Biodefense Market size forecast predicts over USD 17 billion in revenue by 2024. Growing R&D spending for product innovation by key industry players and rising government research funding is expected to boost global biodefense market size. The presence of favorable federal government initiatives such as Project BioShield and Emergency Use Authorization of medical products is expected to catapult growth in the coming years. Moreover, growing threats regarding chemical, biological, and radiological warfare should heighten the need for continuous technology upgrades. The biodefense market has witnessed surge in R&D investments aimed at catering to threats involving the recent Ebola outbreak.
MaketStudyReport.com adds a New Biodefense Market Research Report for the period of 2016-2024 that shows the growth of the market is rising at a 6.9% CAGR to 2024.
The emergence of technologically advanced centers for innovation in advanced development and manufacturing, continuous development of next generation detection systems such as CIP based detection, environmental detection and vulnerability detection is anticipated to drive revenue.
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Protective measures implemented by international associations will serve as strategic deterrents. For instance, a treaty between U.S.
and North Atlantic Treaty Organization (NATO) reinstates the commitment of the use of weapons of mass destruction against any member state would represent an attack against all NATO members.
These protective measures are anticipated to reduce the cost of responding to any emergency bio threat.
North America biodefense market share represented the largest regional segment in 2015. Implementation of Project BioShield coupled with presence of government and private funding are some of the factors fueling demand.
Furthermore, countries such as Japan and China should experience high growth in the coming years due to advancing healthcare infrastructure, and the presence of favorable political and regulatory environment.
Key insights from the report include:
Global biodefense market size was driven by the anthrax segment, which was USD 3 billion in 2015 and is anticipated to grow at 5% from 2016 to 2024.
Revenue growth will be propelled by smallpox segment that is set to increase at 7.4% CAGR estimations to exceed USD 4 billion by 2024.
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Eminent companies entered into contracts with the government for addressing a range of healthcare, scientific, national security and international security issues, which has led to high U.S. biodefense market share.
European countries of Germany and UK are set to witness lucrative growth rate due to designated funding policies in place.
Companies operating in the industry include Xoma Corporation, Emergent Biosolutions, Cleveland BioLabs, Nanotherapeutics, SIGA Technologies,. Presence of extensive product portfolio and strong pipeline will contribute to profitability.
Global Biodefense Market Product Analysis (Revenue, USD Million; 2012 - 2024)
Anthrax, Smallpox, Botulism, Radiation/Nuclear, Others
The above information has been provided on a regional and country basis for the following:
North America, U.S., Europe, UK, Germany, Asia Pacific, China, Japan, Latin America, MEA
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