Rising Threat of Viral Diseases Drives Growth in the Global Medical Countermeasures Market
The global medical countermeasures market is poised for significant expansion, driven by the increasing prevalence of viral diseases and the urgent need to counter biological threats such as Ebola Virus Disease (EVD). In a world where modern medicine offers a wide range of treatments, the ability to combat biological threats remains limited, making medical countermeasures indispensable.
Emerging Diseases and Unpredictable Outbreaks Fuel Demand
Periodically, new diseases emerge, posing serious global health threats. Recent examples include the COVID-19 pandemic and the Ebola virus disease outbreak in West Africa. These unpredictable outbreaks underscore the importance of having readily available medical countermeasures. Healthcare providers require immediate access to medications with minimal side effects for quick diagnosis and treatment, particularly in the event of an outbreak. The global medical countermeasures market is expected to flourish as the need to protect healthcare workers becomes crucial in containing the spread of diseases.
Advancements in Personalized Medicines and the Rise in Infectious Diseases
The market comprises therapeutic products and medical devices, with vaccines currently holding the largest share due to the growing prevalence of infectious diseases. Emerging markets like India offer potential for manufacturing and selling counterfeit drugs, leading to increased healthcare costs.
Significant strides have been made in personalized medicine and Molecularly Targeted Medicines (MMPs), which are expected to positively impact the market. Increased awareness of countering biological threats further fuels growth. However, limited government funding and a shortage of skilled professionals may hinder industry growth in emerging markets such as China and India.
Drug Development and Approvals as Market Drivers
The Food and Drug Administration (FDA) plays a pivotal role in ensuring the safety and efficacy of medications in the United States. Rigorous testing through clinical trials is a prerequisite for drug approval, resulting in a lengthy and resource-intensive premarket approval process. Although some argue that smaller clinical trials could cut costs, the benefits of requiring extensive testing to ensure drug effectiveness and safety cannot be ignored. The risk of a drug not working once on the market necessitates rigorous testing during development.
Drugs and Biologics as Key Contributors
Medical Countermeasures (MCMs) can diagnose, prevent, protect from, or treat conditions associated with biological, chemical, radiological, or nuclear threats, or emerging infectious diseases. Drugs and biologics are vital components of MCMs, used to combat infections caused by agents such as anthrax or Ebola virus disease. Medical devices designed for deployment in population-threatening events are also considered countermeasures. Diagnostic tools for Alzheimer’s Disease are emerging as countermeasures, aiding in quarantine strategies during infectious disease outbreaks among the elderly.
Asia Pacific: A Hub for R&D Investments
While the United States currently dominates the global medical countermeasures market, Asia Pacific is poised for substantial growth. Increasing threats of biological warfare, heightened R&D spending by companies countering bio-aggressors, improved healthcare infrastructure, and government funding for R&D and procurement of countermeasures against bio-threats like pandemic influenza viruses (H1N1) are driving growth in the region.
Global Medical Countermeasures Market: Key Players
Prominent players in the global medical countermeasures market include Pfizer, Inc., Sanofi Pasteur, GlaxoSmithKline plc, CSL Limited, Merck & Co., Inc., Emergent BioSolutions, Inc., AstraZeneca, Johnson & Johnson, Serum Institute of India Pvt. Ltd., Mitsubishi Tanabe Pharma Corporation, Bavarian Nordic, Daiichi Sankyo Company, Limited, Biological E, Panacea Biotec, Bharat Biotech, Incepta Vaccine Ltd., Sinovac Biotech Ltd., VBI Vaccines Inc., Valneva SE, and PT Bio Farma.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
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This press release first seen on Brilad