PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1272004
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1272004
The confluence of rising concerns about biothreats and the emergence of infectious diseases has created a demand for biodefense products and services. Recognising this need, government authorities worldwide are making significant investments in biodefense research, development, and procurement programs to ensure public health preparedness and enhance national security. Such a scenario is also influencing strategic partnerships among key players in the biodefense market. These collaborations aim to enhance their capabilities, expand their product portfolios, and strengthen their market presence. Furthermore, the advances in biotechnology, genomics, and proteomics are facilitating the development of innovative biodefense products, and services with enhanced efficacy, specificity, and rapidity.
Additionally, the increasing public awareness of the potential impact of biothreats on health and national security is accelerating efforts to develop biodefense measures. In its latest report, Fairfield Market Research foresees the growth trajectory for the global biodefense market. Registering a revenue worth US$14.8 Bn in 2022, the market is slated for a substantial CAGR of 6.3% over the forecast period and is expected to reach a whopping US$24.5 Bn by 2030.
Over recent years, the risk of infectious diseases, due to the accidental or deliberate release of chemical, biological, radiological, or nuclear (CBRN) agents, has increased. This in turn has prompted biodefense firms to develop sophisticated diagnostic tools that can detect a wide array of infectious agents, including viruses, bacteria, and fungi. Companies are also investing in research and development to create innovative therapeutics and vaccines. Currently, there is a range of prophylactic, therapeutic, and diagnostic products available for significant biological, chemical and radiation threats. In light of these circumstances, the global biodefense market is projected to gain substantial momentum in the upcoming years.
North America is well-positioned to attain a distinct advantage in the global biodefense market. This is primarily attributable to the strong and effective strategies of the United States government. Besides, North America has made significant investments in research and development activities and procurement programs. Apart from this, the region also boasts a well-developed healthcare infrastructure with modern diagnostic and treatment facilities that enable rapid detection and response to biodefense. Such trends are sowing the seed of sustainable growth across North America's biodefense market.
Some of the key players in the global biodefense market include: Nanotherapeutics, Inc., SIGA Technologies, Inc., Emergent BioSolutions, Inc., Altimmune, Inc., Bavarian Nordic A/S, Statera Biopharma, Inc., GSK plc. Sanofi Pasteur, Dynavax Technologies Corporation, Xoma Corporation, Meridian Medical Technologies, NightHawk Biosciences, Inc., Dynport Vaccine Company LLC, LLC, and Soligenix.