Global Plant-based Biologics Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Plant-based Therapeutics & Growing Demand for Biopharmaceuticals
The global Plant-based Biologics Market is estimated to be valued at US$ 19.4 million in 2020 and is expected to exhibit a CAGR of 3.4% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Plant-based Biologics Market refers to the production of biologics using plant-based platforms such as tobacco, algae, and moss. This method offers several advantages over traditional bioproduction systems, including cost-effectiveness, scalability, and reduced risk of contamination. Plant-based biologics find applications in the development of therapeutics, vaccines, and antibodies for various diseases. The use of plants as expression systems allows for the production of targeted proteins and complex molecules with high efficiency.
Market Dynamics:
1. Increasing Adoption of Plant-based Therapeutics: The demand for plant-based biologics is rising due to the increasing adoption of plant-based therapeutics. Plant-based platforms offer a safer and more efficient alternative to traditional bioproduction methods, allowing for the production of complex biopharmaceuticals with high efficacy.
For example, Medicago Inc. is a key player in the market that utilizes its plant-based technology to develop plant-made virus-like particle vaccines for infectious diseases such as influenza.
2. Growing Demand for Biopharmaceuticals: The growing demand for biopharmaceuticals is another major driver for the plant-based biologics market. Biopharmaceuticals offer several advantages over traditional pharmaceuticals, including targeted therapy and reduced side effects. Plant-based platforms provide a cost-effective and scalable solution for the production of biopharmaceuticals, making them increasingly popular among pharmaceutical companies.
SWOT Analysis:
- Strength:
1. Cost-effectiveness: Plant-based biologics offer a cost-effective production method compared to traditional bioproduction systems, making them attractive for pharmaceutical companies.
2. Scalability: Plant-based platforms allow for the scalable production of biologics, enabling large-scale manufacturing to meet the increasing demand.
- Weakness:
1. Limited Expression Systems: The use of plant-based platforms for biologics production is limited by the availability of suitable expression systems. Some plants may not be suitable for the production of certain molecules, restricting the range of biologics that can be produced.
- Opportunity:
1. Rising Demand for Personalized Medicine: The increasing demand for personalized medicine presents an opportunity for plant-based biologics. Plant-based platforms offer the potential for customized production of biologics tailored to individual patients' needs.
- Threats:
1. Regulatory Challenges: The plant-based biologics market faces regulatory challenges related to the approval and commercialization of plant-based biopharmaceuticals. Stringent regulations and the perception of genetically modified organisms (GMOs) pose potential threats to market growth.
2. Competition from Traditional Bioproduction Systems: Traditional bioproduction systems such as mammalian cell culture and microbial fermentation remain dominant in the biopharmaceutical industry. The competition from these established systems may hinder the growth of the plant-based biologics market.
Key Takeaways:
- The Global Plant-based Biologics Market Demand is expected to witness high growth, exhibiting a CAGR of 3.4% over the forecast period, due to increasing adoption of plant-based therapeutics and growing demand for biopharmaceuticals.
- In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the market. The presence of key players, technological advancements, and favorable government initiatives drive market growth in this region.
- Key players operating in the global Plant-based Biologics Market include Leaf Expression Systems, Zea Biosciences, Planet Biotechnology Inc., InVitria, PlantForm Corporation, IBIO, Inc., Mapp Biopharmaceutical, Inc., Pfizer Inc., Ventria Bioscience Inc., Medicago Inc., Eleva GmbH, Kentucky Bioprocessing, LLC, Solarvest Bioenergy Inc., and Byondis B.V.
In conclusion, the global Plant-based Biologics Market is expected to witness significant growth due to the increasing adoption of plant-based therapeutics and the growing demand for biopharmaceuticals. The market's strengths lie in its cost-effectiveness and scalability, while the limited expression systems and regulatory challenges present weaknesses and threats. There are opportunities for growth in personalized medicine, but competition from traditional bioproduction systems remains a challenge. North America is expected to lead the market with its favorable market conditions and key player presence.
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