Biodefense Market size to exceed $27.6bn by 2028

Biodefense Market size is set to surpass USD 27.6 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Increasing funding in R&D activities undertaken by biopharmaceutical as well as pharmaceutical companies is expected to drive the market expansion. New product launches coupled with increasing government initiatives to enhance the overall biotech sector in emerging economies is projected to foster the business demand.
 

Growing investments by government will augment the overall market progression

Growing investments by government in R&D that encourages pharmaceutical and biopharmaceutical companies to boost the production of vaccines will propel the biodefense market share. Increasing global biological threats has created need for funds to support the R&D activities. Government authorities’ stock large amounts of vaccines and bio-threat detection devices to combat against the deliberate virus attacks.
 

For instance, as per the FDA FY 2023 budget, investment of USD 1.6 billion over five years has been allocated for biodefence vaccines and development of biodefense diagnostic devices. Therefore, growing investments in biodefense enables biopharmaceutical companies to manufacture technologically advanced biothreat detection devices that will significantly drive the industry outlook.
 

Browse key industry insights spread across 110 pages with 164 market data tables & 8 figures & charts from the report, “Biodefense Market Analysis By Product (Vaccines {Anthrax, Smallpox, Botulism}, Biothreat Detection Devices {Samplers, Detectors/Triggering Devices, Identifiers, Assays and Reagents}, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022– 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/biodefense-market
 

Rising prevalence of infectious diseases will ramp up the segment growth

By product, the biodefense market is segmented into vaccines, and biothreat detection devices. The vaccines segment has accounted for USD 10 billion in 2021. Rising prevalence of infectious diseases and growing focus on the immunization programs are major factors that are projected to enhance the business progression.
 

Vaccines were developed against diseases caused due to viruses including Hib (Haemophilus influenzae type b) disease, Hepatitis B and HPV (Human papillomavirus). U.S. FDA has approved several vaccines to prevent infections, including BioThrax for the prevention of anthrax, KINRIX for immunization against diphtheria, tetanus, and poliomyelitis among others. Moreover, rising initiatives by biodefense companies to enhance the R&D activities associated with vaccines and the growing government support for vaccine development are likely to accelerate the market revenue.
 

Adoption of biodefense products in developed countries will contribute to industry expansion

Europe biodefense market is anticipated to witness around 8% CAGR during the analysis timeframe. Economically developed countries such as Germany have shown high adoption of technologically advanced biothreat devices that are utilized to detect the type of infections caused by deliberate release of bacteria and pathogens. Growing government interventions in providing security to the population against the bioterrorism attacks will enhance the regional industry outlook.
 

Government in developed countries undertakes several initiatives that ensures optimal availability of biodefense products such as vaccines and biothreat devices that will boost the market demand during the forthcoming years.
 

Major leaders are focusing on strategies & launching innovative products to capture a higher market share

Some of the prominent players operating in the biodefense industry include Alexeter Technologies, LLC, Altimmune, ANP Technologies, Bavarian Nordic, BioFire Defense (bioMérieux SA), Biosearch Technologies, Bruker Detection, Electronic Sensor Technology Inc., Elusys Therapeutics, Emergent BioSolutions, Ichor Medical Systems, Inc., Nanologix, New Horizon Diagnostic Corp., PositiveID Corporation, SIGA Technologies, Smiths Detection Group Ltd., and Synexis Systems. These market players are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and strengthen its value.
 

Technological advancements added within the biothreat detection devices have enabled modifications. Advancements in technology have enabled quicker analysis and detection of infectious agents. Key market players are involved in undertaking strategic initiatives such as introduction of innovative technology within the detection devices that will assure high industry demand.