(PharmaNewsWire.Com, August 03, 2024 ) According to a new report by InsightAce Analytic, the "Plant-Based Vaccines Market" in terms of revenue was estimated to be worth $1.43 billion in 2023 and is poised to reach $2.77 billion by 2031, growing at a CAGR of 8.90% from 2024 to 2031.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the plant-based vaccines market are: • Scalability and cost-effectiveness • Safety and reduced contamination risk • Technological advancement
The following are the primary obstacles to the plant-based vaccines market's expansion: • Regulatory hurdles • Purification challenges • Market competition
Future expansion opportunities for the plant-based vaccines market include: • Rapid response to emerging diseases • Pandemic preparedness • Global health initiatives
Market Analysis:
The ability of plant-derived vaccines to improve patient immunity and general health, as well as their increased use due to their lower cost and larger production capacity when compared to traditional egg- and cell-based vaccines, are key factors anticipated to propel the growth of the global market for plant-based vaccines. Furthermore, it is anticipated that plant-based vaccinations would have minimal or no adverse effects, which will further encourage market expansion.
List of Prominent Players in the Plant-Based Vaccines Market: • Medicago • Kentucky bioprocessing • Fraunhofer USA center for molecular biotechnology • ICON genetics • iBio inc • dowdupont • convo AB • plant corp AG • map biopharmaceutical inc
Recent Developments: • In 2022, EU5 dominates the vaccine packaging market with the highest sales share of 53.76%, followed by Central and Eastern Europe with 35.37% and Northern Europe with 10.87%. • The World Health Organization (WHO) reports a significant increase in the total number of vaccine doses produced and consumed each year. In particular, global pandemic vaccine production capacity has increased from approximately 1.5 billion doses in 2006 to 6.4 billion doses in 2019.
Plant-Based Vaccines Market Dynamics:
Market Drivers: Scalability And Cost Effectiveness Plants, especially some crops like tobacco, can be used to produce vaccines quickly and on a large scale. This expansion enables a cost-effective manufacturing process compared to existing methods. Plant-based platforms for vaccine production could enable faster responses to emerging infectious diseases. The flexibility and speed of plant-based systems can be advantageous for the development of vaccines against new pathogens. Using plants as an expression system eliminates the risk of contamination with human or animal pathogens that can occur in traditional vaccine production using eggs or mammalian cell cultures. This improves the safety profile of herbal vaccines. Plant-based systems are designed to produce a wide range of antigens. This diversity makes them suitable for developing vaccines against a variety of diseases, including viral and bacterial infections. Continuous advances in plant biotechnology and genetic engineering technologies are helping to optimize plant-based vaccine production. Improved expression systems and a better understanding of plant biology will increase the feasibility of this approach.
Challenges: Regulatory Hurdles Regulatory approval for plant-based vaccines can be challenging, as regulators may need to establish specific guidelines for this innovative approach. Complying with regulatory requirements and ensuring safety and efficiency can be time-consuming. The public may or may not have reservations about herbal vaccines. Acceptance may be influenced by factors such as the perceived safety of the technology and concerns about genetically modified organisms (GMOs) in vaccine production. Purification and extraction of vaccine antigens from plant tissue can be difficult. The development of efficient and cost-effective purification methods is essential for the commercial viability of plant-based vaccines. The level of antigen expression in plants can vary, which affects the consistency and yield of vaccine production. Achieving consistent and stable expression of the desired antigen is a technical challenge that needs to be solved.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period North America, including the United States and Canada, was a highly developed region. Many research institutions and biotechnology companies in North America are actively involved in plant-based vaccine research and development. Academic institutions and private companies have contributed to the development of this field. The COVID-19 pandemic has led to increased interest in alternative methods of vaccine production, including plant-based platforms. North American companies are exploring plant-based approaches to develop COVID-19 vaccines. Companies such as Medicago, based in Canada, have played an important role in promoting herbal vaccines. Medicago is leading the development of a plant-based COVID-19 vaccine. The collaboration between North American companies, research institutions, and international partners is remarkable. These collaborations are designed to leverage expertise, resources, and funding for the development and commercialization of plant-based vaccines.
By Region- North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • Southeast Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa
About Us: InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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