Plant-Based Vaccines Market , Market Overview,KeyTrends
Plant-Based Vaccines Market
Market Overview:
The global Plant-Based Vaccines Market
is estimated to be valued at US$ 43.7
million in 2021 and is projected to reach US$ 49.9 million by 2028, with a CAGR of XX% during the forecast period, as stated in a new report
by Coherent Market Insights. Plant-based vaccines are derived from plants,
offering numerous advantages such as cost-effectiveness, scalability, safety,
and ease of production. The increasing prevalence of infectious diseases, demand
for affordable vaccines, and advancements in plant biotechnology are the key
factors driving the market growth. Plant-based vaccines eliminate the need for
traditional manufacturing processes, reduce the risk of contamination, and have
the potential to address global vaccine shortages. These vaccines can be
efficiently produced in tobacco plants, potato tubers, maize, and other plant
species, making them highly adaptable to fulfill the global demand for
vaccines.
Market Key Trends:
One of the key trends observed in the Plant-Based Vaccines Market is the
increasing adoption of plant-made pharmaceuticals (PMP). Plant-based vaccines
offer a promising solution to overcome the challenges faced by traditional
vaccine production methods. PMPs are produced using genetically modified
plants, allowing for the efficient production of therapeutic proteins and
antigens. This method offers several advantages, including cost-effectiveness,
scalability, and the ability to rapidly respond to emerging infectious
diseases. Additionally, PMPs have the potential to reduce the dependence on
egg-based vaccine production and eliminate the risk of adverse events
associated with conventional vaccines. The growing demand for PMPs in the
healthcare industry and the advancement of biotechnology are expected to drive
the market growth for plant-based vaccines in the coming years.
Segment Analysis:
The plant-based vaccines market can be segmented based on vaccine type,
end-user, and region. By vaccine type, the market can be further divided into
recombinant protein subunit vaccines, viral vector vaccines, and DNA vaccines.
Among these segments, the recombinant protein subunit vaccines segment is
expected to dominate the market. This can be attributed to the fact that these
vaccines are safer, more stable, and easier to produce compared to other types.
Moreover, they have a proven track record of success in preventing infectious
diseases.
Key Takeaways:
The global Plant-Based Vaccines Market is expected
to witness high growth, exhibiting a CAGR of 49.9% over the forecast period of
2021-2028. This growth can be attributed to increasing awareness about the
benefits of plant-based vaccines and a rising demand for safe and effective
vaccines. Additionally, the COVID-19 pandemic has highlighted the need for
rapid vaccine development and production, which has further accelerated the
adoption of plant-based vaccine technology.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the plant-based vaccines market. This
can be attributed to the presence of key market players in the region,
favorable government initiatives supporting vaccine development, and a strong
healthcare infrastructure. Furthermore, the increasing prevalence of infectious
diseases and the need for effective vaccination strategies are driving the
demand for plant-based vaccines in North America.
Key players operating in the plant-based vaccines market include Medicago,
Inc., IBIO, Inc., Icon Genetics GmbH, Lumen Bioscience, Inc., British American
Tobacco Plc., Creative Biolabs, Inc., Leaf Expression Systems Ltd., ZYUS Life
Sciences Inc., PlantForm Corporation, and Infectious Disease Research Institute
(IDRI). These companies are engaged in research and development activities,
strategic collaborations, and mergers and acquisitions to expand their product
portfolio and gain a competitive edge in the market. The strong presence of
these key players indicates the potential growth opportunities in the
plant-based vaccines market.
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