Report : Biodefense Market to 2027 - Global Analysis and Forecasts by Product (Anthrax, Small Pox, Botulism, Radiation/Nuclear, and Others) and Geography
Anthrax Segment by Product Is Expected to Dominate the Market Over the Forecast Period
According to The Insight Partners market research study of ‘Biodefense Market to 2027 – Global Analysis and Forecasts by Product.’ The global Biodefense market is expected to reach US$ 8,350.74 Mn in 2027 from US$ 4,108.24 Mn in 2019. The market is estimated to grow with a CAGR of 9.4% from 2020-2027. The report provides trends prevailing in the global biodefense market and the factors driving market along with those that act as hindrances.
The global biodefense market on the basis of product is segmented into anthrax, small pox, botulism, nuclear/radiation and others. In 2019, the anthrax segment accounted for the largest market share in the global biodefense market. The segment is expected to continue its dominance over the forecast period owing to increasing funding by the governments of other countries to develop and stockpile adequate vaccines against anthrax mainly through a variety of initiatives, such as BioShield Act, Biomedical Advanced Research and Development Authority (BARDA), and the Joint Program Executive Office for Chemical & Biological Defense. For instance, the US Department of Health and Human Services announced it would purchase an anthrax treatment for $25. Million from Elusys Therapeutics Inc., as a part of an emergency preparedness plan, in 2018.
The growth of the market is attributed to the some key driving factors such as presence of favorable government initiatives increase in the number of naturally occurring outbreaks, increasing threat of biological weapons and nuclear armed ICBM. However, low R&D funding by government in developing and underdeveloped economies are expected to restraint the growth of the market during the forecast years.
The biodefense market majorly consists of the players such as Bavarian Nordic, Alnylam Pharmaceuticals, Inc., SIGA Technologies, Emergent BioSolutions Inc., Cleveland Bio Labs, Dynavax Technologies, Elusys Therapeutics, Inc., Soligenix, Altimmune, and Pluristem Therapeutics. The companies are focused towards adoption of organic strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in November 2017, Dynavax Technologies Corporation has received FDA approval for HEPLISAV-B [Hepatitis B Vaccine, Recombinant (Adjuvanted)] for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older.
The report segments global biodefense market as follows:
Global Biodefense Market – By Geography