Report : North America Plant-based Vaccines Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Vaccine Type (Bacterial Vaccines, Viral Vaccines, Parasite Vaccines, and Others), Source (Tobacco Plant, Maize, Potato, and Others), and Application (Influenza, Zika Virus, Ebola Virus, Poultry Disease, and Others)
Bacterial Vaccines Segment to Dominate North America Plant-based Vaccines Market during 2020–2028
According to a new market research study on “North America Plant-based Vaccines Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Vaccine Type, Source, and Application” is expected to reach US$ 1,181.05 million by 2028 from 498.66 US$ million in 2021. The market is estimated to grow at a CAGR of 13.1% from 2021 to 2028. The report provides trends prevailing in the North America plant-based vaccines market along with the drivers and restraints pertaining to the market growth. Plant-based vaccines witnessing rising number of research & development activities is the major factor driving the growth of the North America plant-based vaccines market. However, issues associated with high risk of contamination including environmental risks for manufacturing plant-based vaccines hinders the growth of North America plant-based vaccines market.
North America plant-based vaccines market is segmented into vaccine type, source, application, and country. Based on vaccine type, the North America plant-based vaccines market is segmented into bacterial vaccines, viral vaccines, parasite vaccines, plant-derived virus-like particles, and others. The bacterial vaccines segment held the largest share of the market in 2021. Based on source, the North America plant-based vaccines market is segmented into tobacco plant, maize, potato, and others. The tobacco plant segment held the largest share of the market in 2021. Based on application, the North America plant-based vaccines market is segmented into influenza, zika virus, Ebola virus, poultry disease, COVID-19, and others. The influenza segment held the largest share of the market in 2021. Based on country, the North America plant-based vaccines market is segmented into the US, Canada, and Mexico. The US held the largest market share in 2021.
North America is one of the most important regions for the adoption and growth of new technologies due to flattering government policies to boost innovation, the presence of a huge industrial base, and high purchasing power of consumers, mainly in major countries such as the US and Canada. Hence, any impact on the growth of industries affects the region's economic growth negatively. The US is the world’s worst-affected country due to the COVID-19 outbreak. The US is an eminent plant-based vaccines market as the major market players are located in the US. The factory and business shutdowns across the US, Canada, and Mexico negatively impacted various industries in 2020. On the other side, the pandemic has offered vital growth opportunities for the players operating in the plant-based vaccines market due to rising numbers of COVID-19 patients. For instance, several businesses are pursuing research and development for the creation of COVID-19 vaccines based on plants. For instance, in June 2021, iBio, a biotech innovator and biologics contract manufacturing organization, announced that preclinical studies of IBIO-202, its subunit vaccine candidate that targets the nucleocapsid protein (“N protein”) of SARS-CoV-2, demonstrated a robust, antigen-specific, and memory T-cell response. The development of plant-based vaccine fuels the growth of the market.
British American Tobacco p.l.c.; Creative Biolabs, Inc.; Fraunhofer; iBio, Inc.; Leaf Expression Systems Ltd.; LenioBio; Lumen Bioscience, Inc.; Medicago, Inc.; and ZYUS Life Sciences Inc. are among the leading companies in the North America plant-based vaccines market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Leaf Expression Systems Launch SupraVec the Next Generation in Plant-Based Expression Technology.
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