Rise of Viral Diseases to Boost Global Medical Countermeasures Market
In modern times, medical science has developed a plethora of drugs to treat everything from curing infections to preventing heart attacks. There are numerous methods in which sickness can be treated, but few options available when it comes to countering biological threats like Ebola Virus Disease (EVD).
Periodically, new diseases emerge that pose a serious health threat to public health globally. The most recent example is the COVID-19 and Ebola virus disease outbreak in West Africa. This deadly virus claimed over 10,000 victims during the course of its epidemic, which lasted from 2014-2015. Since these outbreaks are unpredictable, it is important that medical countermeasures are available at all times. A healthcare provider must have access to medicine that can be administered immediately upon diagnosis with few side effects. If an outbreak occurs and there are no approved broad-spectrum antivirals or vaccines available, it could derail containment efforts due to time taken to produce drugs. Thus, the global medical countermeasures market is expected to thrive as the need to protect the healthcare workers has emerged as a critical one in containing spread of diseases.
Advancements in Personalized Medicines and Rise in Infectious Diseases to Drive Medical Countermeasures Market
The overall market, by product type is segmented into therapeutic products and medical devices. Vaccines currently hold the largest share of this market on account of increasing prevalence of infectious diseases such as HIV/AIDS leading to high number of patients requiring treatment for life-saving vaccines such as those against influenza virus (H1N1), dengue fever etc. Emerging markets such as India represent a huge potential with regards to manufacture and sale of counterfeit drugs which results in increased healthcare costs.
Significant advancements have been made in the field personalized medicine and MMPs, which is expected to have a positive impact on this market. In addition, increase in awareness about countermeasures against biological agents will propel growth over the forecast period. However, limited funding from governments and lack of skilled professionals may hamper industry growth in emerging markets such as China and India.
Drug Development and Approvals to Fuel Medical Countermeasures Market Growth
The Food and Drug Administration (FDA) is the government agency responsible for ensuring that medications sold in the United States are both safe and effective. The FDA mandates that medications be shown to work before they are approved for sale; it does not permit drugs to be sold unless their safety and efficacy have been proved through clinical trials (testing on humans). Because this requirement necessitates thorough testing before a medication can be sold, only about one in five proposed treatments that enter early-stage clinical trials eventually becomes an FDA-approved drug or biologic product.
The premarket approval process requires significant time and resources. Not surprisingly, there has been much discussion regarding whether the costs of producing new pharmaceuticals outweigh the benefits to society. Because premarket approval processes are lengthy and expensive, many argue that new drugs should be approved for sale after they have been shown to be safe using smaller clinical trials. Smaller trials would require fewer resources and thus could potentially cut costs. However, other factors need to be considered in deciding whether the benefits of requiring large clinical trials outweigh the costs. One important consideration is the risk that a drug will not actually work when it reaches the market. This risk could result from either faulty design or poor execution while conducting clinical trials, meaning that patients would have received a potentially ineffective drug instead of an effective treatment. Because FDA regulations mandate rigorous testing before medications are sold to consumers, pharmaceutical companies can reduce this risk by trialing proposed treatments carefully before offering them for sale.
Drugs and Biologics to Remain Key Contributor and Driver of the Medical Countermeasures Market
MCMs can be used to diagnose, prevent, protect from, or treat conditions associated with chemical, biological, radiological, or nuclear (CBRN) threats, or emerging infectious diseases. An MCM is a medical product that is intended to diagnose, mitigate, prevent, or treat harm from any of the aforementioned "threats". This includes products for radiation emergencies (nuclear accidents), natural disasters, disease outbreaks, terrorism and responding to CBRN threats. Two common forms of MCMs are drugs and biologics used to treat infections caused by agents such as anthrax or Ebola virus disease. Medical devices are also considered countermeasures if they are specifically designed to be deployed in the event of an attack on population. Additionally, Alzheimer's Disease diagnostic tools are being developed as countermeasures since diagnosing Alzheimer's Disease is important for formulating quarantine strategies during infectious disease outbreaks affecting the elderly.
Asia Pacific Medical Countermeasures Measure Market to Expand as Investments in R&D Pour In
Currently, the United States accounts for the majority share in the global medical countermeasures market due to stringent government regulations on drug development and approvals for new drugs in addition to high awareness levels in developed nations about bioterrorism attacks by infectious agents. However, Asia Pacific is expected witness major growth in the medical countermeasures market in near future due to increasing threat of biological warfare leading to increased spending on R&D activities by companies involved in developing countermeasures against bio-aggressors such as pandemic influenza viruses (H1N1) resulting in improved healthcare infrastructures and increase in government funding for R&D and procurement of new countermeasures.
Global Medical Countermeasures Market: Key Players
Some of the key players in the global medical countermeasures market are 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 Medical Countermeasures Market is Segmented as Below:
Key Elements Included In The Study: Global Medical Countermeasures Market
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