Even though the UN has a convention against biological warfare, the threat of bioterrorism is greater than ever. To counter rogue pathogens and non-state actors, countries must beef up their R&D budgets of biodefense treatments. COVID-19 has raised numerous questions about global safety and security. Fairfield Market Research estimates that the biodefense treatment market should grow at an exponential rate for the forecast period ending in 2025.
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Rising Geopolitical Tensions Compel Nations to Invest Larger Sums in Biodefense
The threat of bioterrorism and geopolitical tensions provide an incentive for countries to strengthen their conventional arsenal. Countries have boosted their defence budgets with a dedicated outlay for biological and chemical weapon warfare. Multiple geopolitical challenges and COVID-19 have completely changed the calculations of defence strategists. From the Middle-East to the South China Sea, several long-standing territorial disputes show no signs of abating anytime soon. There has been a growing awareness about the implications of a bioterrorist attack leading to countries investing heavily in defensive capability. An emphasis on public health for developing robust diagnostic procedures that nip biothreats in the bud is driving the biodefense treatment market.
COVID-19 Variants Ensure the Pre-eminence of Segment in Biodefense Treatment Market
In 2019, the vaccine segment recorded the highest revenue in the biodefense treatment market and COVID-19 should accentuate this trend. Governments are working round the clock to eliminate the scourge of COVID-19, especially as new variants potentially undo all the progress made so far. The U.S. government has a Strategic National Stockpile (SNS) in place to tackle any bioterror attacks. The detection devices segment is anticipated to witness a moderate rate of growth for the five year period analysed. Rapid detection systems are gaining popularity in the biodefense treatment market as they are a critical component of the federal effort to strengthen American biodefense post 9/11.
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Biodefense Strategies Enable U.S to Retain Leadership in Biodefense Treatment Market
The U.S has the largest defence budget in the world and spends more than the next five countries combined. It has a number of biodefense strategies including BARDA, HHS, ASPR, and NIAID, allowing it to retain pole position in the biodefense treatment market. Europe will demonstrate the highest growth as countries there have realised the pitfalls of an overreliance on outsourcing, scaling up their local R&D and manufacturing. APAC is not far behind either with Australia and Japan having the most stringent safety and quality norms that other countries strive to emulate.
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