Biodefense Market is Expected to be Flourished by Increased Government Funding for Biodefense Programs
Biodefense Market |
Biodefense
refers to countermeasures against biological threats, whether naturally
occurring pathogens or those used deliberately as bioweapons. It includes early
detection of and rapid response to outbreaks, as well as developing vaccines
and therapeutics to prevent or treat disease and injury. Key products in the
biodefense market include anthrax vaccines, smallpox vaccines, botulism
antitoxins, and viral hemorrhagic fever vaccines and drugs. For instance,
smallpox vaccine can immunize individuals against smallpox infection. The
global Biodefense Market is estimated to be valued at US$ 13.4 Bn in 2023 and
is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increased Government Funding for Biodefense Programs
Government agencies across major countries have increased their funding for
biodefense preparedness programs in order to strengthen their defenses against
biological threats and reinforce biosecurity. For instance, the US government
allocated US$ 8.1 billion to the biodefense budget for FY2023, up ~15% compared
to FY2022. Such increased public spending is fueling the development of new and
advanced products in the biodefense market.
The surge in biodefense funding is enabling private players to invest more in
R&D activities for novel biodefense therapeutics and vaccine candidates. It
is also supporting the procurement of biodefense detection technologies and
stockpiling of medical countermeasures by various national stockpile programs.
Overall, elevated government grants and contracts are contributing significantly
to the growth of the global biodefense market during the forecast period.
Segment Analysis
The biodefense market can be segmented into detection, protection, and
decontamination. Within detection, the biological detection sub-segment
dominates as it allows for the early identification of biological threats. The
biological detection sub-segment holds a share of over 45% as its technologies
like PCR, immunoassays, and DNA microarrays allow for the sensitive and
accurate identification of bacteria and viruses.
PEST Analysis
Political: Governments across major countries are increasing their defense
budgets to tackle potential bioterrorism threats. The US allocates billions
annually towards biodefense programs.
Economic: The economic impact of potential biological attacks can be huge. The
biodefense market aids in minimizing such risks and losses.
Social: Rising public health awareness and concern over biological warfare is
driving demand for biodefense solutions.
Technological: Advancements in fields like genome sequencing, bioinformatics,
and detection technologies are aiding the development of improved biodefense
products.
Key Takeaways
The Global
Biodefense Market Demand is expected to witness high growth over the
forecast period due to the increasing risk of biological weapons usage and
natural disease outbreaks.
Regional
analysis: North America holds over 40% share led by the US. Large defense
allocations and presence of major players support market growth. Asia Pacific
is growing at the fastest pace led by India and China increasing investments
into biodefense programs.
Key players: Key players operating in the biodefense market are Ninebot,
Xiaomi, Gitbot, He Robotics, and Travelmate Robotics. Ninebot and Xiaomi are
leaders in the chemical, biological, radiological, and nuclear defense robots
segment.
Get more insights on this topic: https://www.pressreleasebulletin.com/biodefense-market-growth-demand-and-overview/
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