ALBANY, N.Y., Sept. 27, 2021 /PRNewswire/ -- Rising awareness about the benefits of plant-based vaccines coupled with significant increase in infectious diseases around the world is projected to lead to substantial growth of the plant based vaccines market during the forecast period of 2021-2031.
Plant-based vaccines are economically effective and free of cold-chain transport. They are easy to store, and the production facilities can be expanded without hassle. Thus, the demand for plant-based vaccines is expected to grow.
Transparency Market Research (TMR) has conducted extensive research on various aspects related to the growth of the plant-based vaccines market. The analysts at TMR expect the global market for plant-based vaccines to expand at a CAGR of 7.38% during the forecast period of 2021-2031. The plant-based vaccines market is expected to reach US$ 2.34 Bn by 2031.
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Diseases including Ebola, Zika, and COVID-19 are propelling the requirement of plant-based vaccines on a large scale. Advancements such as the plant-based expression technologies help decrease cost and time associated in developing traditional vaccines. However, manufacturers are facing issues in developing 3rd generation plant vaccines. For overcoming these problems, manufacturers are trying to inculcate latest technologies such as sonication, electroporation, and biolistic to develop these types of vaccines. These aspects are projected to have a profound impact on the growth of the plant-based vaccines market.
Key Findings of Report
Expanding Research on Developing Plant-based Vaccines for Combating COVID-19 to Invite Substantial Growth
The race for an effective vaccine to fight COVID-19 infection is the main focus of many companies. Various technologies and methods are being implemented for developing effective vaccines to combat the COVID-19 infection, including plant-based vaccines. For instance, researchers are developing an affordable plant-based COVID-19 vaccine to be produced in Botswana for preventing the transmission of the novel coronavirus. Such developments add value to the growth trajectory of the plant-based vaccines market.
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Increase in Influenza Cases to Impact Growth of Plant-based Vaccines Market
Influenza is a type of respiratory infection caused by the influenza virus. It spreads easily. Many players in the plant-based vaccines market are striving to develop accurate and effective candidates for protection of individuals against influenza. Medicago's quadrivalent influenza vaccine (QIV) is a classic instance. The vaccine is currently under review by the health authorities, and stimulates a balanced antibody and cellular immune response and efficacy against numerous influenza strains. Similar developments will ensure substantial growth prospects for the plant-based vaccines market.
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Regional Landscape of Plant-based Vaccines Market
- North America held a major share of the plant-based vaccines market in 2020. The region is expected to show a similar trend during this forecast period. The presence of key players in the region is propelling growth of the global market in the region.
- Europe is anticipated to observe rapid growth during the forecast period. A well-developed healthcare sector offers immense growth prospects.
- Asia Pacific plant-based vaccines market may witness steady growth, owing to increase in technological developments in these vaccines across the region
Some well-established players in the plant-based vaccines market are Fraunhofer Center for Manufacturing Innovation, Kentucky BioProcessing, Inc., Creative Biolabs, EEA Consulting Engineers, iBio, Medicago Inc., and Protalix.
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Global Plant-based Vaccines Market: Segmentation
Plant-based Vaccines Market, by Type
- Bacterial Vaccine
- Viral Vaccine
Plant-based Vaccines Market, by Plant Source
Plant-based Vaccines Market, by Application
- Against Infectious Agents
- Against Autoimmune Disorders
Plant-based Vaccines Market, by Region
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Human Vaccines Market: According to Transparency Market Research's latest report on the global human vaccine market for the historical period 2017–2018 and forecast period 2019–2027, extremely low risk of serious and fatal side effects, education and awareness through various governmental and non-profit organizations, growing preference for outsourcing of vaccine manufacturing are projected to drive the global human vaccine market during the forecast period.
Respiratory Virus Vaccines Market: Companies in the respiratory virus vaccines market are developing promising vaccines that protect the health of individuals from tuberculosis and influenza. They are intensifying their R&D capabilities to develop neutralizing antibodies and therapeutic respiratory virus vaccines that can generate value-grab opportunities for manufacturers.
Foot and Mouth Disease Vaccines Market: Companies in the foot and mouth disease vaccines market are increasing the availability of effective and affordable vaccines that are designed to combat several strains of foot and mouth disease virus (FMDV). Manufacturers are increasing their efficacy in the development of synthetic vaccines capable of triggering optimum immune responses sans the need to grow live infectious viruses. These synthetic foot and mouth disease vaccines are reducing the risks of potential infections and contamination in livestock.
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