Post COVID-19 Impact on Plant-based Biologics Market
With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues.
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Our study helps to acquire the following:
- Long-term and short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Plant-based Biologics Market, due to the impact on its extended ecosystem
- Understanding the market behaviour Pre- and Post-COVID-19 pandemic
- Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
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Pre COVID-19 Analysis on Plant-based Biologics Market
According to a study of Research Dive,theglobal plant-based biologics market forecast shall cross $164.2million by 2026, growing at a CAGR of 6.1%.
Plant-made biologics are produced by molecular farming and they have significant potential as comparedto other biologics.For instance, the plant-made experimental antibody called ZMappcan be used against theEbola virus. Also, in recenttimes, leading researchers have been focusing more on molecular farming i.eproduction 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.
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 is LOW.
- 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 numeroussmall, medium, and large ventures. Leading enterprises are following alternative business strategies and technological advancesamong them, is also a significant factor for the high competitive rivalry in the global market.
The competitive rivalry in the industry isHIGH.
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Moreover, advancements in plant biotechnology areone 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 haveseveral desirable attributes such asthey 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,thetobacco plant is considered as the ideal host for bioengineered proteins because itgrows quickly and gives high yield production. Tobacco leaves can produce high amount of antibodies within 6-7 days. Also, Nicotiana benthamianaspecies is usedfor the production ofpandemic 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 intobacco-made biologics are further anticipated to create enormous opportunities for the plant-based biologics.
Global Plant-Based Biologics Market Segmentation by Plant Parts
Global Plant-Based Biologics Market Segmentation by Source
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The leaf-based biologicssegmentwillgenerate a revenue of$71.0million by the end of 2026, growing at a CAGR of5.6%,over the projected period.Leaves have huge potential as photosynthetic factories for the productionof 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.
- iBio (NYSEAMERICAN: IBIO)
- Icon Genetics GmbH
- Kentucky BioProcessing, Inc.
- Medicago, Inc.
- Mapp Biopharmaceautical – Leaf Bio.
- Greenovation Biotech GmbH
- PhycoBiologics Inc.
- Ventria Bioscience Inc.
- Fraunhofer IME
The global duckweed-based biologics markethas a significant market share, and it shallgenerate a revenue of $12.0million by 2026, rising at a CAGR of 11.2%,over the forecast period. Duckweed is known to bea convenient and simple host for the study of the pathogenic bacterial infection. In addition, duckweed is identified asacrucial tool in the large-scale screening for theinvention of new antimicrobial products. The tobacco-based biologics is the fastest-growing segment, and it shall register a revenue of $71.0million by 2026, growing at a CAGR of 5.6%, during the forecast period.
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The Europeplant-based biologics marketshallsurpass $51.5million 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,Germanyand the Netherlands; thisis projected to drive the Europeanplant-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 marketin the Europemarket. North-America plant-based biologics market is projectedto grow at a CAGR of 6.2% by registering revenue of $87.3million by 2026.Leading players such as iBio, Inc., haveanadvanced system called FastPharming that combines glycan engineering technologies and vertical farming for the production of high-quality plant-based monoclonal antibodiesand vaccines. In addition, in Canada, the Canadian Food Inspection Agency’s (CFIA) and Plant Biosafety Office (PBO)has begunplant-made biologic drugs production.
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