by Plant-based vaccines are recombinant vaccines produced in plants. They offer several advantages over conventional production platforms as they can be administered orally eliminating the need for injections, helping improve vaccine coverage. They help combat diseases like influenza, hepatitis B, and others. Plants provide an effective, low-cost, and safe platform for vaccine production and eliminate concerns over unpredictable egg or cell supply issues. The rapid scalability allows their production to meet surge demands.
The global Plant-based vaccine market is estimated to be valued at US$ 98.19 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends in the plant-based vaccines market is the growing focus on developing vaccines for diseases with no current vaccines. Several researchers are working on developing plant-based vaccines for diseases like HIV/AIDS, Ebola, Zika virus, and coronavirus, among others where traditional platforms have failed. For instance, Medicago is conducting phase 3 clinical trials for its plant-derived vaccine for COVID-19. IBIO is also developing an injectable COVID-19 vaccine utilizing its plant-based hydrogel technology. If successful, these plant-based vaccines can help address global vaccine accessibility issues and curb the spread of pandemics.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as biotech companies need high initial investments for R&D and clinical trials.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has few key players developing plant-based vaccines.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials used for plant-based vaccine production processes such as tobacco plants, virus-like particles, and molecular pharming are available from multiple suppliers.
Threat of new substitutes: The threat of new substitutes is low as traditional egg-based and animal cell culture-based vaccine production techniques have limitations overcome by plant-based production platforms.
Competitive rivalry: Competition in the market is high due to the presence of global players focusing on advancements in plant-based vaccine technology platforms.
Key Takeaways
The global Plant-Based Vaccines Market Share is expected to witness high growth during the forecast period. The global Plant-based vaccine market is estimated to be valued at US$ 98.19 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030.
Regional analysis: North America is the fastest growing region in the plant-based vaccines market attributed to increasing investments by the US government and private players in plant molecular pharming technology. Europe also has a significant share due to supportive regulatory guidelines and infrastructure for clinical research.
Key players: 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). Medicago, Inc. and IBIO, Inc. are some of the leading players focusing on advancing their plant-based vaccine production platforms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
