Plant-Based Vaccines Market Trends and Top Players 2021-2031
The Plant based vaccines market size is projected to reach US$ 3.96 billion by 2031 from US$ 1.44 billion in 2023. The market is expected to register a CAGR of 13.5% during 2023–2031. Increasing product launches and product approvals are likely to remain key trends in the market.
Plant Based Vaccines Market Analysis
Increasing number of research and development activities in plant-based vaccines leads to product approval and launches along with growing prevalence of infectious disease is expected to drive the growth of plant-based vaccines market. Moreover, increasing fundings and technological advancement in research activities is expected to contribute the market growth. Moreover, advancement in product of plant-based vaccines such as Gene transfer by agrobacterium and transformation via a genetically engineered plant virus are two typical approaches for producing efficient vaccines is expected to create ample opportunities in the coming years.
Plant Based Vaccines Market Overview
Increasing number of research and development activities in plant-based vaccines leads to product approval and launches along with growing prevalence of infectious disease is expected to drive the growth of plant-based vaccines market. Moreover, North America accounts for the major market share in 2023 owing to the rising number of product launch, product approval along with the spur in research and development activities. Europe is second largest region after North America and Asia Pacific is expected to register significant growth rate owing to the rising development of research studies and the increasing prevalence of infectious diseases that have skyrocketed the need for the plant-based vaccines market. The countries such as Australia, India, and South Korea are estimated to serve various growth opportunities due to the rising development in the pharmaceutical sector are the factors contributing to the market growth.
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Plant Based Vaccines Market: Strategic Insights
Market Size Value in US$ 1,143.72 million in 2021 Market Size Value by US$ 2,672.05 million by 2028 Growth rate CAGR of 12.9 % from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Plant Based Vaccines Market: Strategic Insights
| Market Size Value in | US$ 1,143.72 million in 2021 |
| Market Size Value by | US$ 2,672.05 million by 2028 |
| Growth rate | CAGR of 12.9 % from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Plant Based Vaccines Market Drivers and Opportunities
Increasing Prevalence of Infectious Diseases to Favor Market
The rising prevalence of infectious diseases such as COVID-19, influenza, the common cold, tuberculosis (TB), hepatitis A and B is expected to flourish the demand for plant-based vaccines during the forecast period. On December 31, 2019, a COVID-19 case was first detected in Wuhan, China. On March 11, 2020, the World Health Organization proclaimed COVID-19 a pandemic. COVID-19's rapid proliferation is posing a challenge to the healthcare systems around the world. Hospitals and intensive care units (ICUs) in many nations are overburdened or on the verge of collapsing. As a result, the most efficient use of healthcare resources is required. With limited access to breathing equipment, skilled critical care employees, or protected patient monitoring systems, healthcare providers are compelled to treat extremely ill patients. The endeavor to keep COVID-19 patients from deteriorating and being admitted to the ICU is enormous. To slow the spread of the SARS-CoV-2 virus and prevent future outbreaks, the need for new diagnostics, treatments, and vaccinations is high.
Advancement in Production of Plant-Based Vaccines
Various approaches are used to integrate the desired genes encoding the antigen protein for a given illness into the genome of plant tissues in plant-based vaccination technology. Gene transfer by agrobacterium and transformation via a genetically engineered plant virus are two typical approaches for producing efficient vaccines. However, as science and technology have progressed, new approaches have been created to improve the efficiency of older technologies, including biolistic, electroporation, agroinfiltration, sonication, and polyethylene glycol treatment. When microbial genes are incorporated into the plant genome, they are translated into target pathogen protein antigens without harming the plant or losing their immunogenicity. The systemic and mucosal immune responses are involved in initiating host immunity against the infection. Some vaccinations, such as cholera, Lyme disease, anthrax, tetanus, plague, rotavirus, and canine parvovirus, are made using direct bombardment or biolistic methods. Tuberculosis, dengue, avian flu, and Ebola vaccines have been developed using indirect methods or Agrobacterium-mediated gene transfer.
Plant Based Vaccines Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Plant based vaccines market analysis are vaccine type, source, and application.
- Based on vaccine type, the Plant based vaccines market is segmented bacterial vaccines, viral vaccines, parasite vaccines, plant-derived virus-like particles (VLPS), and others. The bacterial vaccines segment held the largest market share in 2023.
- By source, the market is segmented into tobacco plant, maize, potato, and others. The tobacco plant segment held the largest share of the market in 2023.
- In terms of application, the market is classified into influenza, zika virus, Ebola virus, poultry disease, Covid-19, and others. The influenza segment held a significant share of the market in 2023.
Plant Based Vaccines Market Share Analysis by Geography
The geographic scope of the Plant based vaccines market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market owing to the rising number of product launch along with the spur in research and development activities. However, during the forecast period the market is likely to get restrained by the factors such as challenges associated with the product approval, and the contamination and environmental risks for manufacturing plant-based vaccines. The US is the largest market for plant-based vaccines at a global level. The market's growth is attributed to the enormous number of R&D activities in the field of plant-based vaccines carried out in the country. The rising prevalence of infectious diseases in this region is anticipated to flourish the demand for plant-based vaccines. Infections such as viral hepatitis, influenza, and tuberculosis (TB) continue to be among the major causes of disease and death in the United States, resulting in significant spending on infection-related complications. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Plant Based Vaccines Market Report Scope
Plant Based Vaccines Market News and Recent Developments
The Plant based vaccines market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Plant based vaccines market are listed below:
- Medicago and GlaxoSmithKline (GSK) declared that Health Canada has granted approval for COVIFENZ, COVID-19 vaccine, (plant-based virus-like particles [VLP], recombinant, adjuvanted). This vaccine is indicated for active immunization to prevent coronavirus disease 2019 (COVID‑19) caused by severe acute respiratory syndrome coronavirus 2 (SARS‑CoV‑2) in individuals 18 to 64 years of age. (Source: GlaxoSmithKline, Press Release, February 2022)
- CEPI providing LenioBio with funding of up to US$2 million to provide preclinical proof-of-concept that a commercially available, plant-based, and cell-free technology can produce proteins to be used in vaccine trials for epidemic and pandemic threats in 20-40 days. Using LenioBio’s ALiCE technology, the ambition is to reduce the time required to manufacture vaccine proteins with “more traditional methods” like cell cultures. (Source: CEPI, Newsletter, May 2024)
Plant Based Vaccines Market Report Coverage and Deliverables
The “Plant Based Vaccines Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Plant based vaccines market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Plant based vaccines market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Plant based vaccines market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Plant based vaccines market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Vaccine Type, Source, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the Plant based vaccines market in 2023
Increasing number of research and development activities in plant-based vaccines leads to product approval and launches along with growing prevalence of infectious disease are the driving factors impacting the Plant based vaccines market
Increasing product launches and product approvals are the future trends of the Plant based vaccines market
The leading players operating in the Plant based vaccines market includes 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
The estimated value of the Plant based vaccines market by 2031 is US$ 3.96 Bn
The expected CAGR of the Plant based vaccines market is 13.5%
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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