by Plant-based vaccines have gained increased attention in recent years owing to their potential advantages over conventional vaccines including lower production costs, easy scalability, stability at room temperature without any refrigeration, and elimination of risks of contamination by human or animal pathogens. Plant-based vaccines work by inducing the plant to produce vaccine antigens, which are then administered to induce an immune response. Key crops utilized for producing plant-based vaccines include tobacco, maize, and soybean. The expressed antigens in plants mimic the effects of conventional vaccines by activating the immune system of vaccinated individuals. The antigens produced are generally soluble and safe for use as oral vaccines or injectable vaccines.
The global Plant-based Vaccines Market is estimated to be valued at US$ 98.19 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth of the plant-based vaccines market is the increasing focus of players on the development of plant-based vaccines for infectious diseases prevalent in developing regions. For instance, Medicago, Inc. is developing a plant-based vaccine for Respiratory Syncytial Virus (RSV) which is the most common cause of lower respiratory tract infections in infants and elderly. Icon Genetics GmbH is working on developing plant-based vaccines for diseases such as tuberculosis, hepatitis B, and norovirus which affect millions worldwide. Another notable trend is partnerships between academic institutions and companies for research and development of novel plant-based vaccines. This includes collaborations for engineering plants to express immunogenic antigens of priority pathogens. Such R&D alliances aid in translating academic innovations into commercial products at a faster pace.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the R&D required for plant-based vaccines is expensive. However, the market is still in its nascent stage providing opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as they can choose from traditional vaccines as well as plant-based alternatives.
Bargaining power of suppliers: The suppliers have moderate bargaining power as they are limited in number and there is a high dependence on them due to specialized requirements.
Threat of new substitutes: The threat of substitutes is low as plant-based vaccines offer a distinct environmental-friendly alternative to conventional methods of vaccine production.
Competitive rivalry: The competitive rivalry is high among the major players due to their focus on R&D and technological innovation.
Key Takeaways
The Global Plant-Based Vaccines Market Demand is expected to witness high growth at a CAGR of 7.0% during the forecast period of 2023-2030. The market size is projected to reach US$ 98.19 Mn in 2023.
North America is currently dominating the plant-based vaccines market owing to the rising government support for research in the region. However, Asia Pacific is expected to witness the fastest growth during the forecast period driven by populous nations like China and India increasing investments in new vaccine technologies.
Key players operating in the 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). The major players are focusing on partnerships and strategic collaborations to develop new plant-based vaccines.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
