Plant-based Vaccines Market is expected to reach US$ 2.34 Billion by 2031 End, Emergence of Numerous Infectious Diseases to Fuel Growth of the Market, Says TMR
Growing popularity of plant-based vaccines for aspects such as less time requirement and low investments as compared to recombinant protein methods is expected to offer considerable growth opportunities during the forecast period
Technological developments in the plant-based vaccines market are anticipated to drive the global market
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.
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.
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.
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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