Bacterial Vaccines Segment to Lead Plant-Based Vaccines Market During 2021-2028 by Size, Share, Revenue, Trends, and forecast- COVID-19 Impact and Global Analysis
NEW YORK, Nov. 18, 2021 /PRNewswire/ -- According to The Insight Partners study on "Plant-Based Vaccines Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Vaccine Type, Source, Application, and Geography," the market is projected to reach US$ 2,672.05 million by 2028 from US$ 1,143.72 million in 2021; it is expected to grow at a CAGR of 12.9% from 2021 to 2028. Increasing research & development (R&D) activities and growing prevalence of infectious diseases are driving the market.
Due to the COVID-19 pandemic, the demand for vaccines has skyrocketed. The plant-based vaccines market in Asia Pacific is anticipated to grow at the fastest rate during the forecast period. The growing investments by leading companies and rising interest of related industries in the regional market fuel the plant-based vaccines market's growth.
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Plant-Based Vaccines Market: Key Insights - COVID-19 Impact
The COVID-19 pandemic highly impacted hospital services. The hospitals were overloaded with the COVID-19 and the other routine patients. The surging volume of patients suffering from COVID-19 led to the demand for a vaccine that can be developed faster and in a cost-effective way. Due to the increasing demand, the key players operating in the market are undergoing various strategic initiatives such as product launches, mergers & acquisitions, and partnerships to increase their production capacities and meet the rising demand. For instance, on October 2, 2021, MedicaGO Inc. started Phase 1/2 clinical trials in Japan for Medicago's plant-derived virus-like particle (VLP) COVID-19 vaccine candidate combined with GSK's pandemic adjuvant. The study was conducted by Mitsubishi Tanabe Pharma Corporation, the parent company of Medicago. In Asia Pacific countries, COVID-19 has created an extraordinary emergency that significantly affected the supply chain. The supply chain disruptions, along with the enormous demand for effective therapies for the treatment of COVID-19, have put the healthcare research industry in a critical situation. For instance, the pandemic led the Japanese economy to contract by 29% on an annualized basis. As the pandemic spread across the globe, the demand for plant-based vaccines has skyrocketed. The demand created was so high that many industry players increased the investment in plant-based vaccines.
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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.
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.
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In December 2020, the FDA approved the investigational new drug application of British American Tobacco p.l.c. for COVID-19 candidate vaccine, allowing BAT to progress into a Phase I clinical trial in adult volunteers. The vaccine candidate was created by using innovative plant-based technology.
In July 2020, MedicaGo Inc. reached an agreement to supply the Government of Canada with its vaccine against COVID-19, subject to Health Canada approval. Medicago received US$ 173 million in funding support from the Government of Canada for its vaccine research and development and the construction of its Quebec City manufacturing facility.
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