Global Plant-based Vaccines Market, By Vaccine Type (Bacterial Vaccines, Viral Vaccines, Parasite Vaccines, and Others), By Source (Tobacco Plant, Maize, Potato, and Others), by Application (Influenza, Covid-19, Zika Virus, Ebola Virus, Poultry Disease, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 95.9 Million in 2023 and is expected to exhibit a CAGR of 51.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on the launch of new products, which is driving the global plant-based vaccines market growth. For instance, in October 2021, a unit of a Japanese company backed by Philip Morris International is planning to launch the world’s first plant-based COVID-19 vaccine that is potentially cheaper and easier to transport and store than conventional jabs.
Global Plant-based Vaccines Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
COVID-19 had a positive impact on the global plant-based market. Several businesses are pursuing research and development for the creation of COVID-19 vaccines based on plants. For instance, in June 2021, the biotech startup and biologics contract manufacturing company iBio revealed that the preclinical testing of IBIO-202, a candidate subunit vaccine that specifically targets the nucleocapsid protein of SARS-CoV-2, had revealed a potent, antigen-specific, and memory T-cell response.
Global Plant-based Vaccines Market: Key Developments
The COVID-19 vaccine, created by Medicago Inc. and made from a type of tobacco plants, began clinical trials in Japan in 2021.
In September 2020, Lumen Bioscience, Inc. received a US$4 million grant from the Series B financing round from investors such as WestRiver Management, Bioeconomy Capital, and others. The company is planning to use the funding to engineer the spirulina for the production of the COVID-19 vaccine.
Browse 37 Market Data Tables and 36 Figures spread through 180 Pages and in-depth TOC on “Global Plant-based Vaccines Market”- Forecast to 2030, Global Neuroendovascular Coil Market, By Vaccine Type (Bacterial Vaccines, Viral Vaccines, Parasite Vaccines, and Others), By Source (Tobacco Plant, Maize, Potato, and Others), by Application (Influenza, Covid-19, Zika Virus, Ebola Virus, Poultry Disease, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/plant-based-vaccines-market-2004
Key Takeaways of the Global Plant-based Vaccines Market:
- The global plant-based vaccines market is expected to exhibit a CAGR of 51.3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global plant-based vaccines market.
- Among vaccine type segment, the viral vaccines segment is expected to hold a dominant position in the global plant-based vaccines market during the forecast period due to the increasing production of viable vaccine candidates. For instance, in March 2020, Medicago, a biopharmaceutical company, announced they had successfully produced a virus-like particle (VLP) of the coronavirus just 20 days after obtaining the SARS-CoV-2 (virus causing the COVID-19 disease) gene. Production of the VLP is the first step in developing a vaccine for COVID-19, which will now undergo preclinical testing for safety and efficacy.
- Among region, North America is expected to be the dominant region in the global plant-based vaccines market owing to the increasing product approvals from regulatory authorities. For instance, in February 2022, Medicago and GlaxoSmithKline (GSK), a pharmaceutical and biotechnology company, announced that Health Canada had granted approval for the 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.
- Major players operating in the global plant-based vaccines market are 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).
