The Plant-Based Vaccines Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plant-Based Vaccines Global Market Report 2024, The plant-based vaccines market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to traditional vaccine production challenges, need for cost-effective vaccine production, emergence of plant molecular farming, reduced allergenic potential, synthetic biology applications.
The plant-based vaccines market size is expected to see rapid growth in the next few years. It will grow to $2.5 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to pandemic preparedness, global health security, expansion of vaccine applications, pharmaceutical industry adoption, . Major trends in the forecast period include technological advancements in plant biotechnology, environmental sustainability, integration of artificial intelligence, integration of ml.
The high prevalence of infectious diseases is expected to propel the growth of the plant-based vaccine market going forward. Infectious diseases refer to ailments from germs like bacteria, viruses, fungi, or parasites. Plant-based vaccines, employed in traditional and modern medicine for various illnesses, including infectious diseases, can create secure, effective, stable, and reasonably priced prophylactics, vaccines, and medications. For instance, in October 2022, according to the Global Tuberculosis Report published by the World Health Organization, a Switzerland-based global health agency, the global incidence of tuberculosis (TB) was estimated at 10.6 million cases, with a rate of 134 cases per 100,000 population. TB cases were reported in the Southeast Asia region, accounting for 45% of the total, followed by Africa with 23% of the cases. Therefore, the high prevalence of infectious diseases is driving the growth of the plant-based vaccine market.
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The plant-based vaccines market covered in this report is segmented –
1) By Vaccine Type: Bacterial Vaccines, Viral Vaccines, Parasite Vaccines, Other Vaccine Types
2) By Source: Tobacco Plant, Maize, Potato, Other Sources
3) By Application: Influenza, Zika Virus, Ebola Virus, Poultry Disease, Other Applications
Product innovation is a key trend gaining popularity in the plant-based vaccine market. Major companies operating in the plant-based vaccine market are focused on developing innovative products to sustain their position in the market. For instance, in February 2022, Medicago Inc., a Canada-based biopharmaceutical company, and GSK PLC, a UK-based pharmaceutical and biotechnology company, announced that Health Canada had approved COVIFENZ, the COVID-19 vaccine. COVIFENZ, the COVID-19 vaccine, is the first plant-based virus-like particles [VLP], recombinant, adjuvanted vaccine available for coronavirus disease. COVIFENZ uses the coronavirus-like particle (CoVLP) technology. The vaccine comprises recombinant spike (S) glycoproteins produced as virus-like particles (VLPs).
The plant-based vaccines market report table of contents includes:
1. Executive Summary
2. Plant-Based Vaccines Market Characteristics
3. Plant-Based Vaccines Market Trends And Strategies
4. Plant-Based Vaccines Market – Macro Economic Scenario
5. Global Plant-Based Vaccines Market Size and Growth
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26. South America Plant-Based Vaccines Market
27. Brazil Plant-Based Vaccines Market
28. Middle East Plant-Based Vaccines Market
29. Africa Plant-Based Vaccines Market
30. Plant-Based Vaccines Market Competitive Landscape And Company Profiles
Top Major Players:
- Sanofi Pasteur SA
- GlaxoSmithKline plc
- British American Tobacco PLC
- ICON Plc
- Agenus Inc
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