Biodefense Market Outstrip US$ 8,350.74 Mn in 2027 and to grow with a CAGR of 9.4% says, The Insight Partners
Biodefense Market: Insight
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.
Biodefense is referred to the measures taken to restore biosecurity of a group of organism that are, or may be, subject to biological threats or infectious diseases. It is an effective public health care system with strong disease surveillance and rapid actions designed to counter biological threats, to limit the spread of disease and provide surge medical care. 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 biodefense market during the forecast years.
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Biodefense Market Competitive Landscape
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 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.
Presence of favorable government initiatives
Every year, the government is spending heavily on the R&D of vaccines to stay prepared for any bioterrorism attacks. For instance, in 2018, the US government released the National Biodefense Strategy and Implementation Plan, the National Security Strategy, the National Defense Strategy, and the National Counterterrorism Strategy, and the National Counter WMD Strategy, all of which include biosecurity and biodefense. In addition, the US government is also preparing for Global Health Security Strategy and supporting the development of a 2024 framework of the Global Health Security Agenda, which involves prevention, detection, and response to natural, accidental, and intentional biological threats.
Enhances Influenza Vaccines and Health Security is the Budget which supports the Executive Order 13887, “Modernizing Influenza Vaccines in the United States to Promote National Security and Public Health,” by providing a $95 million increase, compared to the 2020 enacted level, across Health and Human Services (HHS) for influenza vaccine manufacturing infrastructure and innovation; advanced research and development of improved vaccines, therapeutics, and diagnostics; international pandemic preparedness; and improved vaccine coverage nationwide. The Budget also funds HHS biodefense and emergency preparedness procurement through the BioShield program and the Strategic National Stockpile. It includes $175 million to support CDC’s global health security activities, an increase of $50 million compared to the 2020 enacted level.
As the government engages in these current and future policy activities, understanding the existing biosecurity and biodefense policy, the pharmaceutical companies operating in the biodefense market have considerable opportunities to expand and be prepared for any bioterrorism. For instance, Antibiotic developer Spero Therapeutics has received $15.7 million in federal research funding from Biomedical Advanced Research and Development Authority for its oral carbapenem-class candidate, SPR994, to evaluate the drug’s effectiveness against biological threats, including anthrax, plague and melioidosis. In addition, Biomedical Advanced Research and Development Authority also includes provisions for up to an additional $28.5 million over five years, and will also support Spero’s clinical development of SPR994 in complicated urinary tract infections caused by drug-resistant bacteria. The initiatives of governments worldwide open a window of opportunities for the firms involved in the biodefense sector.
Biodefense Market: Segmentation
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.
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