Market Research Report
Biodefense Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||659347|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|Biodefense Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: August 1, 2019||Content info: 90 Pages||
The biodefense market is being driven by factors such as the presence of favorable government initiatives, increasing investment by the governments in developed countries and rapid technological advancements.
Governments spend huge sums of money every year on the R&D of vaccines, in order to stay prepared for any bioterrorism attacks. Pharmaceutical companies operating in the biodefense sector have huge opportunities to expand, due to governments' drive to be prepared for any kind of bioterrorism.
For instance, in 2004, the United States Congress passed the Project BioShield Act, calling for USD 5 billion investment for purchasing vaccines, which can be used in the event of a bioterrorist attack. This act was designed to acquire medical countermeasures to biological, chemical, radiological, and nuclear agents for civilian use. Though the implementation is observed slow, several recommendations and initiatives have been planned, particularly in the matured markets, such as North America. For example, in 2015, 33 recommendations were given by the Blue Ribbon Study Panel, which could quickly act upon to improve the biodefense.
In 2017, more than 50 public and private sector biosecurity stakeholders engaged in a meeting in Johns Hopkins Center, Washington DC, for recommendations toward 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). Substantial efforts are being made in preparing the military force for a biological attack. In the past two decades, there has been a gradual increase in the focus toward awareness regarding bioterrorism across all countries, along with several proposals and meeting to combat such activity, which is one of the primary reasons demanding the need of the biodefense market.
Bioterrorism is the use of biological agents, which are harmful to mankind. Biodefense constitutes the use of medical measures to protect individuals against bioterrorism - including interventions such as drugs and vaccinations but also research and public health preparations to defend against such biological attacks. There is a growing awareness regarding synthetic biology for using the biological organisms to reduce the burden of diseases for improving agricultural yields.
Nuclear Products are Expected to Register a 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 similar to 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.
The Nuclear Threat Initiative (NTI), founded in 2001, is actively involved in developing and implementing projects that bring new strategies, partnerships, and effective actions, in order to reduce the dangers from the nuclear, biological, and chemical weapons. The initiative's mission is to strengthen global security, by reducing the risk of use and preventing the spread of nuclear, biological, and chemical weapons.
Various agencies, often combined with defense and preparedness initiatives, are spending on curbing the chemical or nuclear threats. 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 Dominates the Market
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, contributing to a better awareness, which targets the public, academic researchers, scientific societies, biotechnology, and pharmaceutical industries in biological research.
In the United States, the growth is attributed to the increase in government funding to generate and stockpile sufficient vaccines to be used against anthrax through the various initiatives, such as BioShield Act, Biomedical Advanced Research and Development Authority (BARDA), and 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 market for biodefense consists of the players such as Emergent BioSolutions Inc., Siga Technologies Inc., Ology Bioservices, Elusys Therapeutics, among others. These companies are getting funds from the governments and are developing certain vaccines or products that are beneficial in regards to the national biosecurity. As the government of the United States has planned to increase the funding for biodefense, these companies will benefit from the same in the coming future.