In 2012, the Global Biodefense Market was evaluated around USD 7.98 billion and is expected to reach approximately USD 16.16 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 7.32% over the forecast period owing to technological developments in pathogen detection method in the forensic department.
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overview of Global Biodefense Market:
A few of the modern technologies employed in biodefense are nanotechnology, database management systems, advanced detector hardware, and gene chips. The rising vaccines production, quick diagnostic procedures, superior detection and forensic therapies, and prophylactics are amongst the crucial factors anticipated to reinforce the biodefense capabilities around the globe over the projected period.
Escalating investment by the local government in developed economies, like the Europe and the United States, for biodefense awareness, is expected to boost the growth during the forecast years. According to the report issued by the Centre for Research on Innovation and Science Policy, it was affirmed that the number of grants owed by the National Institutes of Health (NIH) for the progress of bioweapon agents, like anthrax, plague, glanders, brucellosis, and tularemia, had augmented by 15 times over the years, 1996-2001.
Due to the augment in the number of co-owned and foreign-owned patents, a number of international associations, subcontracting, and technological collaboration agreements are increasing, which are hence anticipated to drive the market demand in the approaching few years. Furthermore, rising government intervention concerning advancing different initiatives, like the BioShield initiative was undertaken during 2004, and producing payments for private biotech firms to manufacture and develop new vaccines alongside CDC-defined category A bioterrorism threats, like tularemia, botulism, and viral hemorrhagic fevers such as Ebola.
The ensuing market opportunity has contributed to collaborations among the private players as well as with several international biotechnology firms in regions, like Japan, France, Denmark, Belgium, Austria, the UK, and the Netherlands, to expand countermeasures beside biological threat agents.
Regional Outlook and Trend Analysis of Global Biodefense Market
In 2015, North American market appeared as the major segment reporting for over half of the global industry. Government initiatives concerning to the funding for genetic defense mechanism is a key factor pushing the expansion of the market. Though, fluctuations in financial support owing to altering government regulations might hamper demand over the forecast years.
Asia Pacific region is anticipated to experience a major demand owing to rising investments in the R&D segment. Japan and Australia are a couple of the most developed Asia Pacific regional markets. The widespread vaccine production facilities offer across Japan along with the existence of advanced healthcare infrastructure in the nation is leading to its robust industry position.
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Competitive Outlook and Trend Analysis of Global Biodefense Market
The major industry players are Xoma Corporation, PharmAthene, Inc., Emergent BioSolutions, Inc., Dynavax Technologies Corporation, SIGA Technologies, Inc., Elusys Therapeutics, Inc., Ichor Medical Systems, Inc., DynPort Vaccine Company, LLC, Cleveland BioLabs, Inc., Bavarian Nordic, Achaogen, Inc., Nanotherapeutics, Inc., and Alnylam Pharmaceuticals, Inc.
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About Crystal Market Research: Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.