Market Research Report
Biodefense Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||659347|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|Biodefense Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 90 Pages||
The biodefense market is driven by factors, such as the presence of favorable government initiatives, increasing investment by the governments in developed countries, and rapid technological advancements.
Every year, the governments are spending heavily on the R&D of vaccines, in order to stay prepared for any bioterrorism attacks. Pharmaceutical companies operating in the biodefense market have huge opportunities to expand, due to governments' drive to be prepared for any kind of bioterrorism.
In 2017, more than 50 public and private sector biosecurity stakeholders engaged in a meeting in Johns Hopkins Center, Washington DC, for recommendations toward the National Biodefense Strategy and Implementation Plan. In emerging markets, such as India, there are several facilities developing defensive measures to combat biological attack, such as the Defense Research and Development Organization (DRDO), India. Substantial efforts are being made to prepare the military force for a biological attack. In the past two decades, there has been a gradual increase in the focus toward spreading awareness regarding bioterrorism across all countries, along with several proposals and meetings to combat such activity, which is one of the primary reasons driving the demand for biodefense.
Nuclear Products are Expected to Register the Highest CAGR over the Forecast Period
The nuclear segment of the market studied is majorly driven by the rising focus of the public agencies on mitigating the risks associated with the chemical, biological, radiological, and nuclear (CBRN) threats and increased funding for biodefense. The nuclear or radiation weapons cause destruction, due to the harmful effects of ionizing radiation and render damage like that caused by explosive bombs. CBRN and explosives constitute weapons of mass destruction (WMD) that have the potential to cause the annihilation of high magnitude.
Various agencies, often combined with defense and preparedness initiatives, are spending on curbing these disease, along with rising health spending. Hence, all these initiatives are offering opportunities for the firms involved in the biodefense industry, thereby, propelling the growth of the market studied.
North America Region is Expected to Dominate the Market over the Forecast Period
In the United States, the National Science and Technology Council (NSTC), in the Office of Science and Technology Policy, coordinates science and technology, and one of its topics is biosecurity.
A dedicated website was designed to spread awareness, which targets the public, academic researchers, scientific societies, and biotechnology and pharmaceutical industries in biological research.
In the United States, the growth is attributed to an increase in government funding, in order to generate and stockpile sufficient vaccines to be used against anthrax, mainly through various initiatives, such as BioShield Act, Biomedical Advanced Research and Development Authority (BARDA), and the Joint Program Executive Office for Chemical & Biological Defense.
For instance, the US Department of Health and Human Services announced its plan to spend more than USD 25 million on an anthrax antitoxin, as a part of an emergency preparedness plan, in 2018. In May 2018, the Coalition for Epidemic Preparedness Innovations (CEPI) announced that USD 25 million was granted to advance the development of, and to manufacture, vaccines against the Nipah virus (NiV). This funding was provided to major market players, such as Profectus BioSciences Inc. and Emergent BioSolutions Inc.
The biodefense market consists of players, such as Emergent BioSolutions Inc., Siga Technologies Inc., Ology Bioservices, and Elusys Therapeutics. Many companies are getting funds from the governments and are developing certain vaccines or products that are beneficial, in terms of national biosecurity. As the government of the United States has planned to increase the funding for biodefense, these companies are expected to benefit from the same in the coming future.