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Key Industry Trends and Driving Factors :
Increasing threat of bioterrorism and presence of favorable government initiatives against bio-terrorism are significant factors that will drive the global market in the coming years. Several government laws such as Project Bioshield provides countries with countermeasures against any chemical, biological, radiological or nuclear (CBRN) attack.
Regulatory bodies such as Biomedical Advanced Research and Development Authority (BARDA), National Institute of Allergy and Infectious Diseases (NIAID) encourage funding for development of therapeutic products.
Project BioShield ensures the availability of ‘next generation’ medical countermeasures against anthrax, smallpox and other CBRN agents. The primary objectives of the project include creation of funding authority to develop next generation countermeasures, design new and speedy R&D programs, and development of a speedy authorization body like FDA to permit effective use of treatments in emergency.
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.
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 of biodefense market 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, etc. Presence of extensive product portfolio and strong pipeline will contribute to profitability.