New York, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The global plant-based vaccines market was worth US$ 1.3 Bn in 2021 and is set to exhibit growth at a high-value CAGR of 7.8% over the forecast period (2022-2032).
Plant-based biologics production technologies have improved to the point of commercial viability in the last 30 years, with the potential to manufacture complex compounds in mammalian-compatible systems at comparatively low production costs, significant scalability, and versatility.
Continued research has accelerated the development of plant virus-based technologies for harnessing the full productive capacity of plant biomass in transient conditions. The past decade's viral epidemics have reinforced the belief that early diagnosis leads to non-pharmaceutical therapies, which are then followed by vaccination.
The capacity of plant-based production systems to instantly pivot production to a range of diverse target molecules and rapidly generate large quantities at a cheap cost is useful for pandemic response. Furthermore, with increasing incidence of zoonotic diseases, the market for plant-based vaccines is anticipated to expand rapidly in the years ahead.
“Growing biopharming activities, large global burden of disease, and lower initial investments & running costs for plant-based vaccine production are factors set to boost market growth over the forecasted years,” says an analyst of Persistence Market Research.
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Key Takeaways from Market Study
- Viral vaccines held 53.2% of the global market share by type in 2021.
- Maize, as a source, held 38.6% of the global plant-based vaccines market share in 2021.
- By application, influenza accounted for a market share of 35.9% in 2021.
- Around 35.3% of the global market share, by region, was accounted for by North America in 2021.
Although typical biologics manufacturing systems may cover a community's pharmaceutical demands in homeostasis, the COVID-19 pandemic has resulted in a rapid increase in the demand for vaccines and medicines, highlighting the limitations in this supply chain's ability to quickly design and produce biologics in emergencies with a short lead-time. Given the predicted demand for COVID-19 vaccines and the need for expedited large-scale production, the capabilities of present biologics production systems need to be evaluated for their suitability for pandemic preparedness.
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Market Competition
Leading players are focused on the production of vaccines and therapeutic antibodies, along with government support for distribution. Moreover, major players in the plant-based vaccines market sphere are concentrating their efforts on bringing clinically effective vaccine products from the pipeline stage to the distribution and marketing stages.
Growing approvals by regulatory bodies and collaboration activities between key players are other factors influencing market growth.
Leading Players in the Industry:
- Creative Biolabs
- Medicago Inc.
- iBio
- ICON
- EEA Consulting Engineers
- Kentucky BioProcessing, Inc.
- Baiya Phytopharm
- Protalix Biotherapeutics
Some instances of key developments within the market:
- On February 17, 2021, the USFDA approved fast-track designation for the Medicago CoVLP vaccine, while on April 21, 2021, Health Canada began a review of the CoVLP vaccine's rolling application.
- June 2022: iBio, a biologics manufacturing business, is developing and manufacturing therapeutics and vaccines in plants as bioreactors, with the goal of eliminating the significant time and cost associated with selecting, growing, and banking mammalian cell lines. FastPharming is iBio's patented plant-based recombinant protein manufacturing system.
- Medicago and GSK announced positive Phase 3 effectiveness and safety findings for an adjuvanted plant-based COVID-19 vaccine candidate in December 2021.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the plant-based vaccines market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2023 – 2033.
The research study is based on source (maize, tobacco, potatoes, and others), type (viral vaccines, bacterial vaccines, and others), and application (influenza, Zika virus, Ebola virus, and others), across seven key regions of the world.
Persistence Market Research’s Expertise in Life Sciences and Transformational Health
Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations. Click here to learn more about how we zero in on the critical aspects of this industry.
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