Plant-Based Biologics Market Is Expected to Generate $182.9 Million by 2031: Allied Market Research
The surge in chronic diseases drives the growth of the global plant-based biologics market. The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global plant-based biologics market, as several clinical trials for plant-based biologics were either postponed or cancelled and the rate of drug research and regulatory approvals had slowed down during the lockdown.
Portland, OR, April 13, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the *global **plant-based biologics market garnered $116.1 million in 2021, and is estimated to generate $182.9 million by 2031, manifesting a CAGR of 4.8% from 2022 to 2031*. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report coverage & details:
*Report Coverage* *Details*
Forecast Period 2022–2031
Base Year 2021
Market Size in 2021 $116.1 million
Market Size in 2031 $182.9 million
CAGR 4.8%
No. of Pages in Report 300
Segments covered Product Type, Source, Target Disease, and Region.
Drivers The surge in chronic diseases
Opportunities Investment in the R&D of smart and unique strategies
Restraints Manufacturing and commercializing plant-based biologics can be difficult
*Impact of Covid-19 on the **Plant-Based Biologics Market:*
· The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global plant-based biologics market, as several clinical trials for plant-based biologics were either postponed or canceled and the rate of drug research and regulatory approvals had slowed down during the lockdown.
· The Covid-19 pandemic had raised the demand for vaccines, notably those made with plant-based biologics. However, the pandemic had highlighted the need for more agile and adaptive manufacturing systems that can quickly respond to emerging infectious diseases.
· The pandemic had resulted in greater investment in plant-based biologics research and development. Governments and commercial corporations are investing in the development of new biologics and production methods which is anticipated to aid in the response to future pandemics and other global health issues.
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The research provides detailed segmentation of the global plant-based biologics market based on product type, source, target disease, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on product type, the leaf-based segment held the highest share in 2021, accounting for more than two-fifths of the global plant-based biologics market, and is expected to continue its leadership status during the forecast period. However, the seed-based segment is expected to register the highest CAGR of 5.1% from 2022 to 2031.
Based on source, the tobacco segment accounted for the highest share in 2021, contributing to more than two-fifths of the global plant-based biologics market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 5.2% from 2022 to 2031.
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Based on target disease, the Fabry disease segment accounted for the highest share in 2021, holding more than two-fifths of the global plant-based biologics market, and is expected to continue its leadership status during the forecast period. However, the other segment is estimated to grow at the highest CAGR of 5.4% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to more than two-fifths of the global plant-based biologics market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 5.0% during the forecast period.
Leading market players of the global plant-based biologics market analyzed in the research include Leaf Expression Systems, Zea Biosciences, Planet Biotechnology Inc., InVitria, plantform corporation, IBIO, Inc., Mapp Biopharmaceutical, Inc., Ventria Bioscience Inc., Medicago Inc., Eleva GmbH.
The report provides a detailed analysis of these key players of the global plant-based biologics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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