Plant-based Vaccines market rising at 12.9 % CAGR to 2028
Posted by kartik joshi on October 7th, 2022
Plant-based Vaccines Market Forecast to 2028 – COVID-19 Impact and Analysis – by Vaccine Type, Source, Application, and Geography," the market is projected to reach US$ 2,672.05 million in 2028 from US$ 1,143.72 million in 2021. The market is estimated to grow at a CAGR of 12.9% from 2021 to 2028. The report highlights the key factors driving the market and prominent players with their developments in the market. The report highlights trends prevailing in the market and the factors driving and restraining the market growth.
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Manufacturers in the plant-based vaccines market are adopting developmental strategies such as product launch and mergers & acquisitions to sustain the competitive environment in the market. For instance, in April 2021, HotHouse BioEngineering and Leaf Expression Systems signed Plant-Based Expression License Agreement. Similarly, In July 2020, Medicago reached an agreement to supply the Government of Canada with its vaccine against COVID-19, subject to Health Canada approval. Medicago also received 3M in funding support from the Government of Canada for its vaccine research and development.
Plants are an important source to produce cost-effective vaccine derivatives. Plant-based vaccines can be made in a cost-effective way and produced on a large scale. Patients can readily accept these vaccines. Moreover, these vaccines are stable for long-term antigen storage. They also help to reduce the economic burden of infectious disease globally. Various plants, such as potato, rice, maize, tomato, carrot, tobacco, soybean, and peanut, have been used to develop plant-derived vaccines. The choice of the plant depends on the route of administration of the vaccine. Various clinical trials are being conducted to develop plant-based vaccines in therapeutic indications such as influenza, flu, and Ebola virus. Increasing research & development (R&D) activities and growing prevalence of infectious diseases are expected to boost the market growth over the years. However, the potential risk of contamination and environmental risks of manufacturing the vaccines are likely to hamper the market's growth in the coming years.
HotHouse BioEngineering and Leaf Expression Systems sign Plant-Based Expression License Agreement. By using Leaf’s Hypertans technology HHBE aims to produce non-protein secondary metabolites through the assembly and manipulation of multi-enzyme biosynthetic pathways.
Medicago reached an agreement to supply the Government of Canada with its vaccine against COVID-19, subject to Health Canada approval. Medicago will also receive 3M in funding support from the Government of Canada for its vaccine research and development, and for the construction of its Quebec City manufacturing facility. Medicago’s innovative plant-based platform is being used to develop and, upon regulatory approval, produce vaccines.
Zyus Life Sciences Inc. announced a positive milestone in the development of COVID-19 vaccine components by attaining plant-based expression, isolation, and purification of a potential antigen for a SARS-CoV-2 vaccine - providing evidence of concept for plant-based COVID-19 antigen production.
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About the Authorkartik joshi
Joined: September 27th, 2022
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