The Plant-based Vaccines Market is expected to reach US$ 2,672.05 million by 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.
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.
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.
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.
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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.
Based on source, the plant-based vaccines market is segmented into tobacco plant, maize, potato, and others. The tobacco plant segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR in the market during the forecast period. Plants are used to produce vaccines, antibodies, proteins, drugs, and pharmaceuticals. Plant-based human vaccine production occurs in transgenic plants such as tobacco and turnip, which are used as hosts for gene introduction and the production of vaccines. The plant species and technology choice determine the vaccine administration route. These vaccines are produced in tobacco plants using transient expression. For instance, the US Department of Agriculture approved a plant-based vaccine for Newcastle disease that infected poultry and produced it in suspension-cultured tobacco cells.
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The report segments the plant-based vaccines market
The plant-based vaccines market is segmented based on vaccine type, source, application, and geography. Based on vaccine type, the market is categorized into bacterial vaccines, viral vaccines, parasite vaccines, plant-derived virus-like particles (VLPs), and others. Based on source, the plant-based vaccines market has been segmented into tobacco plant, maize, potato, and others. Based on application, the Plant-based vaccines market has been segmented into influenza, zika virus, Ebola virus, COVID-19, poultry disease, and others. On the basis of geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East and Africa (the UAE, Saudi Arabia, South Africa, and Rest of the Middle East and Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).
List of companies
1. MEDICAGO, INC.
2. British American Tobacco p.l.c.
3. ICON GENETICS GMBH
4. CREATIVE BIOLABS, INC.
5. iBio, Inc.
6. LENIOBIO
7. Lumen Bioscience, Inc.
8. LEAF EXPRESSION SYSTEMS LTD.
9. ZYUS LIFE SCIENCES INC.
10. FRAUNHOFER CMB
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