Global Plant-based Biologics Market, by Product Type (Monoclonal Antibodies, Alpha Interferon, Glucocerebrosidase, Vaccines, and Others), by Source Type (Carrot, Tobacco Leaves, Rice Seeds, Alfalfa, and Others), by Disease Indication (Gaucher Disease, Tooth Decay, Hepatitis, Lymphoma, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 19.4 million in 2020 and is expected to exhibit a CAGR of 3.4% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Plant-based Biologics Market - Impact of Coronavirus (COVID-19) Pandemic
Several companies are engaged in various activities to support hospitals, diagnostic centers, and others, in order to combat the COVID-19 pandemic. Companies are also introducing various products to combat the COVID-19 infection. For instance, in August 2020, iBio, Inc., a biotechnology innovator and biologics contract manufacturing organization, announced that it has entered into an exclusive worldwide license agreement with Planet Biotechnology Inc. for the development of Planet’s COVID-19 therapeutic candidate, ACE2-Fc. ACE2-Fc is a recombinant protein comprised of human angiotensin converting enzyme 2 (ACE2) fused to a human immunoglobulin G Fc fragment (Fc). iBio is also developing multiple vaccine platforms using its readily scalable FastPharming plant-based production system to provide long-term immunity without the safety concerns presented by DNA- and RNA-based vaccines.
The increasing number of pipeline products, clinical trials, and collaborations and partnerships strategies adopted by key players are the major factors, which are expected to drive growth of the plant-based biologics market during the forecast period.
The increasing number of plant-based biologics products in the pipeline is expected to contribute significantly to the plant-based biologics market growth. For instance, Protalix Biotherapeutics’s, a global plant based biologics drug manufacturing company have two major plant-based drug candidates in their pipeline – OPRX-106 is a plant cell-expressed recombinant human tumor necrosis factor receptor II fused to an IgG1 Fc domain (TNFRII-Fc), for inhibiting TNF alpha. It is in development for oral administration. OPRX-106 is used for the treatment of ulcerative colitis and showed positive results from phase 2 clinical trial in June 2018. Furthermore, Alidornase alfa (PRX-110) is a proprietary plant cell-expressed recombinant form of human deoxyribonuclease I (DNase I) that the company is developing to reduce the viscosity of sputum that accumulates in the lungs of cystic fibrosis patients. The product is in phase 2 clinical trial.
Key players in the global plant-based biologics market are focused on entering potential untapped markets in various regions by expanding their manufacturing facilities. For instance, in 2017, Ventria Bioscience Inc. expanded its biomanufacturing and laboratory facilities to double Ventria’s production capacity of recombinant proteins, in the Junction City, Kansas. The expanded facility involves addition of molecular biology lab, greenhouses, process development and analytical lab, and processing capacity. Furthermore, in 2017, PlantForm Corporation, in partnership with Brazil-based Axis Biotec Brasil, launched a new joint venture, which included a new facility consisting of a biopharmaceutical lab and pilot production facility in Rio de Janeiro.
Browse 42 Market Data Tables and 34 Figures spread through 204 Pages and in-depth TOC on Global Plant-based Biologics Market, by Product Type (Monoclonal Antibodies, Alpha Interferon, Glucocerebrosidase, Vaccines, and Others), by Source Type (Carrot, Tobacco Leaves, Rice Seeds, Alfalfa, and Others), by Disease Indication (Gaucher Disease, Tooth Decay, Hepatitis, Lymphoma, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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The rising adoption of inorganic growth strategies such as collaborations and partnerships by major companies is expected to drive growth of the plant-based biologics market. For instance, in August 2019, iBio, Inc., a global plant-based biopharmaceutical contract development and cGMP manufacturing services company, announced that it has expanded the scope of its business venture/collaboration with CC-Pharming Ltd. by granting it an exclusive, royalty-bearing commercial license to iBio’s bio-better rituximab (iBio Rituximab) product candidates for the territory of China.
Key Takeaways of the Plant-based Biologics Market: