Global Plant-based Biologics Market Set to Garner Staggering Revenues and Demand by 2020-2027
Pune, New York, USA, November 30 2020 (Wiredrelease) Research Dive –:According to a study of Research Dive, the global plant-based biologics market forecast shall cross $164.2 million by 2026, growing at a CAGR of 6.1%.
Plant-made biologics are produced by molecular farming and they have significant potential as compared to other biologics. For instance, the plant-made experimental antibody called ZMapp can be used against the Ebola virus. Also, in recent times, leading researchers have been focusing more on molecular farming i.e production of animal-free therapeutic proteins such as oral and parenteral vaccines. These factors are projected to drive the growth of the global plant-based biologics market. Moreover, advancements in plant biotechnology are one of the major factors for the positive growth of the global plant-based biologics market, during the forecast period.
In addition, mAbs (Monoclonal antibodies) in plants have several desirable attributes such as they have relatively low cost and require short production time. Furthermore, plant-derived mAbs are mainly biodefense agents that rapidly respond to a newly emergent/re-emergent disease or bioterror event. However, intense scrutiny of new plant varieties by public and regulatory agencies along with the higher costs associated with their regulatory approval are projected to restrain the demand for plant-based biologics in the global market. Contrary to this, the tobacco plant is considered as the ideal host for bioengineered proteins because itgrows quickly and gives high yield production.
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Tobacco leaves can produce high amount of antibodies within 6-7 days. Also, Nicotiana benthamiana species is used for the production of pandemic and seasonal flu vaccines. Market players such as PlantForm, are preferring the tobacco plant to produce a breast cancer drug which is similar to Herceptin. Furthermore, researchers are focusing more to develop an H1N1 flu vaccine and malaria vaccine by using Tobacco-based biologics. These, huge developments in tobacco-made biologics are further anticipated to create enormous opportunities for the plant-based biologics.
The leaf-based biologics segment will generate a revenue of $71.0 million by the end of 2026, growing at a CAGR of 5.6%, over the projected period. Leaves have huge potential as photosynthetic factories for the production of commercially valuable biomedicines and crucial industrial proteins at a lower cost. Recently, it has been proved that there are several health benefits of vine leaves such as they show 10 times higher antioxidant activity than pulp or grape juice. These key elements are anticipated todrive the growth of this market.
The global duckweed-based biologics market has a significant market share, and it shall generate a revenue of $12.0 million by 2026, rising at a CAGR of 11.2%,over the forecast period. Duckweed is known to be a convenient and simple host for the study of the pathogenic bacterial infection. In addition, duckweed is identified as a crucial tool in the large-scale screening for the invention of new antimicrobial products. The tobacco-based biologics is the fastest-growing segment, and it shall register a revenue of $71.0 million by 2026, growing at a CAGR of 5.6%, during the forecast period.
The Europe plant-based biologics market shall surpass $51.5 million by 2026, growing at a healthy CAGR of 8.1%. Established ventures are emphasizing more on collaboration to develop plant-based expression technology and manufacturing plant facilities in economies like UK, Germany and the Netherlands; this is projected to drive the European plant-based biologics market growth. Furthermore, increasing technological advancements, rising adoption of cutting-edge innovative techniques, and high investments in R&D departments are some of the key factors driving the plant-based biologics market in the Europe market. North-America plant-based biologics market is projected to grow at a CAGR of 6.2% by registering revenue of $87.3 million by 2026. Leading players such as iBio, Inc., have an advanced system called Fast Pharming that combines glycan engineering technologies and vertical farming for the production of high-quality plant-based monoclonal antibodies and vaccines. In addition, in Canada, the Canadian Food Inspection Agency’s (CFIA) and Plant Biosafety Office (PBO)has begun plant-made biologic drugs production.
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The major plant-based biologics market manufacturers are Fraunhofer IME, PlantForm, Mapp Biopharmaceautical – Leaf Bio., Kentucky BioProcessing, Inc., Icon Genetics GmbH, Medicago, Inc., iBio, Greenovation Biotech GmbH, Ventria Bioscience Inc., and PhycoBiologics Inc.To emphasize more on the competitive landscape analysis of established enterprises, the porter’s five force model is explained in the report.
Porter’s Five Forces Analysis for Plant-based biologics market:
• Bargaining Power of Suppliers: Established suppliers in the healthcare industry use their negotiating power to extract high prices. Moreover, the switching costs from one supplier to another supplier is projected to be high.
The bargaining power of suppliers is HIGH.
• Bargaining Power of Buyer: Hospitals and other healthcare institutions buy plant-based biologics in bulk quantities and apply pressure on pharmaceutical ventures to keep prices in check.
The bargaining power of consumers is MEDIUM.
• Threat of New Entrants: High cost associated with R&D along with government regulatory constraints, provides the low threat of entry from new or potential competitors.
The threat of new entrants isLOW.
• Threat of Substitutes: The threat of a substitute product is high if it provides a value proposition that is significantly different from the present service of the market.
The threat of substitutes is LOW.
• Competitive Rivalry in the Market: Plant-based biologics market contains numerous small, medium, and large ventures. Leading enterprises are following alternative business strategies and technological advances among them, is also a significant factor for the high competitive rivalry in the global market.
The competitive rivalry in the industry is HIGH.
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