The global biodefense market, which recorded a revenue of US$14.8 billion in 2022, is poised for robust expansion between 2023 and 2030, according to a recent report by Fairfield Market Research. The report highlights a promising future for the biodefense industry, driven by several key factors and trends.
Key Findings from the Report
- Impressive Growth Rate: The biodefense market is projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 6.3% during the assessment period.
- Market Valuation: The market is expected to reach a valuation of US$24.5 billion by 2030.
- Anthrax Dominance: Anthrax remains a leading segment among biodefense products.
- Military End Use: The military segment holds the largest share in the biodefense industry.
- Regional Trends: North America leads the market, benefiting from favorable federal funding, while Asia Pacific is set to exhibit the fastest growth through 2030.
Driving Forces Behind the Growth
- Increasing Prevalence of Infectious Diseases: The rise in emerging threats and infectious diseases, coupled with technological advancements and a focus on digital health, is fueling the growth of the biodefense market. This includes products for various biological, chemical, and radiation threats, as well as emerging infectious diseases.
- Bioterrorist Threats: The potential for bioterrorist attacks and the use of chemical, biological, radiological, or nuclear (CBRN) agents has led governments to invest heavily in biodefense research and development.
- Geopolitical Conflicts: Rising geopolitical tensions worldwide are prompting nations to strengthen their biodefense capabilities, leading to increased funding and market growth.
- Mass Awareness: Growing awareness of the serious implications of biothreats has driven demand for defensive systems and products, particularly in the context of the ongoing COVID-19 pandemic.
- Technological Advances: Advances in technology, including nanotechnology and biodefense-related drug development, have contributed to market growth.
Challenges
While the biodefense market shows significant potential, it is not without challenges. Uncertainty regarding the scope and magnitude of future bioweapon attacks, dependence on government purchases, and regulatory risks pose hurdles to commercial investments in biodefense products.
Regional Opportunities
- United States: The U.S. leads the global biodefense market, with various government departments contributing to its growth. There are untapped markets for biodefense countermeasures, including non-government customers such as multinational companies, healthcare institutions, and NGOs.
- Europe and Asia Pacific: These regions are becoming increasingly lucrative due to expanded R&D expenditure, especially in response to the COVID-19 pandemic. Mature markets like Australia and Japan are benefiting from well-established quality and safety norms.
Competition Analysis
The biodefense market is highly competitive, leading to advanced technology adoption and strategic collaborations. Key players in the industry include Emergent BioSolutions, SIGA Technologies, Altimmune, GSK plc, Sanofi Pasteur, and many others.
Global Biodefense Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Product Type, By End Use, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/biodefense-market
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COMTEX_440938028/2840/2023-09-25T23:12:49