Global biodefense market is expected to reach USD 13.33 billion by 2020, according to a new study by Grand View Research, Inc. Growing R&D investments in the field of biotechnology coupled with increasing threat of bioterrorism and disease outbreaks is expected to drive market growth during the forecast period.
Furthermore, presence of favorable government initiatives for instance the Emergency Use Authorization (EUA) is expected to boost market growth. This provision allows products to be marketed without an FDA approval in an emergency.
Initiatives undertaken by the governments of developing nations for strengthening their respective biodefense product portfolio is expected to fuel future market growth.
Biodefense against anthrax accounted for the largest market share owing to its inclusion in the class A highest priority pathogen category. This classification has resulted in the presence of extensive R&D investments aimed at new product development for strengthening national stockpiles.
The global biodefense against anthrax was valued at over USD 2.0 billion in 2013.
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Further key findings from the study suggest:
- North American was the most revenue generating region in 2013. Majority of the funding programs are organized by the U.S. based government and private establishments. Moreover, these establishments cater to procurement needs of foreign markets.
- The market is majorly governed by the initiatives undertaken in the U.S. The country is the largest revenue contributor and is expected to maintain its market position throughout the forecast period. Moreover, funding received by manufacturers under projects such as BioShield is expected to significantly boost demand over the next six years.
For the purpose of this study, Grand View Research has segmented the global biodefense market on the basis of product and region:
Global Biodefense Product Outlook (Revenue, USD Million, 2012 – 2020)
• Radiation/Nuclear defense
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Category: Market Research Publishers and RetailersCompany profile: Grand View Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries including Technology, Chemicals, Materials, and Energy. With a deep-seated understanding of many business environments, Grand View Research provides strategic objective insights. We ...