The Plant-based Vaccines Market is estimated to be valued at US$ 43.7 million in 2021 and is expected to exhibit a CAGR of 49.9% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Plant-based vaccines are derived from plants that have been genetically modified to produce antigens that can stimulate an immune response in humans. These vaccines offer a safer and more cost-effective alternative to traditional vaccine production methods. The potential use cases for plant-based vaccines include the prevention and treatment of various infectious diseases, such as influenza, COVID-19, and HPV. Additionally, plant-based vaccines also hold promise in the development of therapeutic vaccines for cancer and other chronic diseases.
The growth of the plant-based vaccines market is primarily driven by the increasing adoption of plant-based vaccines due to their safety, efficacy, and cost-effectiveness. In addition, the rising prevalence of infectious diseases and the need for efficient vaccine production methods are further fueling market growth. Furthermore, the opportunity for market expansion in emerging economies, where there is a high burden of infectious diseases and limited access to conventional vaccines, is expected to drive market growth in the forecast period.
Overall, the plant-based vaccines market presents significant growth opportunities due to the increasing demand for safe and cost-effective vaccine production methods, as well as the potential for market expansion in emerging economies.
The plant-based vaccines market can be segmented based on type, application, and region. In terms of type, recombinant protein-based vaccines dominate the market segment with a dominant market share of 49.9%. This segment is expected to continue its dominance over the forecast period due to the advantages of recombinant protein-based vaccines such as safety, efficacy, and ease of production. Moreover, the increasing adoption of plant-based vaccines for the prevention of various infectious diseases is driving the growth of this segment.
Political: The political landscape plays an important role in the growth of the plant-based vaccines market. Government regulations and policies regarding the use and approval of plant-based vaccines can impact the market dynamics.
Economic: The economic factors such as healthcare expenditure, investment in research and development, and availability of funding for vaccine development influence the growth of the plant-based vaccines market.
Social: Growing awareness among the population regarding the benefits of plant-based vaccines and the increasing demand for alternative vaccine production methods contribute to the market growth.
Technological: Advances in biotechnology and genetic engineering techniques have paved the way for the development of plant-based vaccines, enabling the production of vaccines in a cost-effective and scalable manner.
The global Plant-Based Vaccines Market is expected to witness high growth, exhibiting a CAGR of 49.9% over the forecast period. This growth can be attributed to the increasing prevalence of infectious diseases and the need for efficient and economical vaccine production methods. Recombinant protein-based vaccines dominate the market segment due to their safety, efficacy, and ease of production.
In terms of regional analysis, North America is the fastest-growing and dominating region in the plant-based vaccines market. Factors such as the presence of key players, significant investment in research and development, and supportive government initiatives contribute to the growth of this region.
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 key players are actively involved in research and development activities to introduce innovative plant-based vaccines in the market.
- Source: Coherent Market Insights, Public sources, Desk research
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