Plant-based vaccines offer great advantages as compared to traditionally produced vaccines. They provide a safer, easier and more cost-effective means of developing and producing vaccines. Plant hosts are capable of synthesizing complex antigens that closely resemble the native form. Also, plants provide a natural, scalable and low-cost production platform for vaccines. Expression of antigenic proteins in plants results in proper folding and post-translational modifications necessary for desired immune response. Further, many plants provide a non-animal substrate to grow and prevent contamination by human or animal pathogens.
The global Plant-based Vaccines Market is estimated to be valued at US$ 98.19 Mn in 2024 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 adoption of plant-based production systems for influenza vaccines. Influenza causes severe health issues and high mortality every year. Traditionally, influenza vaccines are produced using egg-based manufacturing which has several limitations. Plant-based production systems provide a more sustainable alternative for large-scale influenza vaccine manufacturing. Companies are investing heavily in developing plant-made influenza vaccine candidates. For instance, Medicago is conducting phase 3 clinical trials for its plant-derived quadrivalent vaccine candidate. If approved, it will be the first authorized plant-based influenza vaccine. Such advancements are expected to drive the adoption of plant platforms for influenza vaccine production over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in plant-based vaccines market is low due to high capital requirements and need for strong R&D capabilities.
Bargaining power of buyers: The bargaining power of buyers in plant-based vaccines market is moderate as the market is dominated by few large pharmaceutical companies.
Bargaining power of suppliers: The bargaining power of suppliers in plant-based vaccines market is low owing to availability of substitute materials.
Threat of new substitutes: The threat of new substitutes is moderate as traditional vaccine production methods are still dominant.
Competitive rivalry: The competitive rivalry in plant-based vaccines market is high due to presence of large pharmaceutical companies.
Key Takeaways
The Global Plant-Based Vaccines Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Plant-based Vaccines Market is estimated to be valued at US$ 98.19 Mn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030.
North America is expected to dominate the global plant-based vaccines market throughout the forecast period due to presence of major market players and high healthcare expenditure in the region.
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. is one of the leading players in plant-based vaccines market focused on developing recombinant vaccines using transient plant expression technology. The company is currently developing a COVID-19 vaccine candidate which is in phase 3 clinical trials. Icon Genetics GmbH is another prominent player focused on developing virus-like particle-based vaccines usingICON technology platform. The company has a pipeline of VLP-based vaccine candidates targeting infectious diseases.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it