Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Plants are an important source to produce cost-effective vaccine derivatives. Plant-based vaccines can be made in a cost-effective way and produced on a large scale. Patients can readily accept these vaccines. Moreover, these vaccines are stable for long-term antigen storage. They also help to reduce the economic burden of infectious disease globally. Various plants, such as potato, rice, maize, tomato, carrot, tobacco, soybean, and peanut, have been used to develop plant-derived vaccines. The choice of the plant depends on the route of administration of the vaccine. Various clinical trials are being conducted to develop plant-based vaccines in therapeutic indications such as influenza, flu, and Ebola virus. Increasing research & development (R&D) activities and growing prevalence of infectious diseases are expected to boost the market growth over the years. However, the potential risk of contamination and environmental risks of manufacturing the vaccines are likely to hamper the market's growth in the coming years.
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According to The Insight Partners, “Plant-based Vaccines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vaccine Type (Bacterial Vaccines, Viral Vaccines, Parasite Vaccines, Others); Source (Tobacco Plant, Maize, Potato, Others); Application (Influenza, Zika Virus, Ebola Virus, Poultry Disease, Others) and Geography”, the global plant-based vaccines market size is expected to grow from $1.1 billion in 2021 to $2.67 billion by 2028; it is estimated to grow at a CAGR of 12.9% from 2021 to 2028.
Global Plant-Based Vaccines Market: Competition Landscape and Key Developments
Companies such as iBio, Inc. and LENIOBIO have implemented various inorganic developments that have bought about dynamic improvements in the plant-based vaccines market in which they are operating. Various companies are focusing on organic strategies such as product launch and expansion. Inorganic growth strategies witnessed in the market were partnerships and collaboration. These growth strategies have aided the market players in expanding their business and enhancing their geographic presence. Additionally, growth strategies such as acquisitions and partnerships helped strengthen their customer base and increase the product portfolio.
Global Plant-Based Vaccines Market: Segmental Overview
Based on application, the plant-based vaccines market is segmented into influenza, zika virus, Ebola virus, poultry disease, COVID-19, and others. The influenza segment would hold the largest share of 32.42% in 2021 and is expected to retain its dominance during the forecast period. However, the COVID-19 segment is estimated to register the highest CAGR of 13.8% in the market during the forecast period. The COVID-19 disease has spread worldwide and has a higher mortality rate than the influenza virus. Therefore, there was a surge in worldwide efforts to produce a suitable vaccine for COVID-19. Over a dozen vaccines have been authorized and are being administered worldwide. The current situation generated the need to produce low-cost, stable vaccines without any cold chain requirements, which can be used in developing countries. Therefore plants provided a viable platform for the generation of the COVID-19 vaccine. As a result of the numerous advantages, the segment is predicted to grow during the forecast period.
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