During the forthcoming years, the United States Biodefense Market is expected to dominate North America due to the growing importance of biodefense and increasing threats from harmful biological materials.
It is estimated that the Biodefense Market Revenue is anticipated to reach US$ 32.99 billion by 2033 after being valued at US$ 16.31 billion in 2023. This market is projected to expand at a CAGR of 7.3% during the analysis period. The growing demand for vaccines, and medical devices provides companies with opportunities to expand their business and penetrate 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.
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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.
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:
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:
Biodefense Market Segmentation by Category
By Product:
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Future Market Insights (ESOMAR certified 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.
Jul 12, 2023