary metabolites through the assembly and manipulation of multi-enzyme biosynthetic pathways.
Jul-2020 Medicago reached an agreement to supply the Government of Canada with its vaccine against COVID-19, subject to Health Canada approval. Medicago will also receive $173M in funding support from the Government of Canada for its vaccine research and development, and for the construction of its Quebec City manufacturing facility. Medicago’s innovative plant-based platform is being used to develop and, upon regulatory approval, produce vaccines.
Jul-2020 Zyus Life Sciences Inc. announced a positive milestone in the development of COVID-19 vaccine components by attaining plant-based expression, isolation, and purification of a potential antigen for a SARS-CoV-2 vaccine - providing evidence of concept for plant-based COVID-19 antigen production.
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