New York, USA, March 16, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global plant-based biologics market is expected to gather $164.2 million by 2026 and rise at a stable CAGR of 6.1% in the 2019-2026 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the plant-based biologics market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2019-2026. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Since the last few years or so, there has been a massive surge in the prevalence of chronic ailments like heart diseases, diabetes, Alzheimer’s etc. This growth in the incidence of chronic diseases is predicted to be the primary growth driver of the plant-based biologics market in the forecast period. Additionally, the various advantages offered by plant-based biologics such as the ability to produce complex molecules is predicted to help the market grow substantially in the forecast period.
Opportunities: The development of novel transient expression vectors is predicted to offer numerous growth opportunities to the market in the forecast period. Furthermore, strategic collaborations among key market players are anticipated to push the market forward.
Restraints: However, according to market analysts, availability of alternatives like mammalian-based biologics might become a restraint in the growth of the plant-based biologics market.
Segments of the Market
The Research Dive report has fragmented the plant-based biologics market across different segments such as plant parts, source, and region.
Plant Parts: Leaf-based Biologics Sub-segment to be the Most Dominant
By plant parts, the leaf-based biologics sub-segment is expected to be the most dominant one and generate a revenue of $71.0 million by 2026. There is a general rise in demand for leaf-based biologics, as they are perfect for making multiple recombinant proteins and antibodies. This growth in demand is expected to boost the growth of the sub-segment in the forecast period.
Source: Duckweed Sub-segment to Witness Significant Growth
By source, the duckweed sub-segment of the global market is predicted to be highly profitable one and garner a revenue of $12.0 million by 2026. Duckweed has been increasingly used as an essential tool for the large-scale screening of the discovery of antimicrobial chemicals, which is predicted to boost the growth of the sub-segment in the forecast period.
North America Region be Most Lucrative
By regional analysis, the plant-based biologics market in North America region is predicted to register a revenue of $87.3 million by 2026, thereby being the most lucrative one. Increasing investment in R&D by leading market players of this region is predicted to be the main driver of the market in the forecast period.
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Prominent Market Players
Some prominent players in the plant-based biologics market are
- Genetics GmbH
- iBio
- PhycoBiologics Inc.
- Kentucky BioProcessing Inc.
- PlantForm
- Ventria Bioscience Inc.
- Medicago Inc.
- Greenovation Biotech GmbH
- Fraunhofer IME.
- Mapp Biopharmaceautical - Leaf Bio.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in May 2020, Boehringer Ingelheim, a leading pharmaceutical company, announced the acquisition of Northern Biologics Inc., a global biotechnology company. This acquisition of Northern Biologics is predicted to help the acquiring company to consolidate its position as the leader of the industry.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Plant-based Biologics Market:
- Plant-Based Biologics: An Effective Way to Combat Life-Threatening Diseases
- Plant-Based Biologics Industry to Gain Impetus in the Coming Years
