New York, USA, May 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global plant-based biologics market is anticipated to gather a revenue of $164.2 million by 2026 and grow at a healthy CAGR of 6.1% over the forecast timeframe from 2019-2026. The comprehensive report provides a concise outlook of the plant-based biologics market’s present scenario including chief aspects of the market such as growth elements, challenges, hindrances, and several opportunities during the expected period of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market:
Drivers: The continuous developments in plant-derived biologics by using alfalfa, tobacco, duckweed, and other plants is predicted to drive the growth of the plant-based biologics market during the forecast timeframe. In addition, the growing cases of chronic diseases like cardiovascular disease, Alzheimer’s disease, and diabetes across the world leads to a rising demand for low-cost drugs. This factor is estimated to further bolster the market’s growth by 2026.
Opportunities: The recent development of novel transient expression vectors is projected to offer abundant growth opportunities for the plant-based biologics market during the analysis years. In addition, features like increased scalability and low cost of plant-derived biologics are expected to further propel the market growth by 2026.
Restraints: Alternatives like mammalian-based biologics are predicted to impede the growth of global market during the analysis period.
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Segments of the Market:
The report has fragmented the plant-based biologics market into segments based on plant parts, source, and region.
Plant Parts: Leaf-based Biologics Sub-segment to be Most Lucrative
By plant parts, the leaf-based biologics sub-segment is anticipated to have the highest market share and gather a revenue of $71.0 million by 2026 due to its beneficial therapeutic properties. Leaf-based biologics are highly preferable for making multiple recombinant antibodies and proteins and are an important source of phenolic compounds. In addition, vine leaf extract is ideal for treating cardiovascular diseases. These factors are estimated to drive the growth of the sub-segment during the forecast period.
Source: Tobacco Sub-segment to be Most Dominant
By source, the tobacco sub-segment is predicted to hold a dominating market share and hit $71.0 million during the forecast period. Tobacco plants can be easily grown in bulk and within a small indoor space. In addition, many key market players are replacing mammalian-based biologics with tobacco-based biologics. These factors are estimated to accelerate the sub-segment’s growth by 2026.
Region: Plant-based Biologics Market in the Europe Region to be Have Immense Growth Opportunities
By region, market in the Europe region is anticipated to witness more growth opportunities and grow at a stable CAGR of 8.1%. Rising adoption of advanced technologies along with heavy investments in the R&D departments are the factors estimated to drive the market’s growth in the region. In addition, many firms are initiating strategic collaborations to develop multiple manufacturing facilities across several countries. This factor is expected to further propel the market’s development in the Europe region.
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Prominent Market Players:
The prominent players of the global market include
- Medicago Inc.
- PlantForm
- Ventria Bioscience Inc.
- Fraunhofer IME
- Greenovation Biotech GmbH
- Kentucky BioProcessing Inc.
- iBio
- Icon Genetics GmbH
- Mapp Biopharmaceutical
- PhycoBiologics Inc.
- Leaf Bio
These players are constantly working to build strategies such as product development, merger and acquisition, partnerships and collaborations to assist the market enhancement.
For example, in December 2021, Samsung Biologics, a renowned South Korean biotechnology company, announced about obtaining an official approval to become a global vaccine hub for manufacturing Moderna’s Covid-19 vaccine- Spikevax. This would be the first time Moderna vaccines’ production has been approved in South Korea.
The report also sums up many crucial facets including financial performance of the prominent players of the plant-based biologics market, SWOT analysis, product portfolio, and the newest strategic developments.
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