Plant-Based Vaccines Market Is Estimated To Witness High Growth
SWOT Analysis
Strength: Plant-based vaccines have many advantages compared to traditional vaccines. They can be produced rapidly, inexpensively and in large quantities using existing production facilities for plant-based products. Production of plant-based vaccines is safe and avoids issues with cell substrates needed for traditional manufacturing. Plants act as bioreactors to produce vaccine antigens that elicit effective immune responses.
Weaknesses: Regulatory and societal acceptance of plant-based vaccines is still evolving. Concerns exist regarding whether plant cells can properly fold and modify recombinant proteins to elicit desired immune responses identical to traditional vaccines. Public perception may view plant-based vaccines more negatively compared to traditional options.
Opportunities: The COVID-19 pandemic highlighted vulnerabilities and bottlenecks with traditional vaccine production platforms. Plant-based systems provide opportunities to address future pandemics and outbreaks more rapidly through scalable production. Additional diseases beyond COVID-19, influenza and others may be addressed using plant-based modalities.
Threats: Traditional vaccine makers have significant resources and manufacturing experience providing competition in certain disease areas. Political and economic instability between countries can disrupt supply chains for plant-based operations. Environmental factors such as weather and disease may impact crop yields and consistency of supply.
Key Takeaways
The Global Plant-Based Vaccines Market Size is expected to witness high growth. Production using plant-based platforms allows rapid, low-cost manufacturing to meet surges in demand for vaccines. The global Plant-based Vaccines Market is estimated to be valued at US$ 98.19 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030.
The North America region currently dominates the plant-based vaccines market owing to presence of key players and favorable research ecosystem. However, the Asia Pacific region is expected to register highest CAGR during the forecast period. This can be attributed to increasing investments by governments and private organizations for setting up vaccine production and development facilities. Countries such as China and India are emerging as major hubs for clinical trials and contract manufacturing.
Key players related content comprises 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). These companies are focusing on advancing their pipeline through clinical trials and collaborations to accelerate the development and launch of novel plant-based vaccines.
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