Growing focus on mitigating biological threats, such as Ebola and Zika, is a key factor in driving the global biodefense market. As per the information published by the European Union’s report on Member States’ Preparedness for Chemical, Biological, Radiological and Nuclear (CBRN) threats in 2018, the risk of chemical threats is growing due to the easy accessibility of materials and equipment. Additionally, increasing funding for chemical threats is also boosting the global biodefense market. The global biodefense market size was valued at USD 5.47 billion in 2018 and is projected to expand at a CAGR of 4 per cent during 2020-2026. Expanding governmental initiatives aimed at enhancing the preparedness against CBRN threats is an important factor driving the market. Growing adoption of technologies, such as gene chips for pathogen detection in forensic division, nanotechnology, data base management systems, and advanced detector hardware in biodefense-related drug development is likely to propel the market further.
The small pox segment is expected to witness the fastest CAGR of 6.2 per cent over the forecast period. Moreover, increasing prevalence of congenital Zika virus infection is projected to drive the investments in the field of biodefense. CBRN and explosives constitute Weapons of Mass Destruction (WMD) that have the potential to cause destruction of devastating magnitude. To mitigate the risks, national governments across the world are actively funding for medical counter-measures against such threats, pushing the global biodefense market forward. Anthrax accounted for the largest revenue share of 34 per cent in 2018 due to high investments by the U.S. government for mitigating the risk of anthrax bioterrorism and is expected to continue its dominance during the forecast period. Biothrax, manufactured by Emergent BioSolutions Inc., is the only FDA-approved vaccine against anthrax for active immunization.
Significant funding by the U.S. civilian and military organizations, such as Centers for Disease Control and Prevention (CDC), The United States Department of Health & Human Services (HHS), and The Department of Defense (DoD), is also boosting the market growth. North America has emerged as the largest regional market accounting for 74.2 per cent of the overall market share in 2018. Biodefense strategies undertaken by major organizations, such as HHS, BARDA, NIAID, CDC, ASPR, and the FDA, are contributing to the region’s market growth. Moreover, significant funding by the U.S. military and civilian agencies for biodefense is also responsible for the highest revenue share of the region. However, there are fluctuations in funding due to the changing government policies.
Europe is expected to be the fastest-growing regional market with a CAGR of 6 per cent from 2020 to 2026 given the rising threat of bioterrorism and increasing R&D investments in the U.K., Germany, and France. Moreover, better preparedness against CBRN threats by the major European countries has created lucrative opportunities in the regional market and will continue to do so.
Governments of the Asian countries are also investing in R&D for developing and stockpiling the vaccines and antitoxins for the biological threats. Japan, India, and Australia are the major economies in this region.
Some of the key companies in the global biodefense market are Emergent BioSolutions, Inc.; Xoma Corporation; PharmAthene, Inc. (Altimune, Inc.); SIGA Technologies, Inc.; Dynavax Technologies Corporation; Elusys Therapeutics, Inc.; Cleveland Biolabs; Ichor Medical Systems; Dynport Vaccine Company LLC; Achaogen, Inc.; Bavarian Nordic; Nano therapeutics, Inc.; and Alnylam Pharmaceuticals, Inc. Mergers and acquisitions and collaborations with government agencies are the key strategies adopted by these market participants.
Browse the through the Press Release @: Global Biodefense Market Research Report - Forecasts to 2026