Pune, India, June 06, 2022 (GLOBE NEWSWIRE) --
The global biodefense market size is poised to grow at a significant CAGR during the forecast period, owing to the rising incidence of infectious diseases and bioterrorism activities. Several countries are increasing the production rate of biodefense products to combat chronic infections and reduce the associated mortality rate. Here is a list of the trends affecting global industry forecast over 2022-2028:
North America (regional valuation will go past USD 10.2 billion)
Canada market value will improve:
Canada biodefense market size will register more than 8.5% CAGR through 2028 because the country has a strong presence of well-known healthcare companies. Technologically advanced products are being used to mitigate biosecurity risks. The government is increasing its efforts in spreading awareness regarding biological threats.
The federal authorities are formulating long-term strategies like the National Smallpox Contingency Plan to prepare the nation for any bioterrorism attacks. This will drive the adoption of biodefense solutions.
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Biothreat detection devices will gain momentum:
North America biodefense market revenue from biothreat detection devices stood at USD 2.1 billion in 2021. The region is making efforts to improve people’s access to these devices to ensure their safety and prevent the spread of pathogenic agents.
The demand for identifiers is also rising because these devices can detect a wide range of biothreat agents, such as smallpox, anthrax, botulinum toxin, and ricin. Since they provide high accuracy in identifying potentially life-threatening diseases on time, their demand will rise.
Asia Pacific (regional valuation will exceed USD 5 billion)
Biothreat detection devices will witness robust demand:
Biothreat detection devices accounted for 35% of Asia Pacific biodefense market share in 2021. Investments are pouring in from both the public and private sector companies to strengthen the ongoing research & development activities in medical devices. Biothreat detection devices have a greater precision and accuracy than traditional systems, thereby playing a crucial role in enhancing public safety.
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India market share will grow:
India industry size will observe a 9.4% CAGR through 2028 because the country’s government maintains a strong coordination with healthcare authorities. The administration is encouraging private companies to increase their investments in biodefense technologies.
The percentage of citizens attending awareness campaigns to gain more insights on biosecurity and its importance is increasing every year. The release of pathogenic agents like anthrax, chemical weapons, and biological toxins put public safety in grave danger in the past. Keeping this in mind, the Indian government is planning robust strategies. These initiatives will support the adoption of biodefense devices.
Innovative technologies will boost demand for biodefense solutions:
Countries across the APAC region are heavily investing in advanced technologies to improve the effectiveness of biodefense solutions. Gene chips, for example, are widely preferred to detect harmful pathogens. These chips are being extensively used in biodefense-related nanotechnology, drug development, and forensic medicine. The concept of synthetic biology is picking up pace in the region’s agriculture sector, further augmenting the product use.
Europe (regional valuation will cross USD 6.3 billion)
Vaccines will gain traction among end-users:
Europe biodefense market revenue from vaccines touched USD 2.5 billion in 2021. Upcoming growth can be ascribed to the wide availability of vaccines for diseases, such as Hib disease, HPV, and Hepatitis B. Regional governments are providing a strong financial support to help companies develop robust vaccines, which will propel the product demand.
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U.K. industry witnesses strong progress:
UK market was valued at USD 987 million in 2021. The region is seeing a worrying rise in the occurrence of infectious diseases. For example, as per the U.K. government, as of October 2021, 401 confirmed and 3,419 suspected cases of Lassa fever were found in Nigeria.
The mortality rate of the disease touched 19.7% during this period. Seeing the increasing biosecurity risks, the regional government is planning to publish an action plan for the Biological Security Strategy. This will impel the demand for biodefense devices.
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