May 04, 2020
According to the research report titled ‘Biodefense Market Size By Product, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, global biodefense market is expected to surpass USD 17 billion by the year 2024.
Increased pervasiveness of bioterrorism along with shifting focus towards development of medical countermeasures to address chemical threats are major factors driving the worldwide biodefense market growth. The market is expected to further expand owing to rising adoption of bio-agents and growing demand for biosecurity. Moreover, increasing risk of exposure to radiation, infectious diseases and chemicals along with prevalence of lethal pathogens including avian influenza are also stimulating the industry outlook.
Biodefense aims at preventing the development and utilization of biological weapons. Favorable government initiatives towards safeguarding the population are favoring the market size. Moreover, research & development of innovative diagnostic test kits, drugs, vaccines, and therapies for disease agents is fostering the market expansion. However, increasing bioterrorism agents and growing terror in emerging economies may act as hindering factor to the overall market growth.
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As per the product type, anthrax market segment is expected to register significant growth during the forecast period. Development of inhalational anthrax animal models along with effectiveness assessment of therapeutics and vaccines in rabbits are fueling the popularity of product.
Considering the geographical landscape, the U.S. biodefense market is slated to record a remunerative growth rate through 2024. Rising R&D activities for development of medical solutions in order to counteract infectious diseases and radiation exposure is promoting the business outlook in the U.S.
Meanwhile, Japan biodefense market is set to amass commendable gains in the subsequent years, primarily due to escalating R&D expenditure and rising number of biodefense laboratories.
The major contenders in global biodefense market are PharmaAthene, SIGA Technologies, Xoma, Emergent Biosolutions, Cleveland BioLabs and Bavarian-Nordic among others.