New York, USA, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Research Dive has added a new report to its offering titled, “Plant-based Biologics Market by Plant Parts (Seeds-based, Leaf-based, Tubers-based, Fruits-based, others), by Source (Tobacco, Carrot, Alfalfa, Moss, Rice, Duckweed, Others), Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026”.
According to the report, the global plant-based biologics market is expected to generate a revenue of $164.2 million by 2026, growing rapidly at a CAGR of 6.1% during the forecast period 2019-2026.
Dynamics of the Plant-based Biologics Market:
Drivers: The rising prevalence of chronic diseases like diabetes, cardiovascular disease, Alzheimer’s disease, and many others is the prime factor estimated to drive the growth of the plant-based biologics market during the forecast timeframe. In addition, increasing R&D activities by major market players in the plant-based biologics sector is expected to further boost the market growth by 2026.
Opportunities: The development of the recent novel transient expression vectors, which are more advanced than the traditional plant-derived biologics, is expected to offer ample growth opportunities for the plant-based biologics market during the forecast timeframe.
Restraints: Alternatives like mammalian-based biologics are expected to hamper the growth of the market during the analysis period. Additionally, allergic reactions to the drugs produced from the genetically engineered plant is also predicted to hinder the market growth by 2026.
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Segments of the Plant-based Biologics Market:
The report has divided the plant-based biologics market into various segments based on plant parts, sources, and region.
- By plant parts, the leaf-based biologics sub-segment is expected to hold the highest market share and register a revenue of $71.0 million by 2026. Leaf-based biologics are suitable for developing multiple recombinant proteins and antibodies. Moreover, its huge number of therapeutic properties and extracts are widely used to treat cardiovascular diseases. These factors are estimated to boost the growth of the plant-based biologics market’s sub-segment during the analysis years.
- By regional analysis, the plant-based biologics market in the North America region is anticipated to generate a revenue of $87.3 million by 2026. Some leading market players in the US are actively initiating R&D activities for technology innovations, thus strengthening the market growth in the North America region during the forecast period.
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Highlights: Source Segment of Plant-based Biologics Market
The report’s analysis covers various sub-segments of the source category like tobacco, carrot, alfalfa, moss, rice, duckweed, and others.
According to the report, the tobacco sub-segment is predicted to have a dominant market share and register a revenue of $71.0 million by 2026. Tobacco has become the highly preferred plant mainly due to its legalization in most developed nations and its ability to grow indoors in bulk. Moreover, many key market players are taking initiatives to replace the mammalian-based biologics with tobacco-based biologics. These factors are anticipated to bolster the enhancement of plant-based biologics market’s sub-segment during the forecast period.
Besides tobacco sub-segment, the market for duckweed is estimated to have a significant growth rate and gather a revenue of $12.0 million by 2026, growing from its record of $5.0 million in 2018. The growth is attributed to duckweed’s widespread usage for the study of pathogenic bacterial infection, virulence factors, and host-pathogenic interactions. Moreover, duckweed is small and can easily undergo vegetative reproduction to develop genetically identical clones. These factors are expected to bolster the growth of the sub-segment by 2026.
Significant Plant-based Biologics Market Players:
The significant players of plant-based biologics market include
- Icon Genetics GmbH
- Kentucky BioProcessing, Inc.
- Medicago, Inc.
- Mapp Biopharmaceautical - Leaf Bio.
- iBio
- PlantForm
- Greenovation Biotech GmbH
- PhycoBiologics Inc.
- Ventria Bioscience Inc.
- Fraunhofer IME, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement.
For instance, in December 2021, Samsung Biologics, a South-Korean biotechnology company, announced that it had received the approval from the Ministry of Food and Drug Safety for the manufacturing and sales of Moderna’s Covid-19 vaccine Spikevax. The company will use suitable drug substances for the production process of Covid-19 vaccines. - Inquire to Get access for Detailed Top Companies Development Strategy Report
The report also summarizes many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Related Article Links:
- Plant-Based Biologics Industry to Gain Impetus in the Coming Years
- Plant-Based Biologics: An Effective Way to Combat Life-Threatening Diseases
