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The Plant-Based Vaccines Market Size is valued at USD 1.43 Billion in 2023 and is predicted to reach 2.77 Billion by the year 2031 at an 8.90 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Growing interest from both the public and private sectors has led to increased investment in plant-based vaccine research and development. This financial support is critical to advancing our technology and bringing our products to market.
- The COVID-19 pandemic has accelerated research into alternative methods of vaccine production, including plant-based platforms. The urgency of developing a vaccine demonstrated the potential of these technologies.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Regulatory approval for plant-based vaccines can be challenging, as regulators may need to establish specific guidelines for this innovative approach. There are limitations, as it takes time to comply with regulatory requirements and to ensure safety and efficacy.
A vital ingredient in the creation of accessible vaccination derivatives is planted life. Plant-based vaccine production reduces the financial burden of infectious diseases in developing countries because of its large production volume and low cost. Numerous clinical trials focus on developing plant-based oral vaccines for therapeutic indications such as influenza, dengue fever, the flu, and the Ebola virus. By avoiding the use of syringes and needles, these immunizations can be given orally, freeing up medical staff for other tasks and reducing the risk of hospitals acquired infections. Due to rising public awareness of these vaccines' benefits and the global spread of infectious diseases, the market for plant-based vaccines is predicted to experience considerable growth during the projection.
Plant-based vaccines are also less expensive and do not require cold-chain shipping. They are easy to store, and adding more space for production is straightforward. The market for vaccines made from plants is expected to grow. To develop plant-based vaccines for various medical applications, the existing and future market participants for plant-based vaccines are concentrating on rigorous clinical practice assessments.
Furthermore, shortly, it was anticipated that the inadequacies, potential for contamination, and environmental issues would restrain the expansion of the global market for plant-based biologics. Pollen can harm non-transgenic harvests, a part of the conventional agricultural exhibition. Pollen contamination incidents in field crop-based Plant Molecular Farming (PMF) outlets, such as those based on maize or rice, expand biosafety situations. Creating recombinant pharmaceutical combinations is now strictly prohibited by U.S. FDA regulations.
Market Segmentation:
The plant-based vaccines market is segmented on the type, application and source. Based on type, the market is segmented into viral vaccines, bacterial vaccines and others. Based on application, the plant-based vaccines market is segmented into influenza, zika virus, ebola virus and others. Based on source, the plant-based vaccines market is segmented into maize, tobacco, potatoes and others.
Based On Type, The Viral Vaccines Segment Is Accounted As A Major Contributor To The Plant-Based Vaccines Market.
Based on type, the market is segmented into viral vaccines, bacterial vaccines and others. The viral vaccines category grabbed the highest revenue share, and it is anticipated that it will continue to hold that position during the anticipated time. Numerous studies have shown that transgenic plants can appropriately translate and digest bacterial toxin components and viral epitopes. Recombinant proteins activate immune responses and provide increased safety, economy, stability, adaptability, and efficacy compared to current vaccine technologies, leading to a larger market share.
The Influenza Segment Witnessed Growth At A Rapid Rate.
Based on application, the plant-based vaccines market is segmented into influenza, zika virus, ebola virus and others. The influenza category is anticipated to grow significantly over the forecast period. The influenza virus brings on a form of respiratory infection called influenza. Spreading is simple. To protect people against influenza, several market participants in the plant-based vaccination space are working to create precise and potent vaccine candidates.
A prime example is the quadrivalent influenza vaccine (QIV) from Medicago. Health authorities are presently evaluating the vaccine, which promotes a well-balanced cellular and antibody immune response and is effective against various influenza viruses. The market for plant-based vaccines will have strong growth potential thanks to similar discoveries.
The North American Plant-Based Vaccines Market Holds A Significant Regional Revenue Share.
The North American plant-based vaccines market is expected to register the highest market share in revenue shortly due to the development of new byproducts. The rising prevalence of influenza conditions in the local market and the expansion of several private and public research organizations dedicated to R&D activities for the development of plant-based vaccines, a massive industrial base, a strong consumer base with high purchasing power, particularly in developed nations like the U.S. and Canada, are other factors contributing to the expansion. Additionally, the Asia Pacific is anticipated to expand significantly over the forecast period due to the rise in infectious disease cases brought on by the climate of the region and the growing popularity of plant-based vaccines over conventional vaccines among the general public.
Recent Developments:
- In Feb 2022, The Canadian government authorized the use of a Covid-19 vaccine derived from plants, providing a novel immunization against the virus. A joint venture between Philip Morris International and a division of Mitsubishi Chemical Holdings Corp. produced the vaccine. Covifenz, a vaccine, was developed through a collaborative effort between GlaxoSmithKline Plc and Medicago Inc., a biopharmaceutical corporation headquartered in Quebec City that is owned by Mitsubishi Chemical and Philip Morris. It was accessible to adults between the ages of 18 and 64, Medicago and Glaxo announced in a joint statement on Thursday.
- In Sept 2021, iBio, a biopharmaceutical business specializing in plant-based technology, obtained a license for an innovative antibody that specifically targets regulatory T cells. The business entered into a global exclusive licensing deal for the advancement and commercialization of RubrYc's monoclonal antibody, RTX-003, which is a potential immunotherapy treatment specifically designed to target regulatory T cells (Tregs).
Competitive Landscape
Some major key players in the Plant-Based Vaccines Market:
- Creative Biolabs,
- Medicago Inc.,
- iBio,
- ICON,
- EEA Consulting Engineers,
- Kentucky BioProcessing, Inc.,
- Baiya Phytopharm
- Protalix Biotherapeutics.
- Other Market Players
Plant-Based Vaccines Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.43 Billion |
|
Revenue Forecast In 2031 |
USD 2.77 Billion |
|
Growth Rate CAGR |
CAGR of 8.90 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Source, Type, Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Creative Biolabs, Medicago Inc., iBio, ICON, EEA Consulting Engineers, Kentucky BioProcessing, Inc., Baiya Phytopharm and Protalix Biotherapeutics. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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