Fortifying Protection: Biodefense Market Hits US$ 32.99 Billion Size by 2033

The global Biodefense Market was valued at US$ 16.31 billion in 2023, and it is expected to grow to US$ 32.99 billion by 2033. During the analysis period, this market is expected to grow at a CAGR of 7.3%. As demand for vaccines, drugs, and medical devices rises, companies will have more opportunities to expand their operations and enter new markets.

Countries must maintain a constant supply of vaccines and biothreat detection technology to ensure their citizens' safety. Initiatives like these can accelerate the growth of the biodefense industry.

A combination of government initiatives, increased government attention, and funding for biodefense strategies help fuel the biodefense market. As a result, these agents can cause social and economic turmoil. To protect warfighters from novel biological agents, the Department of Defense is modernizing its medical countermeasures approach.

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The scope of the biodefense market may be further expanded by increasing private investment. This is due to the occurrence of different viruses such as the flu, the Ebola virus, and the Zika virus. Says a lead analyst at Future Market Insights.

Key Takeaways from Market Study:
•The biodefense market is anticipated to expand at a CAGR of 7.3% over the forecast period.

•According to estimates, the biodefense market in North America is going to remain strong and account for 79% of the market share throughout the length of the forecast period.

•China is expected to secure a high rate of 8.8% due to surges in research and development.

•The anthrax segment held a significant market share of 28.1% in 2023.

Competitive Landscape:

Several prominent companies dominate this market, including Xoma Corporation, Altimmune, Inc., Emergent BioSolutions, Inc., Dynavax Technologies Corporation, SIGA Technologies, Inc., Elusys Therapeutics, Inc., Ichor Holdings, Ltd., Cleveland BioLabs, Inc., Bavarian Nordic A/S and Alnylam Pharmaceuticals, Inc. and others.

Many players are collaborating with governments in emerging and economically advantageous regions to gain bulk orders and boost sales. Key manufacturers are strengthening their presence in the market and staying ahead of the competition through expansion, new product launches, and approvals.

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Recent Developments:
•A biodefense vaccine candidate developed by Appili Therapeutics Inc., ATI-1701, is expected to prevent Francisella tularensis infection by the end of February 2022 for over US$ 10 million. This funding may boost the company's market share and growth in the biodefense market.

•In an announcement, Emergent BioSolutions Inc. announced that its Biologics License Application (BLA) for AV7909 (Anthrax Vaccine Adsorbed, Adjuvanted) had been approved by the United States Food and Drug Administration (FDA).

•Ichor Medical Systems, Inc., a privately held company, announced in March 2019 that it had entered into a collaboration and research license agreement with AstraZeneca to develop plasmid DNA constructs (recombinant monoclonal antibodies) for clinical testing. The terms of the agreement also include development milestone payments in addition to upfront and annual payments for Ichor.

•In August 2018, CEPI (Coalition for Epidemic Preparedness Innovations) announced a collaboration with Profectus BioSciences, Inc. A vaccine against the Lassa virus was manufactured by Emergent BioSolutions Inc. By collaborating, these companies were able to expand their product portfolios and increase sales.

Biodefense Market Segmentation by Category
By Product:
•Anthrax
•Smallpox
•Botulism
•Radiation/Nuclear

By Region Outlook:
•North America
•Latin America
•Europe
•The Middle East and Africa
•East Asia

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Report : https://www.futuremarketinsights.com/reports/biodefense-market

This release was published on openPR.